Volkswagen was one of the first major players to commit to a large scale electrification program. It keeps getting bigger.
There’s a real ongoing race at the moment and the trophy is not one that will be displayed in a case. To the winner will go the spoils of selling massive quantities of electrified vehicles by supplying the demand before the other guys. Volkswagen is vying for this “trophy” as they continue to up the ante when it comes to investing in e-mobility. As of today, that amount is 60 billion Euro or $66 billion USD (roughly 88 billion Canadian dollars) which is a considerable jump from the previous 50 billion US announced in the recent past.
And this is not a long-term plan with a vague “due-date.” Volkswagen has said that the 60 billion Euros will be put to work between now and 2024 to build no less than 75 variations of electric vehicles and a further 60 hybrids. By 2029, Volkswagen figures it will have built and sold approximately 26 million electric vehicles with 20 million of them rolling on their modular MEB EV platform.
Of the many ways VW will invest this money, some $800-million will be poured into Chattanooga Assembly Plant to create a battery pack assembly facility as part of the current plant’s expansion. VW will also retool its plant Emden, Germany plant to build an electric SUV as of 2022.
We’re convinced that Volkswagen’s nowhere near done making announcements on their conquest to be the major player in EV technology. Remember, these sums are for SEAT, VW, Porsche, Lamborghini, Audi, to name a few members of the Volkswagen Auto Group.
Source: Volkswagen and Reuters