Volkswagen is all set to spend €44 billion on autonomous electric cars by 2023

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Oindrila Banerjee
Oindrila Banerjee
A English Literature student, love reading books, love literature and history, and enthusiastic about travelling. She likes to read random pieces of information and like watching films. She likes how refreshing it is to learn something new everyday. Her goal is to earn enough to take a trip round the globe.

Although cautious initially, Volkswagen has finally decided to spend €44 billion on electric cars, digitalization, autonomous driving, and new mobility services by 2023, as a part of a self-induced push to mass produce electric cars.

The carmaker has also announced its plan to build more vehicles with other brands on the same production line in an attempt to boost the productivity of its factories by 30% by 2025. This move is expected to decrease Volkswagen’s capital expenditure ratio at the group’s automotive division to approximately 6% of revenues, starting in 2020, says the car maker.

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