Volkswagen Group's "Roadmap E" gathers greater momentum

17 March 2018, 01:53 | Andres Norman

Volkswagen Plans 16 Production Sites For Electric Vehicles By 2022-end

Germany Diesel investment

German auto maker Volkswagen plans to expand the production of electric vehicles worldwide on a massive scale and has awarded contracts to battery manufacturers with a volume value of Eur20 billion ($24.6 billion), it said Tuesday alongside its annual earnings. Müller added that from 2019, it plans to offer a new electric vehicle, "virtually every month". A supplier decision for North America will be taken shortly. The German automaker is likely to equip 16 more firms in manufacturing electric cars by 2022 in addition to the existing three automotive manufacturers it has under its umbrella.

Meanwhile, cobalt prices have rocketed as Volkswagen, Tesla and other automakers slug it out to secure supplies of the scarce and costly ingredient for rechargeable vehicle batteries.

Matthias Muller, chief executive of Volkswagen AG, made the announcement at the VW Group's annual conference in Berlin.

"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.

Shares of Volkswagen fell 2% to 38.88 in afternoon trade on the stock market today. While "I.D." won't be a full standalone brand i.e Toyota's ill-fated Scion brand; I.D. models will be a bit of a sub-brand for Volkswagen with ID: Buzz, ID Crozz, and ID Vizzion all on the future roadmap. The Audi luxury marque is set to begin deliveries later this year of the all-electric E-Tron SUV.

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Roadmap E is VW's overall plan to push into the global electric vehicle business.

Producing the powerpacks itself is not on the cards. "This is not one of our core competencies", said Mueller, who has faced pressure from employee representatives to invest in battery-cell production.

We use cookies to give you the best experience on our website and bring you more relevant advertising. Famed investor Mark Cuban says it will produce "the world's first trillionaires", but that should still leave plenty of money for regular investors who make the right trades early. VW claims it will have 16 production sites for electric cars in operation by the end of 2022. Its development spend dropped 3.9 percent in 2017, down to €13.1 billion, or about 6.7 percent of its sales turnover, and it plans to lower that to six percent by 2020.

In response, Volkswagen has started to shift its focus to environment-friendly cars. Sales revenue is expected to be up by as much as 5 percent on the prior-year figure.



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