VW brand says profitability drive faces EV, emissions testing cost risks

17 March, 2018, 01:52 | Author: Sheri Evans
  • Germany Diesel investment

By 2025, the VW Group intends to build up to three million electric vehicles annually across brands including Audi, Porsche, Skoda and Volkswagen.

In 2018 alone, the company is set to add nine new vehicles to its portfolio, which now boasts eight e-cars and plug-in hybrids. The German automaker is likely to equip 16 more firms in manufacturing electric cars by 2022 in addition to the existing three automotive manufacturers it has under its umbrella.

"Over the last few months, we have pulled out all the stops to implement "Roadmap E" with the necessary speed and determination", Muller said in a statement, referring to Volkswagen's electrification plan.

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Volkswagen shares are trading higher Tuesday, as the German auto maker announced plans to expand its electric vehicle production levels.

Today, the company revealed that it will increase its electric vehicle production capabilities by opening 16 new factories across the world by 2022. Its goal is to sell 3,000,000 electric cars a year by 2025. This was announced by Matthias Müller, CEO of Volkswagen AG, at the Group's Annual Media Conference in Berlin. The company will shortly launch it mass-market Model 3.

VW brand will launch its first new-generation EV, the I.D. hatchback, in 2020 followed at short intervals by other I.D. models including the I.D. Crozz SUV and I.D. Buzz minivan.

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However, the company chief clarified that there would be no change in the production of vehicles running on conventional drive systems.

In 2015, Volkswagen was caught rigging cars to cheat on United States diesel emissions tests and paid more than 20 billion euro (£17.8 billion) in fines and legal settlements. "We are putting nearly Euro 20 billion into our conventional vehicle and drive portfolio in 2018, with a total of more than Euro 90 billion scheduled over the next five years", he added.

At the same time, however, the Wolfsburg-based group will pump more than 90 billion euros into traditional diesel, petrol and natural gas motors, with a new generation of internal combustion engines set for release next year. While Tesla spent $17.5 billion total in 2017 on battery materials, this one move easily eclipses Tesla's move and they have yet to even make a similar purchase agreement for North America.

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Tesla is assuredly anxious at the moves Volkswagen is making as this will of course help drive cobalt prices globally and on a broader scale signals just how serious the Volkswagen group has become about electric vehicles.

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