German automakers to invest €58 billion in electric & autonomous cars
“We will invest over €40 billion ($45.5 billion) in electric mobility during the next three years, and another €18 billion ($20.5 billion) will be invested in digitization and connected and automated driving,” VDA President Bernhard Mattes said, as cited by Reuters on Saturday, several days before the Geneva Motor Show.Also on rt.com Tesla killer? Volvo spin-off unveils Google-powered all-electric sedan
Germany, along with some other major EU economies, is set to have a much higher share of electric vehicles among its new registrations than the average rate across the bloc, he added.
Europe needs to boost electric mobility because without it, goals for the reduction of carbon dioxide emissions in the EU cannot be achieved by 2030, according to Mattes. For this purpose, the appropriate regulatory conditions must be met. Massive expansion of the charging infrastructure is also required, along with more offerings for e-vehicle buyers.Also on rt.com New act of Dieselgate: Over 300,000 Volkswagen owners sue company for damages over emissions fraud
At the same time, Berlin expects a significant decline in domestic car production this year due to a slowing economy, trade risks linked to US tariffs, as well as the expansion of plants in the US, Mexico and China, the VDA chief warned. German plants are expected to produce 4.8 million passenger vehicles this year, which is around five percent fewer than in 2018.
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