Volkswagen AG to invest €60 billion in e-mobility, digital tech by 2024


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Volkswagen AG to invest €60 billion in e-mobility, digital tech by 2024

On Friday, the 15th of November 2019, the Wolfsburg-based German leading automaker, Volkswagen AG had issued a statement, saying that the carmaker had been exploring an option to invest as much as €60 billion ($66.12 billion) over next five years in a bid to create a production line of electric alongside hybrid cars, while the multi-brand car alongside truck-maker group had also been mulling an option to invest on digital technologies.

On top of that, according to the leading German carmaker’s Friday’s (November 15th) statement, the multi-brand car-making group and the only automaker to post a quarterly profit on Q3 apart from US-based Tesla Inc.

across the globe amid a sweeping slump in auto sales, Wolfsburg-based Volkswagen AG, was sketching out a plan to add as little as 75 new variants of electric cars alongside 60 new models of hybrid vehicles by 2024, while the German automotive industry leader was aiming to roll out roughly 26 million e-vehicles by 2029, 20 million of which would be utilizing Volkswagen’s flagship MEB electric platform, a top official of the German carmaker said following release of the statement.

Aside from that, the carmaker had also added in its Friday’s (November 15th) statement that it was contemplating an overhaul and expansion of its Emden plant in order to build an Sports Utility Vehicle (SUV) from 2022, while a decision on where it would be building its new assembling factories would be taken by year-end.