Volkswagen upbuilding a $50 billion electrification plan for electric cars

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Volkswagen upbuilding a $50 billion electrification plan for electric cars

  • VW has been anticipated to be the most prolific, fecund and profitable manufacturer of electric cars
  • Concomitantly, it has already been committed to its multi-billion-euro expansion plan for mass production of the battery driven vehicles
CEO of VW, Herbert Diess commented yesterday that the VW would spend around €44 billion for the development of electric cars, autonomic driving and new mobility services by 2023.

Nevertheless, it has plans to explore newer areas of cooperation with U.S. automobile giant, Ford. VW would like to an outline an agreement with Ford by the end of the year, with initial focus to the commercial vehicles, added Diess.

However, the VW has no intent to get in to any kind of combat with Ford regarding market possession. Additionally, Volks Wagen would prefer to share its electronic car technology with the world by 2023. In a news conference of VW’s hometown, Wolfsburg, Diess mentioned that the mass production of electric cars would not only help to lower the manufacturing cost for the carmakers, but also it would escalate the convenience level.

Very emotional vehicles, high economies of scale, I think we will be the most profitable company in electric vehicles,” Diess answered in response to a question in English in Wolfsburg, the hometown of Volkswagen.