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Volkswagen AG plans to offer a highly automated version of the hippie-era microbus it’s reviving as an electric van as the carmaker commercializes self-driving technology along with startup Argo AI.

Volkswagen AG raised its earnings outlook after a strong start to the year, while cautioning that the semiconductor shortage rippling through the industry will become more pronounced in the second quarter.

Volkswagen AG shares surged the most since a historic short squeeze a dozen years ago after back-to-back days of briefings on how it plans to supplant Tesla Inc. as the global electric vehicle leader.

Volkswagen AG is stepping up its game to become the world’s biggest electric car maker with a plan to build six battery factories in Europe and global investments in charging stations.

Volkswagen AG and Microsoft Corp. are expanding their cooperation involving the U.S. software giant’s cloud technology to include speeding up development of automated driving.

Volkswagen AG CEO Herbert Diess said cash-rich technology giants invading the auto industry pose a much bigger challenge for the German manufacturer than traditional rivals like Toyota Motor Corp.

QuantumScape Corp., a battery startup that counts Volkswagen AG as its largest shareholder, says new data shows its batteries can be charged to as much as 80% of full power in 15 minutes, almost twice as fast as a Tesla Model 3.

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.