The world’s second largest automaker, Volkswagen AG’s, investment in new software and electric vehicle tech will peak in the next 2-3 years with a goal of generating significant returns from electric vehicles from that point onward.

CFO, Arno Antlitz said in an interview with Sueddeutsche Zeitung that the company will “hardly invest” in legacy internal combustion engine (ICE) tech by 2026 and plans to generate returns from electric mobility (E-Mobility).

VW has earmarked $56.5 billion in investments through 2026 in the biggest rollout of electric cars and software in the industry. The company faces challenges after software delays caused some key models from Audi and Porsche to be delayed, leading to former VW CEO, Herbert Diess’ resignation.

VW is competing with Tesla, in which the latter recently set a goal of producing 2 million cars this year. Shares in Tesla have jumped 44% this year after falling 65% in 2022.