Volkswagen assigns €20 billion in battery orders, speeds EV push

GETTYDiesel cars could be banned across Europe after Germany ruling

Volkswagen will expand electric vehicle production to 16 plants and widen partnerships with battery makers as the German automaker seeks to hit its sales target of 3 million electric cars a year by 2025.

In 2018 alone, the company is set to add nine new vehicles to its portfolio, which now boasts eight e-cars and plug-in hybrids.

Research and development costs in 2017 were dominated by new models along with the electrification of the vehicle portfolio, a more efficient range of engines and digitalization.

At the Volkswagen Group's annual media conference in Berlin, the company's CEO shed light on the carmaker's intentions to launch the largest fleet of electric vehicles (EVs) of all brands in the world.

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In September of past year, VW announced it would be bringing 80 new EV models to customers by 2025.

Volkswagen said Tuesday it has committed to spending billions of dollars on electric vehicle batteries, as the German automobile giant plans to aggressively boost production globally.

For the record, Volkswagen AG, as a part of its business decision to manufacture electric vehicles, is building a standalone sub-model for its battery-driven cars. "The contracts already awarded have a total volume of around Euro 20 billion".

Audi's E-Tron SUV will lead the next-generation rollout by launching later this year as a production vehicle - and is in a race with Jaguar to launch the first European BEV in the segment.

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In China, the biggest auto market worldwide, manufacturers will from next year face stringent quotas for "new energy vehicles" as a proportion of their total sales. But it noted in a recent statement that it made "major progress addressing Model 3 production bottlenecks", and Musk's company expects to reach the 5,000 vehicle per week milestone by the end of Q2.

Despite pressure from its workers, Volkswagen has decided it prefers to buy batteries from outside suppliers rather than make them itself.

Norway has long led sales of plug-in vehicles in Europe, with an aggressive program to reduce its vehicular carbon emissions that includes substantial tax cuts and other incentives for the purchase and use of electric cars. "We are putting nearly Euro 20 billion into our conventional vehicle and drive portfolio in 2018, with a total of more than Euro 90 billion scheduled over the next five years", he added.

While the entire world automobile market is thriving towards zero emission pure electric mobility, Volkswagen has its own reason to do so.

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Last year, it generated $8 billion in global revenues.

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