Thursday, August 13, 2020
News Volkswagen’s Push For Electrification Amplified To 60 Billion Euro By 2024

Volkswagen’s Push For Electrification Amplified To 60 Billion Euro By 2024

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

Trending Now

Designer Gives T.50 McLaren F1 LM Makeover

Concept borrows fender vents, wheels, wing from original F1 LM Jon Sibal Turns T.50 into a race-ready visual wonder The Gordon Murray Automotive T.50...

The 2020 Edition Of Luftgekühlt Is Postponed Until 2021

The Luftgekühlt is a gathering of select air-cooled Porsche vehicles. This was to the 7th gathering of the Luftgekühlt. Porsche fanatics and car enthusiasts...

Ferrari World Abu Dhabi Gets Hypercar Exhibit

All of the best Prancing Horse-badged hypercars Visitors can also explore the One-Off and Tailor-Made programs Ferrari World Abu Dhabi, the most Ferrari theme...

Cadillac LYRIQ EV Crossover Revealed

Level I, II or III charging Modular Ultium battery tech will underpin numerous models going forward Will be available with all- or rear-wheel...

2020 SEMA Show Cancelled

Mounting uncertainty due to COVID-19 has forced the cancellation. A virtual trade show might be an alternative for this year. One of the greatest...
Matt St-Pierre
Matt St-Pierre
Trained as an Automotive Technician, Matt has two decades of automotive journalism under his belt. He’s done TV, radio, print and this thing called the internet. He’s an avid collector of many 4-wheeled things, all of them under 1,500 kg, holds a recently expired racing license and is a father of two. Life is beautiful. Send Matt an emai

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.