Audi plans to make savings to invest in electric cars

Carmaker Audi is planning to cut its costs in a bid to fund a shift to electric cars, the Independent has reported.

The firm aims to make savings of 10 billion euros by 2020 in order to fund the development of electric models.

Audi aims to produce five new all-electric models, starting with the e-tron sport-utility vehicle (SUV), which is to be assembled from 2018.

According to the Independent, sources say that the firm will make savings through cutting research and development costs.

Audi also aims to free up funds for investments in zero-emission technology by developing a new production platform with Porsche, allowing both VW premium brands to save money by sharing components and modules.