Volkswagen to spend 60 billion euro in e-mobility, digital tech by 2024

Volkswagen plans to invest 60 billion euros ($66.12 billion) by 2024 to develop electric and hybrid cars along with digital technologies, the automaker stated on Friday.

Volkswagen prepares to build 75 variants of electric cars and around 60 hybrid vehicle models, it stated. By 2029 around 26 million electric cars will be constructed, of which 20 million vehicles will utilize VW’s electric MEB vehicle platform, the automaker stated.

Volkswagen prepares to retool its plant in Emden, Germany to construct an electric sports utility vehicle (SUV) from 2022 onwards, and a decision regarding the place of a new factory will be taken by year-end, the automaker informed.