Economy

Volkswagen assigns 20 billion euros in battery orders, speeds EV push

Volkswagen assigns 20 billion euros in battery orders, speeds EV push

Building on the existing Roadmap E plan to electrify part of the lineup, Müller says that by the end of 2022 no less than 16 facilities the group operates around the world will be manufacturing EVs.

Volkswagen has held its annual media conference in Berlin and the company has used the event to reveal new details about its plans for electrification.

The Volkswagen Group kicked off "Roadmap E" a year ago which it says is the most comprehensive electrification drive in the automotive industry.

"We have pulled out all the stops over the past months to implement the Roadmap E swiftly and resolutely", Chief Executive Matthias Mueller said at VW's earnings news conference. Currently, there are just three, with another nine set to transition from internal combustion vehicles to EVs in the next two years. North America will soon follow. "This is how we intend to offer the largest fleet of electric vehicles in the world, across all brands and regions, in just a few years".

Müller today admitted it had found space for another nine electrically powered cars, including three more pure BEVs.

It has already chosen its battery cell suppliers and has locked in technology contracts worth up to US$25 billion for the Europe and China alone, he admitted, with USA deals set to follow.

More news: Justin Trudeau visiting Hamilton to show support for steel workers

Diesel's market share in Germany has slumped to just 33 percent since September 2015, when Volkswagen admitted to cheating regulators' tests for harmful emissions on 11 million vehicles worldwide.

"We are putting nearly 20 billion Euro into our conventional vehicle and drive portfolio in 2018, with a total of more than 90 billion Euro scheduled over the next five years", he says.

"We are investing strongly in tomorrow's mobility, but without neglecting the current technologies and vehicles that will continue to play an important role for decades", Mueller said.

The Volkswagen Group says that it has the financial resources for the transformation.

"Sales revenue for the Volkswagen Group is expected to be up by as much as 5% on the prior-year figure", the German-based manufacturer said.

Fallout from the scandal cost it 3.2 billion euros last year, it said in February, but did not hold it back from booking 11.4 billion euros in profit - around the same level as the year before "dieselgate" became public.


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