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Audi to invest 14 billion euros in e-mobility, self-driving cars

Editorial Bureau by Editorial Bureau
December 4, 2018
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Audi to invest 14 billion euros in e-mobility, self-driving cars

FILE PHOTO: An Audi self-driving vehicle is seen during a self-racing cars event at Thunderhill Raceway in Willows, California, U.S., April 1, 2017. REUTERS/Stephen Lam

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FRANKFURT (Reuters) – Volkswagen’s <VOWG_p.DE> premium auto brand Audi <NSUG.DE> said on Tuesday it would invest 14 billion euros (12.5 billion pounds) through 2023 in electric mobility, digitalisation and autonomous driving.

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Overall, the company’s total projected expenditure for the next five years amounts to 40 billion euros, the company said in a statement. It also plans restructuring measures that will generate 1 billion in earnings uplift already in 2018.

“This planning round bears a clear signature: We are taking a very systematic approach to electric mobility and will be much more focused in future,” said Audi’s interim management board chairman Bram Schot.

“We are consistently prioritizing our resources for future-oriented products and services that are highly attractive and relevant to the market.”

(Reporting by Douglas Busvine; editing by Thomas Seythal)

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