Economy

Volkswagen Group Announces Aggressive Plans For Electric Vehicles

Volkswagen Group Announces Aggressive Plans For Electric Vehicles”

However, under the group's new directive, this number is set to quadruple within just two years, as Volkswagen seeks to extend EV production to 16 of its factories by the end of 2022.

"We are putting nearly Euro 20 billion (~$25 billion USD) into our conventional vehicle and drive portfolio in 2018, with a total of more than Euro 90 billion (~$111 billion USD) scheduled over the next five years", he says.

Volkswagen (VW) said on Tuesday it had secured battery technology deliveries for Europe and China, where it sells 80 percent of its vehicles, and will select a supplier for North America soon. The German manufacturer's plans to build as many as 3 million of the cars a year by 2025 is backstopped by deals with suppliers including Samsung SDI Co, LG Chem Ltd and Contemporary Amperex Technology Ltd for batteries in Europe and China.

Roadmap E calls for 50 battery-electric vehicles and 30 plug-in hybrid models by 2025, with up to a quarter of all new VW Group models being purely electric powered by that point. "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".

Volkswagen's battery plans compare to Tesla's US$17.5 billion worth of purchase obligations as of past year, including US$15.4 billion in deals through 2022, primarily related to buying lithium-ion cells from Panasonic, according to a recent filing.

Pressure has intensified on Volkswagen to overhaul its lineup. Modern diesel drives were part of the solution, not part of the problem, he stressed-also with regard to climate change.

London UK
GETTYSales of new petrol and diesel cars will be banned in the UK by 2040

By 1145 BST, Volkswagen shares were 0.13% higher at €158.78.

It's more than the $84 billion (81 billion euros) investment in electric cars and batteries that they plan to make over the same period. The first model with the I.D. nameplate will be the Neo hatchback that goes on sale in 2020.

The automaker has enough cobalt for those vehicles, but access to the metal remains a long-term issue industrywide, Chief Financial Officer Frank Witter told Bloomberg TV. In particular, it has been investing in battery projects and global pollution campaigns.

When the Sedric was first unveiled, it was billed as Volkswagen's first ever Level 5 autonomous auto (The name "Sedric" is derived from "SElf-DRIving Car"). Capex/sales revenue was also lowered significantly to 6.4% from 6.9%. "In terms of operating profit, an operating return on sales of between 6.5% and 7.5% is anticipated".

The Sedric EV debuted at the Geneva Motor Show in 2017, and then appeared again this year kitted out as an autonomous, four-passenger micro school bus, complete with the signature loud yellow paint job we most often associate with getting to and from the locus of education.



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