VW Outlines Big Electric Spending Plans, Ford Talks Progress.
“The two companies complement each other very well in terms of both products and regions.
Volkswagen said it will spend about €44 billion on electric cars, autonomous driving, new mobility services and digitalisation in vehicles through 2023.
This represents approximately 1/3 of total spending for the 2019-2023 planning period and was approved at VW’s Supervisory Board meeting, VW said.
Talks with Ford about cooperation in small vans are progressing positively, VW said, but gave no details.
“One aim of the Volkswagen Group’s strategy is to speed up the pace of innovation. We are focusing our investments on the future fields of mobility and systematically implementing our strategy,” Herbert Diess, CEO of Volkswagen Group said after the meeting.
VW’s ambitions for the tie-up with Ford might extend past the van deal. Reports suggest there might be agreements to develop autonomous cars and electric vehicles.
“The two companies complement each other very well in terms of both products and regions. The joint development and manufacture of a range of light commercial vehicles is at the core of the envisaged cooperation,” VW said in a statement.
“Volkswagen expects significant synergy effects from the potential to lower costs or increase performance via scales. Ford and Volkswagen will nevertheless remain competitors, as the proposed cooperation does in no way concern commercial, marketing or pricing strategies,” VW said.
“Additional fields of cooperation outside the light commercial vehicle segment with the potential for expanding collaboration have also been identified,” it said.