German car makers have revealed plans to invest more than €60bn ($68bn) in electric and self-driving technologies over the next three years, aimed at increasing the launch of new models by three-fold amid and boosting competition.

The announcement was made by German automotive sector industry body VDA ahead of the Geneva Motor Show starting this week.

In a statement, VDA president Bernhard Mattes said: “We will invest over €40bn in electric mobility during the next three years, and another €18bn will be invested in digitisation and connected and automated driving.”

Mattes further said that ‘the ramp-up of electric mobility’ is coming to Europe as regulatory pressure and new competition is forcing the country’s dominant car industry to change.

The auto industry has been facing new challenges such as people cutting back on car purchases after ride-hailing firms such as Uber and Lyft began offering cheaper transportation options.

“We will invest over €40bn in electric mobility during the next three years, and another €18bn will be invested in digitisation and connected and automated driving.”

Global car sales have dropped and the situation is expected to worsen as city travellers use other options such as public transport and electric scooters.

Growing evidence against carbon emissions from petrol and diesel fuelled-vehicles on climate change have also reduced demand for conventional cars. Sorry, there are no polls available at the moment.

Mattes stated that ‘the EU’s CO2 targets cannot be achieved by 2030′ unless the car industry significantly invests into cleaner energy vehicles. To support this, a suitable regulatory regime across the EU is also required.

High prices of electric cars, limited driving ranges and sporadic charging infrastructure serve as obstacles in purchases of electric cars.

As the number of electric models from manufacturers is expected to touch approximately 100 over the next three years, Mattes has urged the industry to give more incentives to car buyers.