November 17, 2017 / 8:46 AM / a year ago

Volkswagen board discusses 70 billion euro spending plan -source

FRANKFURT, Nov 17 (Reuters) - Volkswagen’s supervisory board is discussing a five-year spending plan totaling more than 70 billion euros ($82.5 billion) to further transform the group into a leader in electric cars, a person familiar with the talks told Reuters.

The board is expected to sign off on the capital and development spending targets on Friday, the person said. The investments will likely be made in the 2018-2022 period, said another person briefed on the discussions.

Volkswagen declined to comment on the volume of the planned budget. ($1 = 0.8482 euros) (Reporting by Jan Schwartz; Writing by Arno Schuetze; Editing by Kathrin Jones and Christoph Steitz)

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