Once determined to topple Tesla as the preeminent maker of electric vehicles, Volkswagen is backtracking on its EV ambitions. Executives have confirmed the brand will funnel billions formerly earmarked for electrification into keeping its gas- and diesel-powered engines competitive, reports Automotive News Europe.
Speaking at a recent Reuters event in Munich, Germany, Volkswagen Group CFO and COO Arno Antlitz announced that the automaker will continue investing in combustion engines despite its move to electric cars. Previously, the automotive giant had plans to pour €180 billion ($193.5 billion) into electrification and digitalization efforts. Instead, two-thirds will be used for electrification and digitalization efforts, with the rest for ICE development.
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