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Germany to invest €58 billion in electric, autonomous cars

Germany to invest €58 billion in electric, autonomous cars

Germany’s car industry association says billions will be spent on electromobility over the next three years to cement the future of the auto sector. Domestic car production is, however, expected to fall this year.

Germany’s automotive industry is planning an aggressive investment in electric and autonomous cars, along with digitization, the president of the Verband der Automobilindustrie (VDA) car industry association said.

In a statement ahead of the opening of the Geneva Motor Show next week, Bernhard Mattes said more than €40 billion ($45.5 billion) will be spent over the next three years on e-mobility, and another €18 billion has been earmarked for digitization, alongside connected and autonomous driving.

Over the same period, German car makers plan to triple the number of electric and hybrid models to about 100.