Volkswagen announced today it will invest 62.4 billion euros ($86 billion USD) over the next five years as it aims to meet General Motors and Toyota at the top of the industry.
“The Volkswagen Group is investing a record amount in forward-looking projects to achieve its goal of becoming the world’s best automobile manufacturer in economic and ecological terms”, said Prof. Dr. Martin Winterkorn, CEO of Volkswagen Aktiengesellschaft, adding: “We shall continue to extend our innovation and technology leadership. Top of the agenda for us are investments in environmentally friendly, sustainable models and drives.”
Investments in property, plant and equipment will account for most of the 62.4 billion – €49.8 billion ($68.6 billion USD). More than half of that (57 percent) will be invested in Germany alone.
Other than that, Volkswagen the total amount includes capitalized development costs of €11.6 billion ($15.9 USD) and investments in financial assets of €1.0 billion ($1.3 USD) net of proceeds from asset disposals.
All I have to say is – this invest better work.
– By: Omar Rana