Volkswagen Accelerates Investment in Electric Cars as It Races to Overtake Tesla
German company aims to become the world’s leading maker of electric vehicles
Volkswagen AG plans to invest around $86 billion in the development of electric vehicles and other new technologies over the next five years, as the world’s largest auto maker races to overtake Tesla Inc. as the leading maker of electric cars.
With the shift to electric cars, connected vehicles and an increasingly digital manufacturing process, the auto industry is amid its biggest transformation in a century.
Volkswagen said Friday that it would allocate around half of a planned $177 billion in R&D and capital expenditure to accelerate development of technologies such as digital factories, automotive software and self-driving cars.
The German company, which sold around 11 million vehicles in 2019, updates its five-year investment plans every November. This year’s revised plan underscores its efforts to build on its already vast investment in electric vehicles and digital technology.
VW launched the ID.3 all-electric compact car this year, the first model in a new generation of all-electric vehicles. The car has received complaints about quality and software features, prompting reviewers to score it below Tesla’s equivalent model.
However, the car has sold well, pushing VW past Tesla in September as the biggest electric-vehicle maker in Europe by sales.
VW Chief Executive Herbert Diess has often complained about the company’s failure to catch up with Tesla quickly, especially in terms of software, which has been a weak spot.
“In the next few years it will be important to also take a leading position in vehicle software,” Mr. Diess said Friday. “Only as a digital mobility company can we satisfy people’s needs for individual, sustainable and fully networked mobility in the future.”
Volkswagen has earmarked about €150 billion in capital expenditure for 2021 through 2025, of which €73 billion will be invested in “future technologies,” an increase from €60 billion in the previous five-year planning round.
The biggest change is the acceleration of software development, which includes everything from fixing the problems with the ID-series to moving faster to develop self-driving vehicles and connecting the company’s more-than 120 factories to the cloud.
The company said it would double its investment in digitization to €27 billion over the next five years. It is also increasing its investment in electric vehicle development to €35 billion, from €33 billion in the previous round. Another €11 billion will be spent creating hybrid electric versions of all of its main models.
Volkswagen is one of the industry’s biggest research and development spenders. Its five-year plan doesn’t include additional investment in China.
Because Volkswagen doesn’t consolidate its joint ventures in China, the investment there is financed out of the local business, which sold four million largely locally produced vehicles last year.
The annual planning rounds are highly political affairs. This year, fraught with upheaval in global markets, VW has committed money to developing new vehicles in Germany, in a nod to the state of Lower Saxony, which holds a blocking minority stake in the company, and the IG Metall trade union, which controls half of the seats on VW’s supervisory board.
The company unveiled plans to build a new sport-utility vehicle at its main German plant in Wolfsburg, with production slated to begin in 2024. In Hanover, where the company’s light utility vehicle manufacturing is based, it will add three fully electric SUVs.
TORONTO – Canada’s main stock index was up more than 250 points in late-morning trading, led by strength in the base metal and technology sectors, while U.S. stock markets also charged higher.
The S&P/TSX composite index was up 254.62 points at 23,847.22.
In New York, the Dow Jones industrial average was up 432.77 points at 41,935.87. The S&P 500 index was up 96.38 points at 5,714.64, while the Nasdaq composite was up 486.12 points at 18,059.42.
The Canadian dollar traded for 73.68 cents US compared with 73.58 cents US on Thursday.
The November crude oil contract was up 89 cents at US$70.77 per barrel and the October natural gas contract was down a penny at US2.27 per mmBTU.
The December gold contract was up US$9.40 at US$2,608.00 an ounce and the December copper contract was up four cents at US$4.33 a pound.
This report by The Canadian Press was first published Sept. 19, 2024.
Losing a loved one is never easy, and the legal steps that follow can add even more stress to an already difficult time.
For years, families in Vancouver (and Canada in general) have struggled with a complex probate process—filled with paperwork and legal challenges.
Thankfully, recent changes to Canada’s probate laws aim to make this process simpler and easier to navigate.
Let’s unearth how these updates can simplify the process for you and your family.
What is probate?
Probate might sound complicated, but it’s simply the legal process of settling someone’s estate after death.
Here’s how it works.
Validating the will. The court checks if the will is legal and valid.
Appointing an executor. If named in the will, the executor manages the estate. If not, the court appoints someone.
Settling debts and taxes. The executor (and you) pays debts and taxes before anything can be given.
Distributing the estate. Once everything is settled, the executor distributes the remaining assets according to the will or legal rules.
Probate ensures everything is done by the book, giving you peace of mind during a difficult time.
Recent Changes in Canadian Probate Laws
Several updates to probate law in the country are making the process smoother for you and your family.
Here’s a closer look at the fundamental changes that are making a real difference.
1) Virtual witnessing of wills
Now permanent in many provinces, including British Columbia, wills can be signed and witnessed remotely through video calls.
Such a change makes estate planning more accessible, especially for those in remote areas or with limited mobility.
2) Simplified process for small estates
Smaller estates, like those under 25,000 CAD in BC, now have a faster, simplified probate process.
Fewer forms and legal steps mean less hassle for families handling modest estates.
3) Substantial compliance for wills
Courts can now approve wills with minor errors if they reflect the person’s true intentions.
This update prevents unnecessary legal challenges and ensures the deceased’s wishes are respected.
These changes help make probate less stressful and more efficient for you and other families across Canada.
The Probate Process and You: The Role of a Probate Lawyer
(Image: Freepik.com)
Working with a probate lawyer in Vancouver can significantly simplify the probate process, especially given the city’s complex legal landscape.
Here’s how they can help.
Navigating the legal process
Probate lawyers ensure all legal steps are followed, preventing costly mistakes and ensuring the estate is managed properly.
Handling paperwork and deadlines
They manage all the paperwork and court deadlines, taking the burden off of you during this difficult time.
Resolving disputes
If conflicts arise, probate lawyers resolve them, avoiding legal battles.
Providing you peace of mind
With a probate lawyer’s expertise, you can trust that the estate is being handled efficiently and according to the law.
With a skilled probate lawyer, you can ensure the entire process is smooth and stress-free.
Why These Changes Matter
The updates to probate law make a big difference for Canadian families. Here’s why.
Less stress for you. Simplified processes mean you can focus on grieving, not paperwork.
Faster estate settlements. Estates are settled more quickly, so beneficiaries don’t face long delays.
Fewer disputes. Courts can now honor will with minor errors, reducing family conflicts.
Accessible for everyone. Virtual witnessing and easier rules for small estates make probate more accessible for everyone, no matter where you live.
With these changes, probate becomes smoother and more manageable for you and your family.
How to Prepare for the Probate Process
Even with the recent changes, being prepared makes probate smoother. Here are a few steps to help you prepare.
Create a will. Ensure a valid will is in place to avoid complications.
Choose an executor. Pick someone responsible for managing the estate and discuss their role with them.
Organize documents. Keep key financial and legal documents in one place for easy access.
Talk to your family. Have open conversations with your family to prevent future misunderstandings.
Get legal advice. Consult with a probate lawyer to ensure everything is legally sound and up-to-date.
These simple steps make the probate process easier for everyone involved.
Wrapping Up: Making Probate Easier in Vancouver
Recent updates in probate law are simplifying the process for families, from virtual witnessing to easier estate rules. These reforms are designed to ease the burden, helping you focus on what matters—grieving and respecting your dead loved ones’ final wishes.
Despite these changes, it’s best to consult a probate lawyer to ensure you can manage everything properly. Remember, they’re here to help you during this difficult time.
TORONTO – Canada’s main stock index was higher in late-morning trading, helped by strength in energy stocks, while U.S. stock markets also moved up.
The S&P/TSX composite index was up 34.91 points at 23,736.98.
In New York, the Dow Jones industrial average was up 178.05 points at 41,800.13. The S&P 500 index was up 28.38 points at 5,661.47, while the Nasdaq composite was up 133.17 points at 17,725.30.
The Canadian dollar traded for 73.56 cents US compared with 73.57 cents US on Monday.
The November crude oil contract was up 68 cents at US$69.70 per barrel and the October natural gas contract was up three cents at US$2.40 per mmBTU.
The December gold contract was down US$7.80 at US$2,601.10 an ounce and the December copper contract was up a penny at US$4.28 a pound.
This report by The Canadian Press was first published Sept. 17, 2024.
