Volkswagen Group has shared its revised short and long terms plans for the future. The company has announced that it is going to increase focus as well as investments towards electric mobility. In the next five year’s time, the Volkswagen Group is going to spend close to 60 billion Euros in the areas of digitization, hybridization and as well as electric mobility. These investments are going to amount to 40 per cent of the total investments that the company is going to do in the aforementioned period in terms of plant, property, equipment as well as research and development. Out of these, the company plans to invest 33 billion Euros towards electric mobility alone.
The Volkswagen Group plans to introduce 75 all-electric vehicles along with 60 hybrid vehicles by 2029. The company plans to sell 26 million electric vehicles along with 6 million hybrid vehicles by this period.
Volkswagen Group says that 20 million of the electric vehicles that it plans to launch till 2029 will be based on it’s Modular Electric Drive Matrix (MEB) platform. On the other hand, the planned 6 million hybrid vehicles are going to use High-Performance Platform (PPE).
“We are resolutely pressing ahead with the transformation of the Volkswagen Group and focusing our investments on the future of mobility. This is part of our systematic and consequent implementation of the Group’s strategy,” said Hans Dieter Pötsch, Chairman of the Supervisory Board of the Volkswagen Group.
“We will step up the pace again in the coming years with our investments. Hybridization, electrification and digitalization of our fleet are becoming an increasingly important area of focus. We intend to take advantage of economies of scale and achieve maximum synergies. In light of the worsening economic situation, we are also working on increasing our productivity, our efficiency and our cost base so as to secure meeting our targets,” said Herbert Diess, Chief Executive Officer of the Volkswagen Group.
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