Published: Sat, March 17, 2018
Economy | By

German carmakers spending the most on battery cars

German carmakers spending the most on battery cars

Even with its push to ramp up electric-car production and avoid penalties from tighter environmental regulations, Volkswagen plans to rein in expenditures.

Roadmap E, unveiled last fall, includes plans to build up to three million electric vehicles annually by 2025 and sell 80 new electric models across the Volkswagen Group, the parent company of 12 brands such as Audi, Bentley and Porsche. The automaker has also revealed that it wants to set up 16 new electric auto production facilities and the brand is keen to launch around 300 different electric-powered models by 2030. The German automaker is likely to equip 16 more firms in manufacturing electric cars by 2022 in addition to the existing three automotive manufacturers it has under its umbrella.

Volkswagen will open the floodgates in 2022 and launch a new electric vehicle every month as it works aggressively to electrify its portfolio, the automaker said.

Müller today admitted it had found space for another nine electrically powered cars, including three more pure BEVs.

At the Volkswagen Group's annual media conference in Berlin, the company's CEO shed light on the carmaker's intentions to launch the largest fleet of electric vehicles (EVs) of all brands in the world.

Müller said the strategy will kick off with the Volkswagen ID, its first purpose-built electric vehicle, which will likely replace the e-Golf.

LG Chem, Samsung and Chinese battery maker Contemporary Amperex Technology will deliver batteries to VW, which has no plans to start producing power packs by itself, Mr Mueller said.

The company has also reached agreements with battery manufacturers for its markets in China and Europe, valued at $25 billion, and says a supplier decision for its North America production "will be taken shortly".

It was driven in a Tesla Model S, served entirely by the company's network of Supercharger DC fast-charging stations along the way. VIZZION, another member of the Volkswagen I.D. family.

The company still reiterated its commitment to "conventional vehicles", which we assume means diesel and gasoline vehicles.

Last year, it generated $8 billion in global revenues.

"We are investing strongly in tomorrow's mobility, but without neglecting the current technologies and vehicles that will continue to play an important role for decades", Mueller said.

Tesla is assuredly anxious at the moves Volkswagen is making as this will of course help drive cobalt prices globally and on a broader scale signals just how serious the Volkswagen group has become about electric vehicles.

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