Audi has announced it will expand its investment in electric mobility, digitalization and autonomous driving to €14 billion ($15.8 billion) through the end of 2023.
The German manufacturer, which recently announced its first three EVs, is set to pour additional money into research and development as well as associated property, plant and equipment expenditures over the next five years.
Overall, parent company Volkswagen Group has pledged to spend €40 billion ($45.3 billion) in EV technology.
“This planning round bears a clear signature,” said Bram Schot, temporary chairman of the board of management of Audi AG.
“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.
“With models such as the recently presented Audi e-tron GT concept, we want to electrify people again for Audi and at the same time be an agile and very efficient company.”
Audi has pledged to offer approximately 20 electrified models by 2025, half of them featuring full electric powertrains.
At the same time, it also pushing forward on the digitalization of its automobiles and plants and is expanding its business model with new digital services.
In order to finance its course for the future from its own resources, the company is systematically rolling out the so-called “Audi Transformation Plan” that has seen the manufacturer already positive earnings of more than €1 billion this year.
The plan is also aimed at reducing complexity, systematically utilizing synergies and identifying and discontinuing activities that are no longer relevant to customers.
It’s unclear if Audi’s new focus on electro-mobility will have an effect on its existing motorsports programs, besides its involvement in the ABB FIA Formula E Championship, which follows the new strategy.