VW assigns 20 billion euros in battery orders, speeds EV push

Volkswagen's ramping up EV production on a massive scale

Volkswagen's ramping up EV production on a massive scale

To ensure adequate battery capacity for the massive expansion of environmentally-friendly electric mobility, partnerships with battery manufacturers for Europe and China have already been agreed. Currently, there are just three, with another nine set to transition from internal combustion vehicles to EVs in the next two years.

Volkswagen Group said it will expand production of electric cars to 16 factories worldwide through the end of 2022.

Volkswagen CEO Matthias Mueller (L) and CFO Frank Witter pose next to the self-driving auto Sederic at the annual earnings news conference of VW in Berlin in Berlin, Germany, March 13, 2018.

CEO Müller said: "When "Roadmap E" was launched last fall, Volkswagen announced plans to build up to three million electric vehicles annually by 2025 and market 80 new electric Group models".

At the Geneva Motor Show, VW Group introduced three new electric concepts, including the Audi e-tron, the Porsche Mission E Cross, and the I.D. Vizzion - the latter being the latest addition to the growing I.D. range. A supplier decision for North America will be taken shortly, the company announces in a press release. That was just months after it promised to spend 20 billion euros (about $25 billion) on EVs and self-driving cars.

The Volkswagen Group has seen significant advancement in its futuristic electric vehicle concepts over the past few years, with new models, such as Bentley's EXP 12 Speed 6e, Audi's stylish e-tron quattro and Volkswagen's ID Vizzion, demonstrating the group's commitment to its new, forward-looking strategy. He went on to say this rapid roll out 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". Yet, Muller said electrification does not mean the firm is moving away completely from conventional technologies. Diesel engines, the target of so much public loathing over the past few years, would remain at the core of the VW lineup. The company has already repaid billions in costs and fines for dodging emission level tests.

The group's has weathered the dieselgate storm well financially in spite of the billions in cash outflows due to the scandal.

Separately, VW reiterated guidance for higher vehicle sales and revenue this year as well as a group return on sales of 6.5 to 7.5 percent before special items, compared with 7.4 percent last year.

The Volkswagen Group plans to have electric cars wearing all 12 of its automotive brands, plus its Volkswagen Commercial operation and its trucking companies, MAN and Scania. North America will soon follow.

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