Volkswagen shares rise as auto maker announces expansions of electric vehicle production

Cornelia Mascio
Марта 13, 2018

This was announced by Matthias Müller, CEO of Volkswagen AG, at the Group's Annual Media Conference in Berlin.

Automaker Volkswagen's ramping up for its big EV push, with $25 billion in committed battery supplies and plans to outfit 16 factories to build electric cars by the end of 2022, up from three with that capacity in the VW stable right now. The "Roadmap E" plan will retool an additional nine group plants to manufacture electric vehicles in just two years.

"Over the last few months, we have pulled out all the stops to implement "Roadmap E" with the necessary speed and determination", Muller added. The automaker still intends to lock down a North American battery supplier deal shortly, however, according to Bloomberg, and ultimately intends to buy about $60 billion in batteries for EVs in total, with a goal of producing as many as 3 million electric cars per year by 2025.

The near-term plan includes nine new vehicles, three of which will be purely battery powered, to arrive in showrooms before the end of 2018.

Critically, the German automaker has already secured battery supply contracts for vehicles that will be sold in Europe and China, with contracts worth Euro 20 billion (~$25 billion USD).

Experts see VW's repeated emphasis on this front as a means of getting rid of the stigma of "dieselgate" of 2015 that has continually haunted the firm. Yet, Muller said electrification does not mean the firm is moving away completely from conventional technologies. Diesel engines, the target of so much public loathing over the past few years, would remain at the core of the VW lineup.

"We are making massive investments in the mobility of tomorrow, but without neglecting current technologies and vehicles that will continue to play an important role for decades to come", said Muller.

"We are putting nearly Euro 20 billion (~$25 billion USD) into our conventional vehicle and drive portfolio in 2018, with a total of more than Euro 90 billion (~$111 billion USD) scheduled over the next five years", he says.

"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.

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