Volkswagen will spend 44 billion euros ($50.2 billion) on electric vehicles, digitization, autonomous technology, and mobility services globally by 2023, which marks an increase of 10 billion euros ($11.4 billion) from its year-ago forecast, Volkswagen has announced.
The company's plan also calls for 30% productivity increase at its factories by 2025.
"One aim of the Volkswagen Group’s strategy is to speed up the pace of innovation," said Herbert Diess, chief executive of Volkswagen AG.
The company continues its discussions with Ford about a possible collaboration on a commercial light vehicle that may be a cargo van, and the companies have identified several other areas where they could form a partnership.
The company expects the fallout of its diesel emissions scandal to continue to "impact cash outflows in planning years 2019 and 2020," according to a release.