As per Reuters, two-thirds of the announced investment by the German carmaker will go towards electrification and digitalization, as it targets 50% EV sales worldwide before the next decade.
Volkswagen officials say that they're not giving up yet on ICE cars, as fossil-powered engines will receive investments for optimizations until 2025. Further investment in gasoline and diesel-powered cars will decline post-2025.
The company's first battery plant outside of Europe will be based in Canada, officials recently announced and production there is expected to begin sometime in 2027.
The location of the next Volkswagen plant in Europe is still in talks, as executives didn't rush to make a decision in that regard, yet.
The German carmaker saw more sales and earnings in 2022 compared to 2021, despite supply-chain issues.