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Audi investing $15.9 billion a year into self-driving electric cars

Audi has announced they are investing $15.9 billion per year into electric self-driving cars until 2023.

The premium car brand - which is owned by Volkswagen - plans to drop a huge sum of cash, totalling $79.5 billon dollars, over the next five years to ensure they are ahead of competitors when it comes to creating advanced automobiles suitable for the future.

Audi's interim management board chairman Bram Schot said in a statement: "This planning round bears a clear signature: We are taking a very systematic approach to electric mobility and will be much more focused in the future.

"We are consistently prioritising our resources for future-oriented products and services that are highly attractive and relevant to the market."

The announcement comes after London taxi firm Addison Lee announced they are planning to launch self-driving taxis in the British capital by 2021.

The company joined forces with self-driving software specialist Oxbotica for the purpose of rolling out self-driving options to customers in the UK capital in three years' time.

The move towards self-drive will see Addison Lee go head-to-head against Uber, the world-famous ride-hailing firm, which is also planning to roll out driver-less cars in the future.

Addison boss Andy Boland said he wants his company to be at the "forefront" of the move towards self-driving cars.

However, the market is poised to become ultra-competitive in the coming years, with the likes of Ford, General Motors and Mercedes-Benz owner Daimler also investing in self-drive technology.

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