By Max Bernhard
Volkswagen AG (VOW.XE) said Friday that it plans further ramp up spending on electric and hybrid vehicles and digitalization, earmarking investments of about 60 billion euros ($66.04 billion) for the next five years.
The German car maker said about EUR33 billion of the total is for electric mobility alone, with the rest to be spent on hybrid vehicle technology and digitalization.
The EUR60 billion figure represents more than 40% of the company's investments in property, plant and equipment and all research and development costs during the planning period.
"Hybridization, electrification and digitalization of our fleet are becoming an increasingly important area of focus. We intend to take advantage of economies of scale and achieve maximum synergies," said Chief Executive Herbert Diess.
The company is also working on increasing its productivity, efficiency and cost base in light of the worsening economic situation, he added.
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