Berlin - Volkswagen has announced a new five-year 70-billion-euro (R1.15 trillion) investment programme aimed at developing new technologies as the motor industry moves to keep pace with the global push towards electric-powered vehicles.
The carmaker presented the plan, which includes spending more than 34 million billion euros (R563bn) on electric vehicles, driverless cars, and digitalization, to a meeting of its board on Friday.
"Roadmap E", as the company has called the investment plan, would help to "reinvent the car," said VW chief Matthias Mueller.
The group has already announced moves to bring more than 80 new electric-powered vehicles onto the market by 2025, including 50 pure electric cars and 30 plug-in hybrid models.
This production versions of the 'I.D.' range of vehicles that have already been shown in concept form, including a Golf-sized hatchback, a small crossover and a 'bus' with retro styling links to the original Kombi of the '50s.
The VW announcement comes as the carmaker attempts to lay aside the emissions scandal that engulfed the group more than two years ago when it admitted to cheating on diesel exhaust tests around the world.