Tuesday, May 28, 2024

Volkswagen is investing $192.76 billion in the five-year plan

Date:

Normal

March 14, 2023

12:19 p.m


Volkswagen announced on Tuesday that it would invest 180 billion euros ($192.76 billion) over the next five years in areas including battery cell production and digitization in China and expand its presence in North America.
Two-thirds of the five-year investment budget was allocated to electrification and digitization, up from 56% in the previous five-year plan, of which €15 billion was allocated to battery factories and raw materials.
The automaker said investment in combustion engine technology will peak in 2025 and then taper off as it works towards a target of 50% of global electric sales by 2030.
Stock raising
Earlier this month, the automaker boosted the stock with an upbeat outlook for the coming year, forecasting a 10-15% rise in revenue with 14% deliveries, despite ongoing supply chain challenges.
Its profit margin was at the high end of its 2022 forecast at 8.1%, while sales and profits exceeded 2021 levels, despite supply chain disruptions that pushed net cash flow below target.
“Volkswagen” announced on Monday that “the first battery cell factory outside of Europe will be in Canada, and production will start from 2027.” Thomas Schmoll, a member of the board of directors, said the company was in no rush to decide on the location of its next European plant until it knew what Europe had to offer.
(Reuters)

See also  Gold prices were boosted by a weaker dollar and expectations of U.S. economic data from Reuters
Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

Share post:

Popular

More like this
Related

Cost-effective drilling: how to reduce operational expenses by smart equipment choices

Drilling costs affect the profitability and sustainability of oil...

Navigating the World of Cryptocurrencies: How to Choose the Best Crypto Wallet

In the digital age where cryptocurrencies are rapidly gaining...

Unlock the easiest way to get EU citizenship of Slovenia and Romania with Union Permits

Due to the nature of their immigration programs, Slovenia...

The Ultimate Guide to Men’s Facials in Dubai

In the bustling city of Dubai, where the sun...