Audi to invest $16 bn in electric mobility, digitalization

Volkswagen’s premium auto brand Audi said it would invest 14 billion euros or $15.9 billion through 2023 in electric mobility, digitalization and autonomous driving, Reuters reported.
Audi technology investmentThe company’s total projected expenditure for the next five years amounts to 40 billion euros, the company said in a statement. It also plans restructuring measures that will generate 1 billion in earnings uplift already in 2018.

“We are taking a systematic approach to electric mobility and will be much more focused in future,” said Audi’s interim management board chairman Bram Schot.