German car giant Volkswagen said Friday it would plough 60 billion euros (USD 66 billion) by 2024 into its switch to electric, hybrid and connected vehicles, as automakers around the world rev up electrification plans.
The sum is an increase of 16 billion euros over previously-announced investments.
In a plan approved by its supervisory board, VW also said it would introduce up to 75 all-electric models and around 60 hybrid vehicles over the next decade, compared with a total of 70 across both types that were already planned.
VW is "focusing our investments on the future of mobility," chairman Dieter Poetsch said in a statement.
Chief executive Herbert Diess added: "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."