Volkswagen boosts five-year investment in electric to 89 billion euros

FRANKFURT: German auto giant Volkswagen said on Thursday that it would increase its investment in electric vehicles and digitalisation to 89 billion euros ($101 billion) over the next five years.

The 12-brand group will invest 56 per cent of its 159 billion euros of investment into developing the cars of the future, up from 50 per cent, and estimates that “one in four cars sold in 2026 will have a battery electric motor”.