German carmakers to invest EUR60 billion in electric cars and automated driving, says VDA

All four key German carmakers have charted their strategies to electrify most of their lineups in the next 5 to 10 years

German carmakers will invest around EUR60 billion (USD68 billion) over the next three years on electric cars and automated driving, Reuters quoted Bernhard Mattes, president of the car industry association VDA, as saying ahead of the Geneva Motor Show, last week. “We will invest over EUR40 billion euros in electric mobility during the next three years, and another EUR18 billion euros will be invested in digitization and connected and automated driving,” Mattes said. “The ramp-up of electric mobility is coming in Europe. Without it, the EU’s CO2 targets cannot be achieved by 2030," Mattes said.