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Volkswagen to maintain investments at 180b eur through 2028

Published 07/02/2024, 02:30 am
Updated 07/02/2024, 02:30 am
© Reuters.

Germany's Handelsblatt newspaper reports Tuesday that German automaker, Volkswagen (ETR:VOWG_p) is planning to maintain its investments at approximately 180 billion euros ($193.59 billion) over the next five years, spanning from 2024 to 2028.

The investment plan received approval from the supervisory board, contingent on the condition that the allocated sum could be reduced if specific targets within the ongoing cost-cutting initiative at Volkswagen's passenger car brand were not achieved.

Although Volkswagen has refrained from commenting on the report, it mentioned that additional details would be disclosed during its annual results conference scheduled for March 13.

In the previous five-year plan unveiled in March 2023, Volkswagen had already earmarked 180 billion euros for investments through 2027, with a predominant portion dedicated to electrification and digitalization efforts. The Handelsblatt report suggests that the automaker aims to adhere to this financial commitment, even as it endeavors to streamline costs across the Group to enhance profit margins during the shift toward an entirely electric vehicle lineup.

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