Volkswagen said it plans to invest billions of euros through 2022 to beef up its portfolio of combustion and electric drives as it braces for a further tightening of emissions rules in key markets.
Europe’s biggest carmaker last year announced a multi-billion-euro shift to embrace electric cars and new mobility services as it battles to overcome its diesel emissions scandal, and the German group is cutting costs in all areas of operations to fund this transformation.
Volkswagen (VW) will spend about 10 billion euros ($11 billion) over the next five years to raise the fuel efficiency of combustion engines by 10 to 15% in anticipation of stricter emissions standards in Europe, the United States and China, chief executive Matthias Mueller said on Friday.
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