VW’s plan reflects a push to unveil more than 50 fully-electric models by 2025. REUTERS/Fabrizio Bensch/File Photo
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Volkswagen AG is significantly raising investment plans for the next five years in the race to keep up with the shift to electric, connected and self-driving cars.VW spending of 44 billion euros ($50 billion) through 2023 is roughly 10 billion euros more than last year's planning round, and reflects a push to unveil now more than 50 fully electric models by 2025 .Even as investments balloon, VW reiterated plans to reduce capital expenditures to 6 percent of sales from 2020 .VW declined as much as 1.4 percent, reversing earlier gains.Tesla, valued at $58 billion, is edging closer to VW's capitalization of 73 billion euros and has overtaken BMW.
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