VW to Expand Electric Vehicle Production on 'Massive Scale'

17 March, 2018, 01:55 | Author: Barbara Daniel
  • Volkswagen ID Buzz

The Volkswagen Group wants to speed up the "Roadmap E" transportation electrification strategy unveiled past year, and has announced plans for more than a dozen new production sites for electric vehicles and massive contracts for the batteries which will power them.

VW's aggressive EV plan comes as a range of automakers commit to an all-electric future and set ambitious production targets for electric vehicles.

VW's emissions scandal, new Chinese quotas for electric cars and tightening rules on carbon dioxide (CO2) emissions in Europe are causing automakers to focus on green cars and self-driving technology. In total, the Wolfsburg-based automaker has said it plans to purchase about 50 billion euros in batteries as part of its electric-car push, which includes three new models in 2018 with dozens more following.

Volkswagen will open the floodgates in 2022 and launch a new electric vehicle every month as it works aggressively to electrify its portfolio, the automaker said. This year alone, another nine new vehicles, three of which will be purely electric-powered, will be introduced to the Group's portfolio of eight electric cars and plug-in hybrids.

The contracts already awarded have a total volume of around 20 billion euros and a supplier decision for North America will be taken shortly. By making this strategy successful, Volkswagen will be able to launch the bigger fleet of environment-friendly zero-emission cars.

2018 will see the launch of the first "I.D." branded VW model.

Volkswagen ID
The ID Buzz concept demonstrates a fast charger The ID hatch is due on roads in 2020 The ID Crozz SUV will enter production in 2022 Close

"The importance of electric-powered cars will grow considerably in the medium term", forcing carmakers to ratchet up spending on the technology, EY auto industry specialist Peter Fuss said.

However, the company chief clarified that there would be no change in the production of vehicles running on conventional drive systems. We are putting nearly €20 billion into our conventional vehicle and drive portfolio in 2018, with a total of more than €90 billion [US$111 billion] scheduled over the next five years.

Last year, it generated $8 billion in global revenues.

While the entire world automobile market is thriving towards zero emission pure electric mobility, Volkswagen has its own reason to do so. Famed investor Mark Cuban says it will produce "the world's first trillionaires", but that should still leave plenty of money for regular investors who make the right trades early.

VW a year ago started looking for partners in China, Europe and North America to provide battery technology worth more than 50 billion euros.

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