Frankfurt: Volkswagen AG’s premium auto brand Audi said on Tuesday it would invest €14 billion ($15.9 billion) through 2023 in electric cars, digitalization and autonomous driving. Overall, the company’s total projected expenditure for the next five years amounts to €40 billion, the company said in a statement. It also plans restructuring measures that will generate €1 billion in earnings uplift already in 2018.

“This planning round bears a clear signature: We are taking a very systematic approach to electric mobility and will be much more focused in future,” said Audi’s interim management board chairman Bram Schot.

“We are consistently prioritizing our resources for future-oriented products and services that are highly attractive and relevant to the market.”

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