Volkswagen AG will reserve a bigger slice of its 150 billion euro ($177 billion) budget for investment in electric cars and software in the next five years, stepping up technology spending to navigate a tectonic industry shift even as the COVID-19 pandemic roils markets.

Volkswagen AG CEO Herbert Diess vowed to pursue a sweeping transition to electric cars, declaring it a matter of survival even as the coronavirus risks upending business in the near term.

Volkswagen AG is setting a high bar for the first electric vehicle it will build around the globe.

Navistar International Corp. confirmed that Volkswagen AG’s heavy-truck business boosted its bid to buy the rest of the U.S. manufacturer for $3.6 billion.

Before Tesla Inc. CEO Elon Musk returned to the U.S. after a three-day visit to Germany, he made a final stopover to meet with one of his biggest competitors — Volkswagen AG CEO Herbert Diess.

Volkswagen AG’s CEO encouraged Bill Gates to advise governments on how to lower carbon emissions from transportation and renewed his criticism of Germany’s slow abandonment of coal power.

SAF-Holland announced it has been selected to supply the rear-drive air suspensions for the new VW electric delivery truck in Brazil.

Volkswagen AG’s CEO again praised Tesla Inc.’s Elon Musk, this time for showing it’s possible to profit off electric cars even in the midst of a global pandemic.

Herbert Diess, CEO of Volkswagen, ceded direct control of the German company’s main passenger car brand after clashing with labor unions over production issues affecting two key models.

Volkswagen AG’s use of technology that helped it to cheat on diesel engine pollution tests violated European Union rules, an EU legal adviser warned in the second setback for the automaker at the bloc’s highest court this month.