Published: Wed, March 14, 2018
Worldwide | By Gretchen Simon

VW Expects to Have 16 Production Sites for Electric Cars by 2022

VW Expects to Have 16 Production Sites for Electric Cars by 2022

To ensure adequate battery capacity for this massive expansion, the company has already agreed to partnerships with battery manufacturers for Europe and China and has awarded contracts for a total volume of around Euro 20 billion.

According to Reuters, the company has inked several partnership deals to develop battery cell technology, indicating a corporate drive towards electric vehicle development just over two years after the company was implicated in the diesel-emissions scandal. "This is how we intend to offer the largest fleet of electric vehicles in the world, across all brands and regions, in just a few years", stated Matthias Müller, CEO of Volkswagen AG.

Volkswagen (VW) said on Tuesday it had secured battery technology deliveries for Europe and China, where it sells 80 percent of its vehicles, and will select a supplier for North America soon.

Volkswagen now produces electric vehicles at three locations, and in two years' time a further nine Group plants are scheduled to be equipped for this objective.

It's not the first time the manufacturer has expressed its desire to beat out other auto companies in the electric vehicle race.

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It's more than the $84 billion (81 billion euros) investment in electric cars and batteries that they plan to make over the same period. And that $25 billion is only for Europe and China.

From 2019, Müller insisted, the Group that owns Porsche, Audi, Bentley, Lamborghini, Seat, Skoda and Bugatti would launch a new electric auto "virtually every month".

Under Germany's HGB commercial code, overall compensation of VW group's top executive board jumped 27 percent to 50.3 million euros last year from 39.6 million a year earlier, VW said. There is the MEB (modular electric toolkit) and a sports/luxury architecture jointly developed by Porsche and Audi. The company says that research will make EV manufacturing faster and potentially more affordable.

Those moves have intensified pressure on Tesla (TSLA), which is falling well short of its target of building 250,000 Model 3 cars a year for the mass market. In particular, it has been investing in battery projects and global pollution campaigns. Other manufacturers like General Motors and Toyota have made smaller commitments to develop a portfolio of electric models. However, at the time, it did not go into detail about the investment.

Despite the fact that Volkswagen is still hurting financially from the emissions scandal, it claims that it wil spend an estimated €34 billion on developing its own electric vehicle technology. The company, in its pivot, has framed electric cars as core to its mission.

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