VW Starts $50B Electric Plan

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Nov. 19, 2018—Volkswagen will spend almost $50 billion on developing electric cars, autonomous driving and new mobility services by 2023, reported Reuters.

Volkswagen also hopes to explore further areas of cooperation with Ford. 

Mass-producing electric cars will help the carmaker reduce the cost to the same level as current diesel vehicles, according to the report.Volkswagen plans to retool three of its German plants to build electric cars.

The company plans to increase productivity of its factories by 30 percent by 2025 by building more vehicles from different brands on the same production line.

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