(Corrects to add missing “not” in paragraph 2)
BERLIN (Reuters) -Volkswagen plans to keep investments in the coming five years stable at around 180 billion euros ($193.59 billion) between 2024 and 2028, Germany’s Handelsblatt newspaper reported on Tuesday, citing three people familiar with the matter.
The supervisory board had approved the investment plan but added a condition that the sum could be reduced if certain goals of the cost-cutting drive underway at Volkswagen’s passenger car brand were not met, the report said.
Volkswagen declined to comment on the report, stating further information would be shared at its annual results conference on March 13.
The carmaker’s last five-year plan announced in March 2023 also set investments at 180 billion euros through 2027, with over two-thirds allocated towards electrification and digitalisation.
The Handelsblatt report indicated that the carmaker planned to stick to that spending pace even as it strives to cut costs across the Group to boost margins in the transition to an all-electric lineup.
($1 = 0.9298 euros)
(Writing by Rachel More, Victoria WalderseeEditing by Madeline Chambers)
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