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Twothirds of 5yr budget for electrification, digitalisation
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BERLIN, March 14 Reuters Volkswagen plans to invest 180 billion euros 193 billion over the next five years in areas including battery production and its North American operations, it said on Tuesday, though the pace of spending will fall from 2025.

The investments come as Volkswagen, Europe39;s top carmaker, tries to close a gap with electric vehicle EV pioneer Tesla by expanding its slice of the growing market for batterypowered cars.

As it works toward a target of EVs accounting for 50 of its sales globally by 2030, over twothirds of the fiveyear investment budget is allocated towards electrification and digitalisation, up from 56 in a fiveyear plan it had released a year earlier.

The difference from the previous plan is primarily down to more investment in its battery business, raw materials, and a 2 billion plant for the Scout brand, Chief Financial Officer Arno Antlitz said.

We expect to reach 20 electromobility in new sales from 2025 and are already investing twothirds in that area, Antlitz said. On the other hand we need to keep combustion engines competitive… that is a double burden.

The carmaker said it is finalising highperformance software for its premium and luxury brands which could in…