Volkswagen Group increases spending on electric vehicles

After a meeting of the Volkswagen Group's supervisory board late last week, the automaker confirmed it was increasing its average annual spend on developing electric, hybrid and digital technologies by around 36 per cent from €8.8 billion ($14.3 billion) to €12 billion ($19.5 billion). As part of Volkswagen's latest five-year plan, it will increase spending on EV development to €6.6 billion ($10.7 billion) annually.