Energy Efficiency, Energy Storage, Sourcing Renewables - March 14, 2018
Volkswagen drives towards EV with $25 billion investment
Volkswagen has committed to purchasing $25 billion worth of batteries and associated components on its way to introducing electrified versions of all 300 models of cars it sells across 12 brands—about 3 million cars—by 2025. The purchases will be made from global manufacturers Samsung SDI, LG Chem, and Contemporary Amperex, with a U.S. battery supplier to be named in the future.
Clean Technica reports that the company plans to roll out a new battery-powered model "virtually every month," according to Matthias Müller, Volkswagen’s CEO. "This is how we intend to offer the largest fleet of electric vehicles in the world. We have pulled out all the stops over the past months to implement the Roadmap E [the company’s electromobility campaign] swiftly and resolutely."
Volkswagen has already announced plans to increase the number of factories configured to build electric vehicles from three currently to 16 by 2022. The company is the largest producer of cars in the world, with 80% of its sales in Europe and China, which Clean Technica notes are “two markets where more rigorous emissions rules and government mandates are forcing manufacturers to embrace electric cars. Volkswagen is struggling to generate enough revenue to pay for all the investment it is making in zero-emissions vehicles while keeping its profit margin close to the 7% average it is accustomed to.”
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