September 19, 2020

Volkswagen will invest 44,000 million to develop its electric cars | Economy

Volkswagen will invest 44,000 million to develop its electric cars | Economy

The group Volkswagen has announced this Friday that it will invest 44,000 million euros in five years for the manufacture of electric and autonomous cars, as well as in other mobility services and in the digitalization of its vehicles and factories. The chairman of the Supervisory Board of the world's largest automaker, Hans Dieter Pötsch, said at a press conference that the company seeks to become "a global provider of sustainable mobility."

To carry out the plan, the group wants to redistribute the tasks of its plants in Germany. Electric vehicles will be built in Hannover and Emden, while Zwickau in the east will become a highly automated factory.

In that plant will be manufactured soon the first cars of the I.D. series, as it is known to the range of electric vehicles that the group develops from a single modular platform. Its arrival in the market in 2020 represents a new era for the company, which compares it to the first Beetle (beetle). The first I.D. for sale it will be a tourism with a range of 550 kilometers and a price comparable to that of a diesel Golf.

"This will make millions of people can afford an electric car," he said. the CEO, Herbert Diess, who has defined the new model as "100% neutral in emissions, which concerns the entire production process, including the manufacture of batteries".

A new plant in Europe

The appearance before the media has also served to announce the construction of a new plant that will manufacture vehicles of various brands, including Seat. "We are looking for a place in Eastern Europe," said the CEO.

"The investment plan represents approximately one third of the total expected expenditures for the next five years," said Hans Dieter Pötsch from the Wolfsburg headquarters after the Council approved the plans presented by Diess.

Currently, Volkswagen produces six models powered by batteries, but thanks to the new investment plan, the group will be able to offer more than 50 models in the near future.

To ensure the planned expansion of electric production – one million a year starting in 2025 – the group has defined strategic suppliers for family cars I.D. It is about the Chinese and Korean manufacturers SKI, CATL, LG Chem and Samsung.

Precisely, Volkswagen and its Chinese partners plan to invest more than 4,000 million euros in electric mobility and digitalization in the Asian country next year. By 2020, the company wants to have the largest range of electrified models and to reach the largest market in the world.

10,000 million more than in the previous plan

The investment plan of Volkswagen for the next five years increases in 10,000 million the group's provisions in order to launch the mass production of electric cars. A year ago, when the multinational announced an investment plan also to five years (therefore, until 2022), the game was 34,000 euros.

This Friday in Wolsfburgo has grown to 44,000 million, although some of the measures announced, such as the importance of the German Zwickau plant in the development of the range of electric, have already been targeted.

Other factories, such as Emden's (also in Germany), have seen their destiny change in twelve months. A year ago it was announced that it would concentrate the Volkswagen Passat, but the new plan takes that model to a plant in the Czech Republic. What has not changed is the intention: "We are laying the foundations to turn Volkswagen into the number one player in the world in electric mobility in 2025," said the group's then CEO, Matthias Müller, a year ago.


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