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19 November 2018

Volkswagen to spend $50 billion on electric car ‘offensive’

German automaker Volkswagen said Friday it will spend tens of billions of dollars refocusing the company on the making of electric cars, autonomous vehicles and new mobility services.

The Wolfsburg-based manufacturer, which plans to have some of the new offering in the market by 2023, said the 44-billion euros ($50 billion) investment in what CEO Herbert Diess describes as an "electric offensive," includes an imminent partnership with US carmaker Ford Motor.

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