German OEM Audi has announced plans to increase electrification spending as part of a US$40.9bn (€37bn) investment into research and development, and property, plant and equipment, over the next five years.
The manufacturer is planning upfront expenditure of US$13.2bn (€12bn) solely for electric mobility. Since the start of the Audi Transformation Plan (ATP) is has contributed US$4.4bn (€4bn) to earnings. Further measures are expected to free up approximately US$6.6bn (€6bn) for future investments by 2029.
“With our Consistently Audi strategy, we are accelerating our roadmap towards electrification. Our investment planning takes this into account,” said Alexander Seitz, board of management member for finance, China and Legal Affairs at Audi. “At around €12bn, we will spend more than ever before on electric mobility by 2024.”
In order to achieve the rapid scaling of electric mobility, Audi is working with Porsche to develop the premium electrification architecture (PPE) for large electric cars, and the Modular E Drive System (MEB) is being developed together with Volkswagen.