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Volkswagen Bets $50 Billion on Electric Future but Tesla Isn?t Sweating


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The New York Times
SOURCE: https://www.ccn.com/volkswagen-bets-50-billion-on-electric-future-but-tesla-isnt-sweating
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Summary

As cities all over the world look at ways to combat rising pollution levels, giant German automaker Volkswagen goes all in on electric as a transitional period of necessary change comes to the car industry.No, these are not the words of democratic demagogue and enemy of the Fox people, Alexandria Ocasio-Cortez, but it is the sentiment outlined for the future of the automotive industry by the CEO of one of the world’s largest car manufacturers.Herbert Diess, chief executive of Volkswagen, speaking at the Geneva Motor Show had this to say on how his company envisions the future:We are really getting into a transition period of the automotive industry and, reading between the lines of all the communications our competitors are doing, it will be tough times because we have to invest in new technology, not only electric drive trends but autonomous driving, connectivity.Volkswagen showed that they plan to put their money where their mouth is on this claim by announcing a $50 billion plan to invest in new plants, electric cars, autonomous driving and mobility services.

As said here by Simon Fletcher