German auto company, Volkswagen, has announced that more than half of the money the Volkswagen Group would be spending in the next five years will be invested into electric vehicles and other high-tech efforts.
The company projects that by the end of 2026, 25% of its vehicles sold worldwide will be electric vehicles.
Presently, only 5 to 6% of vehicles sold by Volkswagen are electric vehicles.
To enhance its sale for the targeted period, the auto company has said it’ll invest €89 billion, equivalent of a little more than $100 billion, to boost its push towards electric vehicles.
The proposed investment will cover construction of new factories and plants at the company’s headquarters at Wolfburg, Germany alongside the VW’s Project Trinity, a new flagship electric car planned for launch around 2025.
According to the German automaker, it has rolled out plans to build a separate battery manufacturing company which is projected to generate up to €30 billion in revenue.
However, the expenditures on hybrid vehicles using batteries with gasoline engine will be reduced by 30%.
