Audi Plans Total Investments of EUR37 Billion by 2024

Date : 11/29/2019 @ 9:50AM
Source : Dow Jones News
Stock : Volkswagen AG (VOW)
Quote : 168.15  -2.3 (-1.35%) @ 4:35PM
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Audi Plans Total Investments of EUR37 Billion by 2024

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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; @mxbernhard


(END) Dow Jones Newswires

November 29, 2019 04:35 ET (09:35 GMT)

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