Volkswagen assigns US$25 billion in battery orders in electric vehicle drive

Volkswagen assigns US$25 billion in battery orders in electric vehicle drive

The production plan is an update on the original plan called "Roadmap E" announced past year.

Roadmap E calls for 50 battery-electric vehicles and 30 plug-in hybrid models by 2025, with up to a quarter of all new VW Group models being purely electric powered by that point.

"Over the last few months, we have pulled out all the stops to implement "Roadmap E" with the necessary speed and determination", Muller said in a statement, referring to Volkswagen's electrification plan.

VW Group, one of the world's biggest auto makers, plans 16 production sites worldwide to produce battery-powered vehicles by the end of 2022, it said.

The company announced partnerships with battery manufacturers in Europe and China to be able to push out electric vehicle batteries effectively and efficiently, totaling approximately 20 billion euros.

VW plans to produce as many as 3 million EVs a year by 2025 across its 12 brands, which include the VW marque, as well as Audi, Porsche, Skoda and Seat.

"This is how we intend to offer the largest fleet of electric vehicles in the world", said the company's chief executive Matthias Mueller.

Vikings, not Cardinals, will be Kirk Cousins' first visit
He finished with 4,093 yards, 27 touchdowns and 13 interceptions - and a Total QBR of 52.3, his lowest as the full-time starter. But for once, they may have a viable quarterback of the future in place via that sixth overall pick.

In 2015, Volkswagen was caught rigging cars to cheat on US diesel emissions tests and paid more than 20 billion euros in fines and legal settlements.

A supplier decision for North America will be made shortly.

In 2017, VW Group sold a record 10.7 million vehicles worldwide. The company has already repaid billions in costs and fines for dodging emission level tests.

German auto maker Volkswagen plans to expand the production of electric vehicles worldwide on a massive scale and has awarded contracts to battery manufacturers with a volume value of Eur20 billion ($24.6 billion), it said Tuesday alongside its annual earnings.

"Building up expertise and mastering the technology does not necessarily imply that we want to start large-scale assembly of batteries ourselves", the CEO said.

Despite the fact that Volkswagen is still hurting financially from the emissions scandal, it claims that it wil spend an estimated €34 billion on developing its own electric vehicle technology. Capex/sales revenue was also lowered significantly to 6.4% from 6.9%.

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.

Related Articles

  • NFL Network: Danny Amendola to sign with Miami Dolphins

    NFL Network: Danny Amendola to sign with Miami Dolphins

    Those two are coming in as the Dolphins try to replace the production of Jarvis Landry, whom they traded to Cleveland last week. For the Patriots, the hope is that Amendola's departure doesn't come back to haunt them in a future playoff game.
    'Last Jedi' Digital Download Has a Cool Hidden Bonus Feature!

    'Last Jedi' Digital Download Has a Cool Hidden Bonus Feature!

    In addition to Mark's Star Wars connection, research into his family history has found that he has a double-link to Ireland. The most she saw were a few scenes at Pinewood Studios in London while recording some additional lines for ADR.
    All You Need to Know about the Fitbit Ionic Heart Rate Tracker

    All You Need to Know about the Fitbit Ionic Heart Rate Tracker

    Therefore, you can turn the fitness tracker into a rather handy little communication device with the third-party apps. The battery lasts twice as long as Apple’s but it isn’t quite as long lasting as the Garmin Forerunner .
  • Video released of deadly courtroom shooting

    Video released of deadly courtroom shooting

    An FBI investigation also found the shooting justified and the Marshal was cleared of any wrongdoing shortly after the shooting. The family had argued that Angilau was armed only with a pen, and the four shots fired constituted an excessive use of force.

    "American Idol" Returned to Television and Viewers Were NOT Happy About It

    The worst contestant of the episode, 26-year-old Moscow-native Sardor Milano , claims he was the 2015 victor of X Factor: Russia . Catie, a 17-year-old high school student from Langhorne, PA, sang an original song on her guitar called "21st Century Machine".
    When Is WWDC? Apple Will Unveil MacOS, iOS Updates On June 4

    When Is WWDC? Apple Will Unveil MacOS, iOS Updates On June 4

    If you're interested in attending, you can apply for a ticket on the WWDC website now through March 22 at 10 a.m. Apple will host its 29th annual Worldwide Developers Conference in San Jose from June 4 to June 8.
  • Trump blocks Broadcom takeover of Qualcomm

    Trump blocks Broadcom takeover of Qualcomm

    Even Barack Obama blocked a technology acquisition by a Chinese investment fund citing similar concerns, notes the BBC . Broadcom meanwhile is working to address the concerns that its acquisition will pose a security risk.
    Malcolm Butler signs with Tennessee Titans

    Malcolm Butler signs with Tennessee Titans

    Throughout his tenure in New England, Butler tallied 209 combined tackles, 50 defended passes, eight interceptions and two sacks. Butler played alongside Ryan and signed under Robinson, formerly Bill Belichick's director of college scouting.
    The NBA's Top Pick Has Been Traded

    The NBA's Top Pick Has Been Traded

    Others think that he’ll continue to use the picks himself and construct a young core that can emerge after the Cavaliers vs. Fultz is an ideal scoring guard to run alongside him, and can also take over point guard duties if the Simmons experiment fails.
  • Broncos To Land Case Keenum

    Broncos To Land Case Keenum

    There's a good chance the always-aggressive Elway wants to take another swing at the quarterback position in this year's draft. Keenum, of course, comes off a season which saw him complete 67.6 percent of his passes with 3,547 yards and 22 touchdowns.
    Dog dies on United flight after being put in overhead bin

    Dog dies on United flight after being put in overhead bin

    Passenger Maggie Gremminger , who said she was seating behind the woman with the dog, gave her account of what happened. United said Tuesday that it took full responsibility for the incident on the Monday night flight from Houston to NY .
    Spring statement: Tories find cheer in Hammond's optimism. For now

    Spring statement: Tories find cheer in Hammond's optimism. For now

    Hammond said the more favourable outlook for borrowing means the debt forecast is almost 1% lower than in November. Hammond said growth would stand at 1.3 percent in both 2019 and 2020, unchanged from previous forecasts.