VW to Spend $40 Billion on Electrified Cars, Autonomous Tech

We knew Volkswagen was getting serious about electric cars after its diesel scandal, but a new announcement reveals just how serious it is. VW Group will spend 34 billion euros, around $40 billion, on electrification, autonomous driving, mobility services, and digitalization through the end of 2022.

Most of this money will go toward “the electrification and hybridization of all Group models,” Volkswagen Group said in a statement. The investment goals were established today at a VW Group planning round meeting for 2018-2022.

Back in September, the automaker announced it will offer an electrified variant of every model in its lineup by 2030. Considering the Group has around 300 vehicles in its stable, that’s no easy task. The automaker is also aiming for battery-only electric vehicles to make up one out of every four vehicles that it produces. Possibly, this could mean producing up to three million e-cars per year.

VW has already previewed three of its future EV offerings: a hatchback, a crossover, and a new take on the Microbus. These models will start entering production in the next few years.

The automaker will optimize its production process to benefit its future EVs. It will transform its Zwickau plant in Germany to focus on e-vehicles. The plant will launch Europe’s first batch of new EVs on the MEB platform.

Source: VW Group

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