The Volkswagen Group says it will spend around 73 billion Euros on electrification, hybrid powertrains and digital technology over the next five years. Approximately 35 billion Euros will be spent on battery-electric vehicles. A further 11 billion Euros has been earmarked for the development of hybrid vehicles of existing models.
VW says it envisages production of approximately 26 million fully electric cars by 2030. Some 19 million of these vehicles will be based on the company’s Modular Electric Drive Toolkit (MEB).
Herbert Diess, Chief Executive Officer of the Volkswagen Group, says: “Having set the course for a battery-electric future in the Volkswagen Group early on, we are now a global leader with our electric platforms and a broad range of electric vehicles. In the coming years, it will be crucial to also reach a leading position in car software in order to meet people’s needs for individual, sustainable and fully connected mobility in the future. To that end, we have doubled our digitalization spend.”
Hans Dieter Pötsch, Chairman of the Supervisory Board of the Volkswagen Group, adds: “As part of Volkswagen Group’s investment planning, the Board of Management and Supervisory Board today set the cornerstones for securing the Group’s future success. The transformation of the Group and its brands and the strategic focus on the core areas of mobility will be consistently implemented. Considering the enormous challenges we face in the coming years, our financial basis is very solid.”
Over the next ten years, the VW Group intends to launch approximately 70 all-electric models by 2030. In addition, around 60 hybrids are planned by the end of the decade, slightly over half of which are already being manufactured.
Keyword: VW Group to Spend 73 billion Euros on Future Technologies Over The Next Five Years