Part of Planning Round 68 with investment for the period of 2020-2024
– The VW Group will invest nearly 60 billion Euros on hybrid and electric mobility
At the Supervisory Board meeting recently, Volkswagen Group has announced its short term and long-term investment plans for the coming years. The German giant has plans to invest 60 billion Euros in electric mobility and hybrids between the period of 2020-2024. It will be launching no less than 75 electric vehicles and 60 hybrids by the end of 2029.
Of the total investment, more than 40 per cent will be spent on property, plant and equipment along with all the research and development costs during the planning period. Compared with the Group’s last Planning Round, it represents an increase of around 10 per cent. Meanwhile, the VW Group intends to invest around 33 billion Euros of this figure in electric mobility alone.
Apart from that, the long-term plan also dictates that the projected electric-vehicles from the carmaker will increase to about 26 million by the next decade. Volkswagen is also planning to sell nearly six million hybrid vehicles by 2029. Revealing more details about this projected number, the VW Group says that about 20 million of the proposed EVs will be based on their Modular Electric Drive Matrix (MEB) platform. Most of the remaining six million vehicles will be based on a new High Performance Platform (PPE) architecture.
What’s more, the electric vehicles will also be built outside of Germany at the newer plants located in Mlada Boleslav, Chattanooga, Foshan and Anting. Others will be produced by German plants in Zwickau, Emden, Hannover, Zuffenhausen and Dresden. Volkswagen has also confirmed that the new Emden facility will commence the production of the electric ID4 SUV from 2022. Volkswagen Group will also announce a decision about a planned multi-brand plant by the end of the year.