VW vows to invest $193-Billion in Electrification

Photo by: Volkswagen
Photo by: Volkswagen

(Wolfsburg, Germany) -- Volkswagen is promising to invest 193-billion dollars to electrify its vehicles over the next five years.

The New York Times reports CEO Oliver Blume said two-thirds of that money will go toward manufacturing batteries, developing software, and sourcing critical and raw materials for its vehicles.

VW announced previously it will build its first North American battery cell factory in Canada.

It also will build electric pickups and SUVs in South Carolina.