Volkswagen focusing on electric vehicles in €180 billion investment planReutersVolkswagen plans to invest €180 billion euros over five years in areas including battery production and raw material sourcing in a bid to cut electric vehicle costs and protect its market share, it said on Tuesday. Over two-thirds of the company's five-year investment budget announced on Tuesday is allocated to electrification and digitalisation, including up to €15 billion for batteries and raw materials. Volkswagen, Europe's top carmaker, is striving to close a gap with electric vehicle (EV) pioneer Tesla by expanding its slice of the growing market for battery-powered cars. Shares in Volkswagen were 2.6 per cent lower on Tuesday morning, with analysts at Jefferies describing the detailed final fourth-quarter results as "weak". Volkswagen met analysts' expectations in 2022 on revenues but missed the consensus estimate for earnings before interest and taxes by 3 per cent.

Source: Irish Independent March 15, 2023 01:08 UTC