Volkswagen to invest billions of euros in electric vehicles and digitalization

Volkswagen to invest billions of euros in electric vehicles and digitalization

November 14, 2020 0 By autotimesnews

Many automakers today are sparing no funding to succeed in new technologies. One of the popular trends in this area, for example, is e-mobility. Thus, VW Group is going to allocate a large sum for the development of this direction.

Over the next five years, the Volkswagen Group plans to develop in the field of e-mobility, digitalization and the creation of electrified cars – hybrids and electric cars, as well as the production of batteries. For these purposes, the company will spend 73 billion euros.

Investments in the development of battery machines will amount to 35 billion euros of the above amount. The Germans are going to spend 11 billion euros on the creation of hybrids. In general, the Volkswagen Group already has every right to rank itself among the leaders in the niche of electrified cars. The concern has a fairly rich range of electric cars, as well as modern electric platforms.

Future plans include actively pursuing innovative automotive software to offer customers fully connected mobility over time. And these are new opportunities and prospects – artificial intelligence, autonomous driving and so on.

Over the next decade, the VW Group wants to produce about 26 million electric vehicles for the European, American and Chinese car markets.

19 million machines from this number will receive the MEB platform, and 7 million – the high-performance PPE architecture. At the same time, the company is going to produce about 7 million hybrid cars. VW’s ambitious plans for the future do not end there. The Germans will invest about 1 billion euros in the production of batteries. Thus, the concern will build a battery plant with the Swedish joint venture partner Northvolt in 2024.

Earlier it became known that the FCA group began to master the e-mobility niche. For this, the concern has signed a memorandum of understanding with the Italian firm Engie, specializing in energy storage.