German carmakers to invest 60 billion euros in electric cars and automation

Germany’s car industry is to invest nearly 60 billion euros ($68 billion) over the next three years on electric cars and automated driving, the head of the VDA car industry association said ahead of the Geneva motor show.

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

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