Volkswagen to spend $50B on EVs, autonomous driving, 'mobility' ventures

The money will be spent in just five years, representing a third of the company's entire expenditures through 2023.

Volkswagen has announced plans to further increase its spending on electric vehicles and other new technologies.

The German automaker says it will spend nearly 44 billion euros (~$50 billion USD) on electrification, autonomous driving, new mobility businesses and 'digitalization' through 2023.

The commitment represents one-third of VW Group's total expenditures for the 2019-2023 planning period.

"One aim of the Volkswagen Group's strategy is to speed up the pace of innovation," says chief executive Herbert Diess. "We are focusing our investments on the future fields of mobility and systematically implementing our strategy."

The company is already deep into development of its flexible MEB platform architecture, which will underpin a wide range of EVs starting with a Golf-like ID hatchback launching in 2020.

Diess has previously voiced confidence that VW will soon establish a clear leadership position in the electric vehicle market. To support the plans, the company has secured supply contracts for enough batteries to power 50 million electric cars.