Volkswagen will look to reduce its portfolio of internal combustion engine vehicles, while speeding up the development of a compact electric vehicle that could cost less than $36,000 and could be launched as early as 2023, Bloomberg reported on Friday, quoting sources with knowledge of the German carmaker’s plans. Like all auto manufacturers, Volkswagen is looking to catch up with Tesla and other EV makers amid expectations that electric car sales everywhere in the world will continue to rise, also aided by the net-zero emissions targets of many governments. Two years ago, Volkswagen said that it would invest US$52.5 billion (44 billion euro) on e-mobility, autonomous driving, new mobility services, and digitalization in vehicles and at plants through 2023. This investment would represent around one-third of all expenditure s for the 2019-2023 period that Volkswagen planned. The announcement from Volkswagen in November 2018 came three years after the diesel […]