Volkswagen plans to invest $193 bn in batteries in race for affordable EV

Volkswagen is striving to close a gap with electric vehicle (EV) pioneer Tesla by expanding its slice of the growing market for battery-powered cars

Volkswagen plans to invest 180 billion euros ($193 billion) over five years in areas including battery production and raw material sourcing in a bid to cut electric vehicle costs and protect its market share, it said on Tuesday.

Over two-thirds of the company's five-year investment budget announced on Tuesday is allocated to electrification and digitalisation, including up to 15 billion for batteries and raw materials.

With markets in turmoil over the collapse of Silicon Valley Bank, Chief Financial Officer Arno Antlitz told analysts however that the company could postpone some battery investments if the market did not grow as expected.

"The overall target