Volkswagen Invests in Batteries, Raw Materials in Race for Affordable EV

Photographers take pictures as a worker cleans a Volkswagen ID. Buzz EV car, on the day of the annual news conference of the Volkswagen Group at DRIVE.Volkswagen Group Forum, in Berlin, on March 14, 2023. Annegret Hilse/Reuters

BERLIN—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 digitalization, including up to 15 billion for batteries and raw materials.