Volkswagen plans to invest 180 billion euros ($193 billion) over the next five years in areas including battery production and its North American operations, it said on Tuesday, though the pace of spending will fall from 2025.
"We expect to reach 20% electromobility in new sales from 2025 and are already investing two-thirds in that area," Antlitz said. "On the other hand we need to keep combustion engines competitive... that is a double burden."
The carmaker said it is finalising high-performance software for its premium and luxury brands which could in the medium-term be applied across the company, in an attempt to improve operations at its software unit Cariad. The unit set up under former CEO Herbert Diess has gone over budget and fallen behind on its goals, suffering an operating loss of 2.1 billion euros in 2022 on revenue of 800 million euros, according to the carmaker's annual report released on Tuesday.index, with analysts at Jefferies describing the detailed final fourth-quarter results as "weak".
Volkswagen met analysts' expectations in 2022 on revenues but missed the consensus estimate for earnings before interest and taxes by 3%, with logistics issues weighing on fourth-quarter results. In the latest investment plan, up to 15 billion euros is ringfenced for battery plants and raw materials.
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