VW is "focusing our investments on the future of mobility," chairman Dieter Pötsch said in a statement. Of the 29 million electric vehicle sales VW is targeting over the coming decade, 20 million will be from MEB-based vehicles. VW's strategy apes Californian electric pioneer Tesla, which announced thisweek it plans its first European factory for a site just outside Berlin. Meanwhile VW will have to spend big to transform existing factories to produce electric cars -- five in Germany, one in the US, one in the Czech Republic and two in China. It has also ramped up spending on new technologies, includingbattery-electric and hybrid vehicles, connectivity and autonomous driving.

Source: The Local November 15, 2019 14:57 UTC