Volkswagen challenges Tesla’s lead in EVs with US$193 billion investment plan

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By Monica Raymunt

Volkswagen AG has increased its five-year investment plan to €180 billion (US$193 billion) as Europe’s largest automaker steps up an effort to challenge Tesla’s lead in electric vehicles.

The company said on Tuesday that more than two-thirds of the total – US$122 billion – will go to software and electric vehicles.

In VW’s previous progressive investment update, the automaker announced investments of €89 billion in new technologies, just over half of the total at the time.

“We have set clear and ambitious goals and made the necessary decisions to streamline processes,” CEO . . .

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