Volkswagen to spend $50 billion on electric car ‘offensive’
London (CNN Business)Volkswagen has committed to spending tens of billions of dollars as part of a dramatic shift to electric and autonomous vehicles.
The Germany carmaker said Friday that it would invest €44 billion ($50 billion) by 2023 to develop electric cars, self-driving vehicles and other new technology.
Speaking at a press conference following a meeting of the company’s supervisory board, CEO Herbert Diess described the company’s strategy as an “electric offensive.”
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