VW assigns $25 billion in battery orders in electric car drive

13 March, 2018, 20:25 | Author: Regina Silva
  • Volkswagen shares rise as car maker announces expansions of electric car production

Volkswagen has picked partners to provide battery cells and related technology worth around 20 billion euros ($25 billion) for its growing electric vehicle program, adding further pressure on USA pioneer Tesla.

VW has a goal to sell 3 million electric cars per year across the group by 2025 and to offer an electric version of each of the group's 300 models by 2030.

Müller said the strategy will kick off with the Volkswagen ID, its first purpose-built electric vehicle, which will likely replace the e-Golf.

Another aspect of VW's "Roadmap E" plan will see partnerships with battery manufacturers in both China and Europe in the ongoing development of its electric I.D. range of vehicles, a contract that costs a whopping €20 billion ($24 billion) total.

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.

From 2020, it will roll out one electric auto "virtually every month" to give it the most varied fleet of electric models of any automaker. This year, another nine new vehicles, three of which will be purely electric-powered, will be added to the Group's electric portfolio of eight e-cars and plug-in hybrids. A supplier decision for North America will be taken shortly.

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It doesn't mean that VW is going all-electric though. The dieselgate scandal had erupted in September 2015 when the US Environmental Protection Agency found VW had installed devices on its diesel turbocharged direct injection (TDI) engines that manipulated emissions during government tests. 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.

"The diesel scandal told us there was a need for radical change; the crisis has acted as a catalyst", said Muller.

We are making massive investments in the mobility of tomorrow, but without neglecting current technologies and vehicles that will continue to play an important role for decades to come.

It is a Golf-sized compact vehicle with the interior room of a mid-size auto due to the long cabin permitted by its electric powertrain.

Volkswagen also reiterates its sales revenue forecast to be up as much as 5 percent year over year and operating profit to between 6.5 and 7.5 percent, the company said in the statement. According to previous reports, North America's first I.D. -badged vehicle will likely be a crossover SUV.


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