Audi Spending Billions To Chase Tesla

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The new budget has been set.

Audi has been designated to lead parent company the Volkswagen Group's electric charge by developing new electric vehicle technologies and platforms. This is already well underway with Project Artemis, the ultra-secretive high-tech unit that aims to have a highly automated vehicle ready to go by 2024. Three models will utilize this platform for Audi, Bentley, and Porsche with the common goal of luring away Tesla customers. To make that happen, Audi needs money and VW Group has complied.

Audi has just announced its new budget that will see it through 2025. The main takeaway is that it's accelerating its electric vehicle investments to $12 billion.

2021 Audi e-tron GT Front Angle View Audi
2021 Audi e-tron GT Side View Audi
2021 Audi e-tron GT Dashboard Audi

"On the basis of the investment planning, upfront expenditure in the years 2021 to 2025 focuses on the uncompromising implementation of Roadmap E, with a large-scale product offensive for fully and partly electric models. For electrification alone, a sum of approximately €15 billion - more than 40 percent of the total expenditure - is foreseen in the context of the planning round."

Audi previously planned to spend $12 billion for electrification in general, but this plan has since been refined with that entire sum going solely towards EVs. An additional €5 billion ($6 billion USD) will be spent on hybrids. Some of those new EVs include the Audi Q4 e-tron and e-tron GT sedan, both set to debut in 2021.

"By 2025 Audi AG will expand its e-portfolio to about 30 models, of which approximately 20 will be powered entirely by electric batteries," the release emphasizes.

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Last summer, Audi CEO Markus Duesmann assumed a new dual role by taking on the chairmanship of the Car.Software-Organization. Special teams within Volkswagen, Audi, and Porsche have been assigned at least one of the organization's five central areas of software development, such as automated driving and connected car and device platforms. All teams will report directly to Duesmann.

With the increased budget and major focus on software, it's clearer than ever Audi wants to dethrone Tesla as the world's premier EV automaker and technology powerhouse.

Front Angle View Audi
Front Angle View Audi
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