Volkswagen to spend 44 billion euros on electric, autonomous cars by 2023

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The Volkswagen logo is displayed at Serramonte Volkswagen on November 18, 2016 in Colma, California.

Volkswagen announced it’s to spend 44 billion euros ($50 billion) on new plants, electric cars, autonomous driving and mobility services.

The war chest is to be spent in the four years between 2019 and 2023 and represents about a third of the company’s total outlay allocated to the four-year period.

“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, the CEO of Volkswagen, said in a press release, issued after a Supervisory Board meeting Friday.