Volkswagen has revealed plans to invest €60bn in electric mobility, hybridisation and digitalisation over the next five years.

Approved by the supervisory board, the new investment plans amount to more than 40% of the company’s investments in property, plant and equipment and all research and development costs during the planning period.

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“We are resolutely pressing ahead with the transformation of the Volkswagen Group and focusing our investments on the future of mobility,” said Hans Dieter Pötsch, chairman of the supervisory board of the Volkswagen Group. “This is part of our systematic and consequent implementation of the group’s strategy.”

Over half of the planned investment (€33bn) will be allocated to electric mobility alone. E-vehicles are scheduled to be made at the firm’s plants in Germany, the Czech Republic, the US and China.

Herbert Diess, chief executive officer of the VW group, added: “We will step up the pace again in the coming years with our investments. Hybridisation, electrification and digitalisation of our fleet are becoming an increasingly important area of focus.

“We intend to take advantage of economies of scale and achieve maximum synergies. In light of the worsening economic situation, we are also working on increasing our productivity, our efficiency and our cost base so as to secure meeting our targets.”

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The firm also modified its long-term plan for the next 10 years during the meeting. By 2029, the group plans to have introduced up to 75 all-electric models to the market, along with around 60 hybrid vehicles.

The number of projected e-vehicles will rise to about 26 million, largely due to the addition of a year to the planning period to include 2029. Volkswagen is also planning to sell nearly 6 million hybrid vehicles by 2029.