Volkswagen expands spending on EVs to $100 billion

Volkswagen expands spending on EVs to $100 billion

More than half the cash Volkswagen Group spends in the following five years will go towards electric vehicles and other high-technology efforts, the German automaker reported Thursday.

Before the finish of 2026, VW expects that 25% of the vehicles it sells around the world will be electric. Presently, electric vehicles represent 5% to 6% of VW sales.

What could be compared to somewhat more than $100 billion, to speed its push towards electricification. This denotes whenever VW first is planning the greater part its all out spending – – which sums generally $180 billion – – for EVs. Simultaneously, expenditures on hybrid vehicles, which use batteries alongside gasoline engines will be diminished by 30%.

The expenditures will incorporate new factories, for example, a new plant at the organizations headquarters at Wolfsburg, Germany. VW’s Project Trinity, a new flagship electric vehicle anticipated around 2025, will be worked at Wolfsburg. VW additionally illustrated plans for various new facilities all through Europe.

Volkswagen is additionally intending to make a different battery manufacturing organization. The battery business is relied upon to create up to €30 billion in revenue which is more than the organization’s Skoda traveler car division at present produces, as per VW.

Other than the Volkswagen traveler vehicle brand and the mass-market Czech-based Skoda, VW additionally works Porsche, Audi, Bentley, Lamborghini and the Spain-based Seat car brand.

Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Chicago Headlines journalist was involved in the writing and production of this article.

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