Audi Plans Total Investments of EUR37 Billion by 2024
November 29 2019 - 4:50AM
Dow Jones News
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 max.bernhard@dowjones.com;
@mxbernhard
(END) Dow Jones Newswires
November 29, 2019 04:35 ET (09:35 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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