Speaking at a press conference following a meeting of the company’s
supervisory board, CEO Herbert Diess described the company’s strategy as
an "electric offensive."
Diess acknowledged that increased spending on new technology could
initially harm earnings growth. The investment is roughly euro10 billion
($11.4 billion) above what the company set aside for new tech in last
year’s budget plan.
Volkswagen must become more efficient, more productive and more
profitable in order to finance the high expenditure in the future and in
order to stay competitive, Diess said during the press conference.