Mexican Media Brands
VW Approves €34 Billion Budget for EV Push
Volkswagen AG’s supervisory board approved a plan today to invest €72 billion ($85 billion) over five years, nearly half of it to develop and produce electric vehicles.
#hybrid #economics
Share
Volkswagen AG’s supervisory board approved a plan today to invest €72 billion ($85 billion) over five years, nearly half of it to develop and produce electric vehicles.
Sources tell Bloomberg News the company has reduced spending elsewhere to pay for the massive program, while holding overall capital spending to 6% of sales.
VW’s “Roadmap E” plan announced in September calls for the introduction of 80 electric and hybrid models across its eight car brands by 2025. The scheme, which involves developing two EV-specific vehicle platforms, would expand to include an electrified version of all 300 of its group models by 2030.
At the time, VW put the price of the initiative at €20 billion. The new budget hikes that total by 70% and includes new-mobility services and work on autonomous driving systems. CEO Matthias Mueller vows that VW will be the world’s top electric mobility company by 2025.
Last month VW said it also will spend €1.4 billion over the next two years on “green” powertrains and related components for its commercial vehicles.
RELATED CONTENT
-
Startup Readies Solar-Powered EV
Germany’s Sono Motors GmbH says it has received 5,000 orders for its upcoming Sion electric car, which can be partially recharged by it attached solar panels.
-
About the 2020 Lincoln Aviator
Successful vehicles tend to be those that are available on a global basis, and increasingly, those vehicles tend to be in the SUV segment writ large.
-
Bolt EV: Like a Hammer Through a Screen
Some of you may remember the Apple “1984” commercial that ran on January 22, 1984, the ad that announced the Macintosh to the world.