Volkswagen announces five-year $193 billion investment plan as electrification gathers pace
Publishing timestamp: 2023-03-14 06:22:04
Summary
Volkswagen plans to invest 180 billion euros between 2023 and 2027, with more than two thirds targeting electrification and digitalization. The company posted a full-year 2022 operating profit of 22.5 billion euros, up 13% from the previous year, with battery and electric vehicle deliveries rising 26%. However, overall delivery numbers declined by 7% due to supply chain and logistics issues. The company's strong financial position should enable it to continue investing in electrification and digitalization, despite challenges such as increasing interest rates and a global semiconductor shortage.
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Keywords: volkswagen ag, autos, earnings, transportation, business news, investment strategy, markets, porsche ag,