December 4, 2018 / 8:20 AM / 11 days ago

Audi to invest 14 billion euros in e-mobility, self-driving cars

The Audi logo is seen during the first press day of the Paris auto show, in Paris, France, October 2, 2018. REUTERS/Benoit Tessier

FRANKFURT (Reuters) - Volkswagen’s (VOWG_p.DE) premium auto brand Audi said on Tuesday it would invest 14 billion euros ($15.9 billion) through 2023 in electric mobility, digitalization and autonomous driving.

Overall, the company’s total projected expenditure for the next five years amounts to 40 billion euros, 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.”

Reporting by Douglas Busvine; editing by Thomas Seythal

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