VW to invest $193 billion to meet EV target

New Delhi (FIB): Volkswagen plans to invest $193 billion over the next five years in areas including battery production and its North American operations, it said on Tuesday, though the pace of spending will fall from 2025.

The investments come as Volkswagen tries to close a gap with electric vehicle (EV) pioneer Tesla by expanding its slice of the growing market for battery-powered cars.

As it works toward a target of EVs accounting for 50% of its sales globally by 2030, over two-thirds of the five-year investment budget is allocated towards electrification and digitalisation, up from 56% in a five-

Major Highlights

z The investments come as Volkswagen tries to close a gap with EV pioneer Tesla by expanding its slice of the growing market for batterypowered cars z The difference from the previous plan is primarily down to more investment in its battery business, raw materials

` FALLS 26 PAISE TO 82.49 AGAINST DOLLAR

Mumbai (PTI): The rupee declined by 26 paise to 82.49 (provisional) against the US dollar on Tuesday amid stronger dollar, negative sentiment in the domestic equity market and unabated foreign fund outflows. At the interbank foreign exchange, the domestic unit opened lower at 82.27 against the dollar and traded between the range of 82.24 and 82.50 during intra-day. It finally settled at 82.49 (provisional) against the American currency. This is the second consecutive day of decline in the Indian currency. On Monday, the rupee settled at 82.23 against the US dollar.

VIA E-AUCTIONS FCI to sell 10.13 lakh tn of wheat to bulk users

New Delhi (PTI): Stateowned FCI plans to sell 10.13 lakh tonnes of wheat to bulk consumers in the sixth round of e-auction to be held on Wednesday as part of the government's measures to check wheat and atta prices.

year plan it had released a year earlier.

The difference from the previous plan is primarily down to more investment in its battery business, raw materials, and a $2 billion plant for the Scout brand.

The Centre has announced the sale of 50 lakh tonnes of wheat in the open market to control prices. Of this, 45 lakh tonnes have been earmarked for bulk consumers, including flour millers.

Food Corporation of In- dia (FCI) has sold 28.85 lakh tonnes of wheat to bulk consumers in the five rounds of e-auction held so far. According to a senior official, FCI will offer 10.13 lakh tonnes of wheat to bulk consumers in the sixth round of e-auction to be held on March 15.