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Published 11 months, 2 weeks ago

Cars Volkswagen Published by J. Doe

Volkswagen Group raises investments in future technologies to EUR 73 billion

Bernd Osterloh, Chairman of the General Works Council, commented: “The investments demonstrate that our Group walks the talk when it comes to transformation, electric mobility and digitalization. We will go fully on the offensive in the coming years. Yet, just as important as billion-euro budgets are a common understanding of the transformation and adequate planning reliability. This is where all of us – employees, managers, the Board of Management and also policy-makers – come in. As regards the latter, I am thinking in particular of Berlin and Brussels and hot topics such as charging infrastructure and high-speed Internet. Volkswagen is fully committed to climate-friendly, highly networked mobility. But for this, we and our customers need a reliable environment.”

Electric mobility and hybrid technologies

Over the next ten years, the Group intends to launch approximately 70 all-electric models by 2030. The Planning Round envisages production of approximately 26 million fully electric cars by 2030. Some 19 million of these vehicles will be based on the Modular Electric Drive Toolkit (MEB), with most of the remaining seven million to use the high-performance PPE platform. The Group estimates production of around seven million hybrid vehicles over the same period.

Significantly greater emphasis on the key topic of digitalization

Due to the crucial role that software will play for Volkswagen’s future success, capital spending on digitalization will total around EUR 27 billion, double the amount set in the previous Planning Round. This includes spending on the Group’s Car.Software organization, which was successfully launched earlier this year. The company's own share in software is to increase from 10 to 60 percent.

Transformation of Germany as a center of industry to be pushed

By investing in its German sites, Volkswagen, as one of the country’s largest industrial players, is contributing to a strong German economy,while continuing to push the country’s transformation into a more sustainable and more digital future with long-term job security.

In conjunction with its Swedish joint venture partner Northvolt, Volkswagen will build a cell production facility there that will start operation in 2024 and increase the competitiveness of Germany as an industrial location. This is a further key element in the successful transformation of the Volkswagen Group Components division, initiated back in 2015.

Original article

Nov 14, 2020 at 07:14

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