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Volkswagen Group on Friday said it will spend 44 billion euros ($50.

2 billion) on electric vehicles, digitalization, autonomous driving and new mobility services by 2023.

The automaker also plans to increase productivity of its factories by 30 percent by 2025, by building more vehicles with different brands on the same production line, it said.

This will help lower the carmaker's capital expenditure ratio at the group's automotive division to six percent of revenues from 2020 onward, the carmaker said.



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