Volkswagen will spend a larger part of its research budget on the development of electric and self-driving cars, the German car manufacturer announced on Friday.
Until 2025, about half of the research budget of a total of 150 billion euros must be spent on the development of electric and self-driving cars. A year ago, 60 billion euros was released for this.
With the investment of billions, the German car brand wants to compete with the successful Tesla. Elon Musk’s US company is currently the market leader in electric cars.
Last week, Volkswagen CEO Herbert Diess said that it would be better for the development of electric driving if Joe Biden were elected president of the United States.
The US is an important market for the automaker and, he says, the Democratic program is expected to be more consistent with Volkswagen’s global strategy.
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