German car manufacturing colossus Volkswagen has announced that it will invest €20 billion in the development of electric vehicles in an effort to compete with US electric incumbent Tesla. The revelation ends months of speculation in relation to Volkswagen and its strategy towards ‘mass electrification'.

US electrical car maker Tesla has launched its services in the UAE - following an official announcement by Tesla CEO, Elon Musk at the World Government Summit. Tesla has initiated operations in Dubai, and also disclosed plans to open a shop and service station in Abu Dhabi next year.

The use of electric vehicles as a means to cut transport emissions and ride over the fluctuating price and availability of oil is gaining momentum worldwide.