VW to build EVs at 16 factories by 2022

VW to build EVs at 16 factories by 2022

As we reported last September, the company is now committed to electrifying all of its brands by 2030, with 30 new plug-in hybrids and 50 new battery electric vehicles due by that date.

The production plan is an update on the original plan called "Roadmap E" announced past year. This was announced by Matthias Müller, CEO of Volkswagen AG, at the Group's Annual Media Conference in Berlin.

Volkswagen Group's record earnings drove up Chief Executive Matthias Mueller's salary package by about 40 percent previous year, to 10.14 million euros ($12.47 million) in pay and benefits, the carmaker said on Tuesday.

Mr Mueller said the vehicle maker had "an excellent year" in 2017 and was committed to addressing concerns about diesel pollution, adding that 160,000 older diesels had been taken off the road through trade-in incentives. General Motors (GM) plans to produce more Chevrolet Bolt EVs even as it targets 20 new all-electric models by 2023.

Volkswagen has already awarded contracts worth €20bn ($24.6bn) to battery manufacturers in Europe and China, and plans to purchase around €50bn ($61.6bn) of EV batteries in total.


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

The auto giant admitted fitting software created to cheat emissions testing to 11 million vehicles in 2015 and was forced to pay out more than €20bn in fines. VW had to subsequently spend Dollars 29.7 billion to fix consumer-owned vehicles, plus pay a USD 2.8 billion fine to settle United States criminal charges.

"Things are really moving", said Muller. VW will be investing almost €20 billion into its conventional vehicle portfolio in 2018, with a plan to invest more than €90 billion ($111 billion) into that same fund over the next five years.

But the same time period will see the group pump more than €90bn into traditional diesel, petrol and natural gas engines, with a new generation of internal combustion engines set for release in 2019.

"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 Müller. "Even after deducting special items, this is the best operating profit that the Volkswagen Group has ever achieved". These expenses in the 2017 fiscal year were mainly attributable to higher expenses for the buy-back and retrofitting programmes for 2.0 l and 3.0 l TDI vehicles in North America and to higher legal risks.

Related Articles

  • Notable Mover: Rite Aid Corp (RAD)

    The Highfields Capital Management Lp holds 47.00 million shares with $92.12 million value, up from 22.00M last quarter. Analysts believe that the company has the potential to earn average revenue of $5.57 Billion for the current quarter.
    Philadelphia Eagles: Trey Burton will be missed on offense

    Philadelphia Eagles: Trey Burton will be missed on offense

    The Eagles were widely expected to lose Burton, who racked up 23 catches for 248 yards and five touchdowns in the regular season. One of these moves concerned veteran tight end Trey Burton possibly leaving via free agency this offseason.
    United States  prolongs sanctions against Iran

    United States prolongs sanctions against Iran

    Israel does not partake in the talks directly but is updated on any progress regarding the negotiations. The talks between Trump and Netanyahu took place in the White House on March 5.
  • Flake calls for Trump to face 2020 primary challenge

    Flake calls for Trump to face 2020 primary challenge

    This year, he has given Senate floor speeches denouncing the president's attacks on the media and antagonism toward Democrats. But Flake maintained that tariffs will make things worse, not better, for Americans and the US economy.
    Ravens Not Picking Up Austin Howard's Option

    Ravens Not Picking Up Austin Howard's Option

    Howard, 30, started all 16 games for the Ravens at right tackle previous year after getting signed just before training camp. However, the Ravens will likely decline his option about seven months after giving him a three-year, $ 15 million deal.
    China Merges Banking, Insurance Regulators

    China Merges Banking, Insurance Regulators

    The new regulator will be capable of "holding the bottom line to prevent systematic financial risk", the parliament document says. Functions such as drafting key regulations and prudential oversight will be transferred to the PBOC, according to the document.
  • Apple's 2018 WWDC event starts June 4th

    Apple's 2018 WWDC event starts June 4th

    That's because Apple is expected to introduce universal apps that would run across Macs, iPhones and iPads. Apple will host its 29th annual Worldwide Developers Conference in San Jose from June 4 to June 8.
    Final Fantasy VII Remake Still Hiring Core Staff According to Job Posting

    Final Fantasy VII Remake Still Hiring Core Staff According to Job Posting

    The job listing uncovers that the organization is looking for a level planner to deal with the Final Fantasy 7 Remake . It'll be interesting to see if E3 2018 or some other event will provide more details on Final Fantasy VII Remake .
    Video shows United States  marshal fatally shooting defendant who rushed witness stand

    Video shows United States marshal fatally shooting defendant who rushed witness stand

    The short, but intense clip, shows defendant Siale Angilau trying to attack a witness at his 2014 trial with a pen. The footage taken in 2014 was released after a lawsuit brought by Angilau's family was dismissed.
  • Tommy Wiseau Auditions to Be Joker in Bizarre Video

    Tommy Wiseau Auditions to Be Joker in Bizarre Video

    Last month, Wiseau threw his hat in the ring after reports surfaced that Phillips was in talks with Joaquin Phoenix for the title role.
    Man Utd boss McTominay called up for Scotland friendlies

    Man Utd boss McTominay called up for Scotland friendlies

    Manchester United midfielder Scott McTominay has been called into the Scotland senior squad for the friendlies against Costa Rica and Hungary, the Scottish Football Association has announced.
    Italian soccer manager curses at female journalist following Napoli's draw

    Italian soccer manager curses at female journalist following Napoli's draw

    Andre Silva struck in the fourth minute of second-half stoppage time to seal a 1-0 win over AC Milan on Sunday evening. Juventus extended their winning run to 11 games after defeating Udinese 2-0 at the Juventus Stadium.