Volkswagen Accelerates Transition, Allocates 20 Billion Euros for EV Batteries

Volkswagen has selected partners for the procurement of batteries and related technologies necessary for the production of electric vehicles in agreements totaling 20 billion euros, reports Reuters.

The push comes two and a half years after the outbreak of the ‘dieselgate’ scandal, which particularly shook the German automotive industry and ultimately accelerated its transition towards clean, electric vehicles (EV).

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The largest car manufacturer stated on Tuesday that it will expand EV production to 16 factories worldwide by 2022.

VW has set a goal of launching 80 new electric vehicles by 2025, and as many as 300 models by 2030.

– In recent months, we have removed all obstacles to quickly and decisively implement our electric strategy (Roadmap E) – said CEO Matthias Mueller during a press conference where business results were presented.

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Last year, VW began searching for partners in China, Europe, and North America who possess battery technology, with total investments reaching up to 50 billion euros. Mueller stated that the decision on the supplier for North America will be swift.

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Although faced with billions of euros in costs related to the dieselgate scandal, the group has committed to investing 34 billion euros in EVs, autonomous driving, and ‘mobile services’ by the end of 2022, representing one of the more ambitious programs within the industry.