Volkswagen to invest 44 billion euros in new technologies by the end of 2023

German car manufacturer Volkswagen announced plans to increase investment in the development of new technologies by 10 billion euros by the end of 2023. The total investment in this area will be 44 billion euros, or about a third of Volkswagen’s total capital expenditures. A significant amount will be invested in the development of new models of electric vehicles. The plan assumes that in 2025 the concern will produce 50 electric cars. Investments will also be directed to the purchase of real estate, the construction of factories and the modernization of already existing enterprises. Nevertheless, total capital expenditures will be reduced by 6% of revenue by 2020, the German concern reported.

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