VW announces €73bn plans for electrification
German car manufacturer Volkswagen has announced detailed plans of its €73bn (£65bn) investment into hybrid and electric cars until 2025.
The plans will see new technologies, infrastructure and vehicles launched using half the cash of its overall €150bn of spending on energy and fuel transition.
Half of the current spend – €35bn – is to be used on development of new pure electric vehicles with battery power. Another €11bn will be invested into hybrid power and €27bn into software and digitisation of the vehicles.
The news follows numerous announcements over the past two years from the manufacturer on EVs and the firm plans to launch 70 new pure EVs by 2030 alongside 60 hybrid models.
During the announcement, chief executive of the VW Group, Herbert Diess said it was ‘crucial’ for the company to be a software leader to ensure electric mobility was successful.
Bernd Osterloh, chairman of Volkswagen’s general works council, said: “The investments demonstrate that our Group walks the talk when it comes to transformation, electric mobility and digitalization.
“We will go fully on the offensive in the coming years.”