The future of mobility revolves around electric and self-driving cars. This is something that all of the major car manufacturers have accepted. They are now making substantial investments to stay ahead of the curve as the automotive industry heads for a revolution in a few short years. German auto giant Audi doesn’t want to get left behind so it’s going to spend $16 billion for this purpose.
Audi is one of the many brands under the Volkswagen Group. It has announced that nearly $16 billion will be invested in transportation technologies for the future such as electric and autonomous cars over the next five years.
The company has previously revealed plans to make electric vehicles. It said in 2015 that at least one quarter of all Audi vehicles sold in the United States by 2025 will have a plug. It’s aiming to offer 20 electrified models by the year 2025, the lineup will include a mix of fully electric and hybrid models.
The $16 billion investment will be made through 2023. It will spend on equipment, infrastructure, factories in addition to research and development from this budget. Audi expects the total projected expenditure over this five-year planning period to reach an eyewatering $45 billion.
“We are taking a very systematic approach to electric mobility and will be much more focused in future. We are consistently prioritizing our resources for future-oriented products and services that are highly attractive and relevant to the market,” said Bram Schot, Audi’s temporary chairman of the Board of Management.