VW assigns 20 billion euros in battery orders in electric car drive

London UK

London UK

Mueller, speaking at the company's annual news conference in Berlin, gave an upbeat view after last year's record sales of 10.7 million vehicles.

VOLKSWAGEN has announced plans to push ahead with its electric revolution and intends to be building battery-electric and hybrid models at 16 sites across the globe within the next four years.

Even with its push to ramp up electric vehicle production and avoid penalties from tighter environmental regulations, VW plans to rein in expenditure.

LG Chem, Samsung and Chinese battery maker Contemporary Amperex Technology will deliver batteries to VW, which has no plans to start producing power packs by itself, Mr Mueller said.

Volkswagen management said it would increase its e-mobility manufacturing operations to 16 locations by the end of 2022.

"The CO2 fleet targets will certainly pose the greatest challenge for us as a company until the year 2020", VW brand CEO Herbert Diess said.

Volkswagen has talked a big game when it comes to introducing new electric cars, but now the automaker is setting up the production infrastructure to make that happen.

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2018 will see the launch of the first "I.D." branded VW model.

Müller said the strategy will kick off with the Volkswagen ID, its first purpose-built electric auto, which will likely replace the e-Golf.

On the other hand, Volkswagen is the biggest automotive company in the world by unit volume, having sold 10.7 million vehicles previous year across its slew of brands, which includes VW, Audi, Porsche, Skoda, and few high-end luxury brands such as Lamborghini.

The company still reiterated its commitment to "conventional vehicles", which we assume means diesel and gasoline vehicles. A North American buy will likely happen in the near future as they are continuing to look for stable sources. We also hear a sporty electric hatchback may be part of the product onslaught. "We are putting nearly 20 billion euros into our conventional vehicle and drive portfolio in 2018, with a total of more than 90 billion euros scheduled over the next five years".

At the same time, however, the Wolfsburg-based group will pump more than 90 billion euros into traditional diesel, petrol and natural gas motors, with a new generation of internal combustion engines set for release next year.

While the entire world automobile market is thriving towards zero emission pure electric mobility, Volkswagen has its own reason to do so. The first MEB-produced model should come in 2020.

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