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Automobile

German industry to invest $68B in EVs، automation in next 3 years

Monday 04/March/2019 - 09:40 PM
Sada El Balad
Automotive News
Germany's car industry is to invest nearly 60 billion euros ($68 billion) over the next three years on electric cars and automated driving، the head of the VDA car industry association said.

Increasing the number of electric cars on the road is pivotal to reach ambitious goals in the European Union to reduce carbon dioxide emissions and requires the expansion of charging infrastructure، VDA President Bernhard Mattes said Saturday in a statement.

"The ramp-up of electric mobility is coming in Europe،" said Mattes، who is a former head of Ford's German business. "Without it، the EU's CO2 targets cannot be achieved by 2030،" he said، calling for what he called appropriate regulatory conditions across Europe.

German automakers will invest over 40 billion euros in electric mobility during the next three years، and another 18 billion euros will be invested in digitization and connected and automated driving، Mattes said.

The range of electric models from German automakers would treble to around 100 in that period، he said.

Germany، together with a few other major European economies، is set to have a much higher share of electric vehicles among its new registrations than the EU average، he said.

Charging infrastructure for electric cars must be expanded and incentives offered to buyers of e-cars، he said.

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