Volkswagen CEO Herbert Diess. Photo credit: Matti Blume, licensed under CC BY-SA 4.0

Automobiles giant Volkswagen Group has announced a fresh plan to spend 73 billion euros ($86.2 billion) on electrification, hybrid powertrains, and digital technology over the next five years, in line with the company’s plan to transition towards a battery-electric future that’ll be paired with a bigger software business. Volkswagen Group is one of the world’s biggest automakers with popular brands including Volkswagen itself, Audi, Bentley, Porsche, Scania, and motorcycle brand Ducati.

Before now, Volkswagen had unveiled a plan to become climate neutral by 2050. The company has already embarked on an ambitious electrification plan where it expects to have launched 70 all-electric car models by 2030. As of now, 20 out of the 70 models have been announced, leaving 50 more to follow. From now till 2030, Volkswagen also plans to have launched 60 hybrid-electric car models.

The 73 billion euros five-year expenditure plan from Volkswagen is broken down into 35 billion euros ($41.3 billion) for electrification, 11 billion euros ($13 billion) for hybridization, and 27 billion euros ($31.9 billion) for digitization. The German automaker has based its plan that the global economy will grow ‘moderately’ over the next five years.

Photo credit: Volkswagen

Under its electrification plan, Volkswagen expects to have produced 26 million fully electric cars by 2030.

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