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VW's R1.15 trillion plan to 'reinvent the car'

VW's R1.15 trillion plan to 'reinvent the car'

10 billion euros will be invested in China towards that end over the next seven years.

Lately, automakers have been shifting their focus on electrification together with autonomous driving.

Matthias Mueller, CEO of Volkswagen said: "With the planning round now approved, we are laying the foundation for making Volkswagen the world's No. 1 player in electric mobility by 2025" adding that "the auto is now being reinvented".

Until it admitted two years ago to cheating on USA diesel emissions tests, Volkswagen had been slow to embrace electric cars and self-driving technology.

Heizmann expressed confidence that the Volkswagen will complete the quota for electric vehicles in collaboration with its partners. From 2030 at the latest, the company wants to offer at least one electric version for each of its 300 types of cars.

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The group said its total investments in electric vehicles capacity and projects will amount to about 72 billion euros by 2022, confirming an earlier Reuters story.

But that was before VW was hit by the "dieselgate" scandal, which has so far cost it over 25 billion euros in fines, recalls and compensation. To date, 1.9 billion euros of efficiency savings have already been achieved, corresponding to 96 percent of the target set for 2017.

Mueller said VW will maintain spending discipline in order to shoulder the increased investments in new technologies while it grapples with billions of dollars of costs for its emissions scandal.

Jochen Heizman, head of Volkswagen's China division declared the goal to sell 400,000 electric vehicles each year on the Chinese market by 2020.

"The investment package which has now been adopted will give a decisive boost to the largest product and technology offensive in the history of the brand", Herbert Diess, Chief Executive of the Volkswagen brand and a VW management board member, said. They are also moving the Passat line entirely at the Emden site and the next generation Golf will be concentrated at home in Wolfsburg.

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