Volkswagen to Invest More than $24 Billion in EVs, Raises EVs rollout to 80 by 2025
Volkswagen, the German car maker will be stepping up its vision of electric cars and has plans for investing over $24 billion in developing zero-emission vehicles before or in the year 2030 for challenging several automakers that are aiming at the creation of a mass market for EVs.
VW is the world’s largest automaker when it comes to sales, and will roll out 80 new EVs across the multi-brand group by the year 2025, upping its previous goal of 30 EVs. It further wants to offer an electric version for all the 300 group models by 2030.
Previously, the German company wished to spend more than $12 billion by 2025 on its move towards EV. However, it has now upped the amount it’ll be spending.
Volkswagen had been slow in embracing self-driving tech and EVs until it admitted to cheating on the diesel emissions tests in the U.S. two years ago.
However, the scandal has resulted in a strategic shift, while global restraints against pollution as well as major advances in the batteries have resulted in an increased pressure on the automakers for speeding development of zero-emission alternatives.
Yesterday, we reported that China, world’s biggest automotive market is working on a study for understanding how to ban the sale and production of internal combustion vehicles while promoting EVs. The same move has been propagated by Britain and France too, both of whom have announced plans to ban conventional cars from the year 2040.
VW has announced the roadmap for the plan to be ‘Roadmap E’.
For covering the needs of roadmap E, VW has further started a tender process to select partners in Europe, China as well North America for providing battery and other related techs, with a total worth of more than $60 billion.