VW assigns 20 billion euros in battery orders in electric car drive

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Volkswagen now produces EVs at three locations, and in two years' time, nine new plants are scheduled to be equipped for this objective.

The key officials of the automotive firm have stated that it is likely to buy out batteries worth almost 50 billion euros as a part of its business strategy to promote its electric vehicle manufacturing initiative.

As part of VW's €20bn push into electric cars, it is setting up a standalone subbrand for battery-powered vehicles.

To ensure adequate battery capacity for the expansion of environmentally-friendly electric mobility, partnerships with battery manufacturers for Europe and China have already been agreed. Roadmap E was announced a year ago to speed up the pace of electrification of VW Group products across brands including Audi, Porsche, Skoda and Volkswagen, and premium brands including Bentley and Lamborghini.

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". Volkswagen Group has set itself a goal of selling three million electric cars a year by 2025, and to offer a battery-fuelled or plug-in hybrid version of each of the group's 300 models by 2030. Modern diesel drives were part of the solution, not part of the problem, he further said, also with regard to climate change.

Volkswagen has rewarded chief executive Mathias Mueller with benefits topping €10m for 2017, under the group's new pay scheme.

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"2017 was an excellent year for the Volkswagen Group and its brands". VW claims it will have 16 production sites for electric cars in operation by the end of 2022.

"At EUR 230.7 billion, the group's sales revenue was up 6.2 percent on the prior-year figure, which was a new record", said CFO Frank Witter.

VW brand will launch its first new-generation EV, the I.D. hatchback, in 2020 followed at short intervals by other I.D. models including the I.D. Crozz SUV and I.D. Buzz minivan.

As we discussed in the latest episode of the Electrek Podcast, Volkswagen's electric auto efforts mostly consist of press releases and concept vehicles at this time, but they seem quite serious about it based on their investments.

Bloomberg New Energy Finance projects that Germany will surpass Norway in electric-car sales this year, perhaps not surprising given their respective populations of 83 million and 5.2 million.