Volkswagen Ramps Up E-mobility Spending to $59 Billion by 2026

The VW logo is seen at the site of the first hearing of a consumer group's class action suit on behalf of Volkswagen owners against VW over the diesel emissions cheating scandal, at the Higher Regional Court in Braunschweig, Germany, on Sept. 30, 2019. Michele Tantussi/Reuters

FRANKFURT—Volkswagen on Thursday said it would ramp up spending for battery-powered electric vehicles by around 50 percent to 52 billion euros ($59 billion) by 2026 as part of the group’s far-reaching transformation.

The investment is part of Volkswagen’s new revolving 5-year spending plan, which foresees total investments of 159 billion euros in the 2022–2026 period, compared with 150 billion for the 2021–2025 period.

($1 = 0.8839 euros)