German automakers to invest € 60 billion in electric cars and automation

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Germany’s auto industry will invest almost € 60 billion ($ 68 billion) over the next three years on electric cars and automated steering, said the head of the automotive association VDA, ahead of the Geneva Motor Show .

“We will invest more than € 40 billion in electric mobility over the next three years, and another € 18 billion will be invested in automated and connected driving and digitization,” VDA president Bernhard Mattes said in a statement on Saturday.

The range of electric car models from German manufacturers will triple to around 100 in that period, he said.

Hall of Geneva

The Geneva International Motor Show, where manufacturers exhibit their latest models and concepts, takes place March 7-17.

“The escalation of electric mobility is coming in Europe,” Mattes said. “Without this, EU CO2 targets can not be achieved by 2030,” he added, calling for what he called appropriate regulatory conditions across Europe.

Germany, along with some other major European economies, is expected to have a much larger share of electric vehicles in its new registrations than the EU average, Mattes said.

The recharging infrastructure for electric vehicles needs to be expanded and incentives need to be offered to electric car buyers, he added.

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