Volkswagen’s premium auto brand Audi said on Tuesday it would invest 14 billion euros (15.9 billion) through 2023 in electric mobility, digitalisation 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 euros 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.
“We are consistently prioritizing our resources for future-oriented products and services that are highly attractive and relevant to the market,” said Audi’s interim management board chairman Bram Schot.