Volkswagen accelerates the switch to electromobility. In the next five years, from 2020 to 2024, the world's largest carmaker plans to invest almost 60 billion euros in climate-friendly drives and digitization. This was decided by the Supervisory Board in Wolfsburg. Compared to the November 2018 five-year plan from 2019 to 2023, this means an increase of ten percentage points, said VW.
The budget now agreed equals just over 40 percent of the expenditure planned for the period. 33 billion alone are earmarked for electromobility.
Jobs are canceled
"In the years to come, we are once again setting the pace with our investments," said CEO Herbert Diess. "We want to use our economies of scale and maximize synergies." Within ten years (until 2029) the group plans up to 75 pure electric models, so far, by 2028, about 70 models had been planned.
The money for the investment wants to continue to develop VW through both the cash flow from the current business as well as austerity programs themselves. This also means that jobs will continue to be lost because the volume of work in electromobility is lower than in conventional burners.
At the same time VW made a change of staff at his daughter Audi officially: The former BMW CEO Markus Duesmann has been appointed to the new Audi chief. Duesmann will replace the CEO Bram Schot on April 1, said VW.
VW CEO Diess, who also heads the Audi Supervisory Board, had already wooed the mechanical engineer in the summer of 2018 shortly after the arrest of then Audi CEO Rupert Stadler at BMW. The Munich-based automaker had Duesmann immediately released, but only now lifted his contractual blocking period for a change to the competition.