VW approves German govt's €3B aid for auto-sector

Wednesday, 18. November 2020 10:16

The world's biggest automaker Volkswagen AG said on Wednesday that it welcomes the German government's €3 billion ($3.57 billion) arrangement to support the development and production of climate-friendly cars.

"The extension of the innovation rebate for passenger cars will further accelerate the ramp-up of electric mobility and thus drive the change to sustainable mobility. At the same time, by rapidly expanding charging infrastructures, the German government is creating the necessary trust among customers for an easy and smooth transition to e-mobility," the company stated.

Volkswagen said earlier that it plans to invest €73 billion in future technologies, particularly in the development of electric vehicles.

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