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VW Commits $70 Billion To An Electric Car Future

Electric Car / Comments

Volkswagen is betting the farm, the cows, and its shirt on electrification.

We already knew Volkswagen Group was committed to leading an electric car future but, on Friday, the company said it had modified its ten-year plan. Before 2029, Volkswagen Group now plans to introduce up to 75 all-electric models to the market along with about 60 hybrid vehicles. To get there, it will spend 66 billion Euros (around $72 billion) through 2024 on new digital technologies, hybrids, and electric vehicles. Of that 66 billion Euros, 33 billion will be dedicated to developing electric cars across its brands, which includes Volkswagen, Porsche, Audi, Bentley, Bugatti, and Lamborghini as well as its European specific brands, Skoda and Seat.

Volkswagen
Volkswagen

Of the electric cars Volkswagen plans to sell annually, the group says 20 million of them will ride on the same architecture as the ID.3, its MEB electric-car platform. We already know the MEB platform will underpin the ID.4 crossover, the return of the bus, and a wagon.

Volkswagen is projecting a total of 26,000 vehicles annually, and the remaining ones will ride on the PPE (Premium Platform Electric) platform that's on its way. PPE is being developed by Porsche and Audi together for premium and performance cars, although the Porsche Taycan is on the J1 platform that's also supporting Audi's e-tron GT.

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Volkswagen
Volkswagen

Volkswagen is also planning to sell nearly 6 million hybrid vehicles by 2029 across 60 models. Volkswagen mentioned digital investments a couple of times but hasn't elaborated on plans.

"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 Potsch, 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," said Herbert Diess, Chief Executive Officer of the Volkswagen Group.

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