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By Max Bernhard
Luxury-car maker Audi AG (NSU.XE) said Friday that it plans to invest a total of about 37 billion euros ($40.75 billion) by 2024, EUR12 billion of which is earmarked for electric mobility.
The Volkswagen AG (VOW.XE) unit said it expects to free up some EUR6 billion for investments through its restructuring plan by 2029. Audi said earlier this week it plans to cut some 9,500 jobs as part of the plan.
"The course has been set for Audi to return to an operating return on sales within the strategic target corridor of 9% to 11% in the medium term," Chief Financial Officer Alexander Seitz said.
Write to Max Bernhard at email@example.com; @mxbernhard
(END) Dow Jones Newswires
November 29, 2019 04:35 ET (09:35 GMT)
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