VW to spend $200b on EVs

The German automaker Volkswagen has set aside a budget of up to $200 billion to invest in electric vehicles (EVs) and other green technologies over the next five years, a move that could revolutionize the transportation industry.

In a statement released Tuesday, the company said that it would earmark the funds for research, development, and production of EVs, as well as for the creation of charging infrastructure, battery technology, and autonomous driving systems.

“Volkswagen’s commitment to electric mobility is unprecedented,” said VW CEO Herbert Diess. “We are making a huge investment and creating a new era of responsible mobility. We are not just making cars, but creating a better future.”

The move by Volkswagen follows the recent trend of major automakers investing heavily in EVs and green technology. In June, Ford announced a $11.5 billion investment in EVs and autonomous driving, while General Motors said it was investing $27 billion in electric and autonomous vehicles over the next five years.

For Volkswagen, the investment is a significant step forward in its transition to becoming a leader in green mobility. The company has previously committed to having 22 million electric vehicles on the road by 2028, and this investment could accelerate that timeline.

The company also plans to invest in other green technologies such as synthetic fuels, hydrogen fuel-cell technology, and energy storage systems.

“Our commitment to electric mobility is unrivaled,” said Diess. “We are leading the way to a better, more sustainable future.”

The ambitious move by Volkswagen could have far-reaching implications for the transportation industry and beyond. With its massive investment in green technology, the company is positioning itself as a leader in the fight against climate change.