FRANKFURT, Dec 6 (Reuters) – Volkswagen Group plans to invest 160 billion euros ($186 billion) through 2030, its CEO Oliver Blume said, reflecting belt-tightening as Europe’s top automaker faces a major crisis in its two key markets, China and the United States.

Total spending, updated annually as part of Volkswagen’s rolling five-year investment plan, compares with 165 billion euros for the 2025-2029 period and 180 billion for 2024-2028, with 2024 marking a peak.

Since then, Volkswagen, which includes the Porsche and Audi brands, has been squeezed by tariffs on U.S. imports and fierce competition in China.

This has hurt profits most notably at Porsche, which sells around half its cars in just these two markets and unveiled a major roll-back on its electric vehicle strategy.

Blume told

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