Volkswagen plans to invest up to 1 billion euros in artificial intelligence by 2030, aiming to save up to 4 billion euros by 2035. This move comes as European carmakers focus on electric models and technology upgrades to compete with China. The German group is also making major cost cuts in Germany and China.

At the IAA car show in Munich, Volkswagen unveiled a concept for a new small electric SUV, the ID.CROSS, as part of its strategy to offer affordable battery-powered vehicles. The company believes that AI will significantly speed up the development process for new vehicle models and technologies, enhancing quality and competitiveness throughout the value chain.

Volkswagen’s investment in AI will support vehicle development, industrial applications, and IT infrastructure expansion. The carmaker sees AI as a key to improving speed, quality, and competitiveness in all aspects of its business, from vehicle development to production. Chief IT executive Hauke Stars emphasized the importance of AI in driving efficiency and innovation.

Read more at Yahoo Finance: Volkswagen to invest up to a billion euros in AI by end of decade