Volkswagen will invest 10 billion euros ($11.2 billion) in electric vehicles, ride-hailing and automated driving. Calling this “the biggest change in process in the company's history," the German carmaker hopes electric cars would make up 20-25 percent of its annual car sales by 2025.
The development comes amidst hundreds of court cases against Volkswagen for systematically cheating on emissions tests of its diesel cars. A court deadline to finalize the terms of the settlement was extended to June 28. “There is a lot more to Volkswagen than diesel,” CEO Matthias Müller told reporters.
For a deeper dive: Bloomberg, Wall Street Journal, LA Times, Forbes, BBC, Reuters, New York Times
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