Volkswagen to invest in tech start-ups after emissions scandal

Volkswagen’s digital chief Johann Jungwirth told Reuters that the company is trying to pursue new business acquisitions and partnerships.

Jungwirth, who joined the company in November 2015 after the scandal, said: “"Yes, there are further opportunities. We have quite a few things in the pipeline”.

He said that Volkswagen is playing catch-up as it is a latecomer to the new technologies arena.

"We have a massive need to now work with the same passion for detail and the same focus on software and services as on hardware".

In May, Volkswagen bought a $300m stake in ride-hailing app and Uber rival, Gett. The company expects to generate billions of euros in sales by 2025 as Gett builds it service business, but has a long way to go as Uber is already valued at $62.5bn and counts Goldman Sachs and Google’s parent company, Alphabet as investors.

The company is also developing fully self-driving cars through its Audi luxury brand. Jungwirth said it is expanding the company’s presence in Silicon Valley, a technology startup hub, to speed up development, and should be at the forefront of the self-drive cars market by 2021.

Similarly, in August Uber formed a partnership with Volvo to test driverless car systems in Volvos and Fords in Pittsburgh.

Shares in Volkswagen AG were down 1.60% to 119.80 cents at 1707 CEST.