VW to spend $50 billion on electric, autonomous cars by 2023

WOLFSBURG, Germany — Volkswagen Group on Friday said it will spend 44 billion euros ($ 50 billion) on electric cars, digitalization, autonomous driving and new mobility services by 2023 as part of a push by Europe’s largest carmaker to mass produce electric cars.

The carmaker also plans to increase productivity of its factories by 30 percent by 2025, by building more vehicles with different brands on the same production line, it said.

This will help lower the carmaker’s capital expenditure ratio at the group’s automotive division to six percent of revenues from 2020 onward, the carmaker said.

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