“Combustion engine far from dead” says VW.

On Friday, VW Group Chief Executive Matthias Müller said at a conference in Vienna, Austria the company would spend some 10 billion euros ($10.9 billion) on this conventional technology by 2022.

He added the aim of the effort was to increase fuel efficiency, particularly through more advanced injection systems and lightweight design programs, which could enhance engine efficiency by some 15 percent in comparison to what the market had to offer today.

Müller admitted, though, that “although combustion engines would remain essential for at least 20 more years, the future is electric.”