Headquartered in Wolfsburg, Germany, Volkswagen AG (VWAGY) manufactures and sells automobiles. It operates in four segments: passenger cars; light and heavy commercial vehicles; power engineering; and financial services. The company owns brands like Audi, Porsche, Lamborghini, SKODA, Bentley, Scania, MAN, Ducati, Volkswagen Commercial Vehicles, and Bugatti.
As electric vehicles keep witnessing increased adoption, VWAGY has committed more than $100 billion toward electrification. The company has allocated more than half of its total spending of $180 billion toward building electric vehicles (EVs). However, the company has reduced its spending on hybrid vehicles by 30%. Last year, the company sold 8.60 million vehicles globally, of which 452,900 were electric.
