It's not clear which companies are getting the $25 billion worth of contracts in Europe and China, but I can't imagine that it doesn't mean a significant production increase over the period of the contracts. The ongoing initiative will see 16 sites around the world become home to battery-powered vehicle production before the end of 2022 - a significant jump from the mere three facilities where VW Group's electric vehicles are now being built.
As Muller detailed Volkswagen's increasing shift to electric vehicles, it was also reported that after the group's strong earnings in 2017, the company CEO's pay packet, plus additional benefits, surged around 40% to €10.14 million. "The contracts already awarded have a total volume of around Euro 20 billion".
These plans are part of VW Roadmap E that was launched past year.
When it launched Roadmap E in Europe in the third quarter of a year ago, the Volkswagen Group projected it would deliver 80 new EVs from two EV architectures.
From 2020, it will roll out one electric vehicle "virtually every month" to give it the most varied fleet of electric models of any automaker.
Volkswagen says that pushing for electric vehicles does not mean internal combustion units would die.
"Over the last few months, we have pulled out all the stops to implement "Roadmap E" (Volkswagen's EV rollout plan) with the necessary speed and determination". A decision on the supplier for North America will be taken shortly. VW had to subsequently spend Dollars 29.7 billion to fix consumer-owned vehicles, plus pay a USD 2.8 billion fine to settle USA criminal charges.
"Things are moving. And we have plans for much more". 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.
Until its "dieselgate" emissions scandal was revealed two and a half years ago, Europe's largest automaker had been slow to embrace electric cars.
On its outlook for 2018, Volkswagen Group said it expects deliveries to customers to moderately exceed the prior-year figure.
The group's net liquidity at the end of 2017 remained at EUR 22.4 billion even as overall operating profit was reduced by special items from the diesel issue of EUR 3.2 billion in 2017 compared with EUR 6.4 billion in the previous year.
Certainly the skeptics will have to wait nearly two years to see if long-range electric cars actually do land in showrooms in Europe, China, and North America.
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