Volkswagen’s premium auto brand Audi said on Tuesday it would invest 14 billion euros ($15.9 billion) through 2023 in electric mobility, digitalization and autonomous driving
Overall, the company’s total projected expenditure for the next five years amounts to 40 billion euros, the company said in a statement.
It also plans restructuring measures that will generate 1 billion in earnings uplift already in 2018.
“This planning round bears a clear signature: We are taking a very systematic approach to electric mobility and will be much more focused in future,” said Audi’s interim management board chairman Bram Schot.
“We are consistently prioritizing our resources for future-oriented products and services that are highly attractive and relevant to the market.”
(Reporting by Douglas Busvine; editing by Thomas Seythal)