VW’s CEO has said that the company will increase its focus on electric vehicles, increasing its investment to a staggering 73 billion euros over the next five years.

As part of the program to achieve its goals the German automaker is considering selling off its Italian marques and the design studio Italdesign. An IPO may be launched to sell the Italian subsidiaries.

Chief Executive Herbert Diess said: “We are working on our Italian legal structure,” without offering any more details.

He said that VW’s overall business will recover during 2021 and return to pre-coronavirus levels in 2022.

PHOTO: Lamborghini Huracan