Volkswagen to spend euro 35 billion on electrification of cars

Volkswagen has said that it has planned to spend around euro 34 billion over the next five years on developing electric cars, autonomous driving and other new technologies.

Friday after its supervisory board discussed the company’s plans for the 2018-2022 period, the figures were released by the German automaker.

But according to the statement most of the money will be spent on electrification and hybridization of all its brands’ models.

Volkswagen in September announced a long-term electrification campaign, saying its brands would introduce 80 new electric vehicles by 2025.