Volkswagen (VW) has reaffirmed its commitment to the electric revolution with a €180bn (£158bn) investment across five years.
This will see the German carmaker begin building its own batteries for electric vehicles (EVs) and represents a 13% increase on the pledge made last year of €159bn (£140bn).
Targeting growth in the US and Chinese markets is a key part of VW’s investment plan, with Chief Executive Oliver Blume stating the firm needs to “listen to the Chinese customer more strongly.”
China is currently where VW makes half its profits.
An EV plant in the US and battery factory in Canada have also been announced as future developments.