German Auto Industry to Spend €40 Billion on EVs

Germany’s auto industry will invest a combined €40 billion ($45 billion) over the next three years in vehicle electrification, according to trade group VDA.

Carmakers and their suppliers also intend to spend €18 billion ($20 billion) on connectivity, digitization and autonomous driving technologies, says VDA President Bernhard Mattes.

Without a massive shift to electric mobility, Europe’s carmakers won’t meet the European Union’s carbon dioxide standards for 2030, Mattes adds. He notes that German carmakers intend to triple the array of electrified models they offer to about 100 by 2022.