Volkswagen Announces Invasion of Electric Vehicles by 2022

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Volkswagen Announces Invasion of Electric Vehicles by 2022

The Volkswagen Group is expanding its production of electric vehicles to 16 locations around the globe by the end of 2022.

Another aspect of VW's "Roadmap E" plan will see partnerships with battery manufacturers in both China and Europe in the ongoing development of its electric I.D. range of vehicles, a contract that costs a whopping €20 billion ($24 billion) total.

The Volkswagen Group - which owns brands Audi, Porsche and Bentley, among others - now dedicates three of its factories to producing a limited portfolio of EVs.

He added that a third of the auto maker's nine new vehicles for 218, will be 100% electric powered.

VW has a goal to launch 80 new electric cars across the group by 2025 and offer an electric version of each of its 300 group models by 2030.

"Over the last few months, we have pulled out all the stops to implement "Roadmap E" with the necessary speed and determination", Müller said.

It doesn't mean that VW is going all-electric though. 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 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.

"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.

As Muller detailed Volkswagen's increasing shift to electric vehicles, it was also reported that after the group's strong earnings in 2017, the company CEO's pay packet, plus additional benefits, surged around 40% to €10.14 million.

"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. In terms of operating profit, an operating return on sales of between 6.5 and 7.5 percent is anticipated.

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