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

Volkswagen Electric Cars

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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.

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