Audi to invest €14 billion in e-mobility, self-driving cars

Audi to invest €14 billion in e-mobility, self-driving cars

Paris Auto Show
The Audi logo is seen during the first press day of the Paris auto show, in Paris, France, October 2, 2018. REUTERS/Benoit Tessier

FRANKFURT: Volkswagen's premium auto brand Audi said on Tuesday (Dec 4) it would invest €14 billion (US$15.9 billion) through 2023 in electric mobility, digitalisation and autonomous driving.

Overall, the company's total projected expenditure for the next five years amounts to €40 billion, the company said in a statement. It also plans restructuring measures that will generate 1 billion in earnings uplift already in 2018.

"This planning round bears a clear signature: We are taking a very systematic approach to electric mobility and will be much more focused in future," said Audi's interim management board chairman Bram Schot.

"We are consistently prioritizing our resources for future-oriented products and services that are highly attractive and relevant to the market."

(US$1 = 0.8787 euros)

(Reporting by Douglas Busvine; editing by Thomas Seythal)

Source: Reuters/na