- Volkswagen (DE:VOWG_p) (OTCPK:VLKAF, OTC:VLKPF) says it expects to spend $50B on developing electric cars, autonomous driving and new mobility services over the next five years.
- Mass producing electric cars will help VW reduce the cost to the same level as current diesel vehicles, CEO Herbert Diess said today at a news conference.
- VW earlier this year unveiled plans to build 16 electric vehicle factories worldwide, largely by converting existing plants, and to acquire battery capacity to build millions of electric vehicles; the company said today it will retool three of its German plants to build electric cars and explore alliances with battery partners and rival carmakers.
- Diess also said he hopes to have an outline agreement on cooperation with Ford (NYSE:F) fleshed out by the end of the year, with the initial focus on producing light trucks; reports have said the two companies also are discussing cooperating on self-driving vehicles.
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