The German giant will invest around £12.5bn over the coming five years in a bid to compete in the electric car market and stay up-to-date with the newest technologies.
German carmaker Audi is set to invest £12.5bn over the next five years. Starting at the beginning of 2019, investments will be targeted towards electric vehicle development and self-driving cars. This is in a bid to make the business more future proof. Will we see Audi at fore front of electric car innovation?
This will put Audi in direct competition with Tesla. Tesla are the current champions of electric and self-driving cars.
This development is especially interesting as it comes not long after Audi’s parent company, Volkswagen Group, were involved in the recent emissions scandal that lead to Audi’s Chairman being arrested.
Along with the investments in R&D the companies fixed assets are also likely to receive a boost as the company hopes to improve efficiencies whilst entering this ‘new’ market.
Audi’s interim chairman stated – “We are consistently prioritising our resources for future-oriented products and services that are highly attractive and relevant to the market.”
The brand has stated they are likely to have a range of roughly 20 different electric vehicles by 2025. This significant range is possibly due to the success of the Audi e-tron.
Audi is not alone in this step towards further electric vehicle development. Other large manufacturers such as BMW and Mercedes plan on following suit.