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VW Will Spend Billions of Its EV Development Budget on Gas EnginesOnly a year ago Volkswagon was confident it could build a cheaper EV. But a month ago they reported a 20 percent fall in first quarter profits.
By: Adrian Padeanu, Motor1.com
Of the €180 billion ($196 billion) set aside in 2023 primarily for next-generation EVs, the German brand will now use one-third to continue the development of combustion engines. The announcement comes from Arno Antlitz, the Chief Financial Officer and Chief Operating Officer at the Volkswagen Group. The company intends to spend roughly €60 billion ($65 billion) to "keep our combustion cars competitive."
It's a stark departure from the previous plan announced in late 2022 to build and sell only electric cars in Europe from 2033.


Comment: Haim threatened to shut down a surging source of illegal income.