The automotive world is going electric. Volkswagen A G (OTC:VWAGY) has been working toward its plans for an electric future, and it looks like those plans are now clear.
Volkswagen released news that out of a total 150-billion-euro ($177.5 billion) investment, 73 billion euros ($86 billion) of that will be going toward electrification and self-driving development.
35 billion euros will be spent on battery electric vehicles, 27 billion for software development and 11 billion for hybrid versions of existing vehicles.
“Having set the course for a battery-electric future in the Volkswagen Group early on, we are now a global leader with our electric platforms and a broad range of electric vehicles,” said Herbert Diess, CEO of the Volkswagen Group.
Benzinga's Take: This is great news for electrification in general. A big push by established automakers is needed to convert a significant amount of the global fleet to electric.
The inclusion of hybrids also seems a bit odd, as they tend to offer the worst of both electric and gas vehicles, rather than the best.
Photo courtesy of Volkswagen.