November 17, 2017 / 8:51 AM / a year ago

Volkswagen board discusses 70 billion euro spending plan - source

FRANKFURT (Reuters) - Volkswagen’s (VOWG_p.DE) supervisory board is discussing a five-year spending plan totalling more than 70 billion euros (62.5 billion pounds) to further transform the group into a leader in electric cars, a person familiar with the talks told Reuters.

FILE PHOTO - Volkswagen's logos are pictured at the 45th Tokyo Motor Show in Tokyo, Japan October 25, 2017. REUTERS/Kim Kyung-Hoon

The board is expected to sign off on the capital and development spending targets on Friday, the person said. The investments will likely be made in the 2018-2022 period, said another person briefed on the discussions.

Volkswagen declined to comment on the volume of the planned budget.

Reporting by Jan Schwartz; Writing by Arno Schuetze; Editing by Kathrin Jones and Christoph Steitz

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