Volkswagen to invest $193 bln to hit EV target

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STORY: Volkswagen is going big on its charge into electric vehicles.

The German automaker said Tuesday (March 14) it plans to invest $193 billion over the next five years.

Around two-thirds of that is aimed at electrification and digitalisation.

That investment is well up from a plan the carmaker released last year.

VW wants half of its sales to be EVs by 2030.

The company will also spend big on battery production and its North American operations.

While investment in combustion engines is due to fall from 2025.

The investment decisions aim to fulfil a 10-point plan drawn up by CEO Oliver Blume after he took the helm in September.

Earlier this month, the carmaker gave an optimistic outlook for the year ahead.

It forecast up to a 15% rise in revenue with higher deliveries.

That's despite supply chain challenges.