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14 March 2018, 02:11 | Cesar Cruz
Volkswagen shares rise as car maker announces expansions of electric car production
Volkswagen (VOWG_p.DE) has selected partners to provide battery cells and related technology worth around 20 billion euros ($24.7 billion) for electric-vehicle (EV) projects in Europe and China, pushing ahead with a shift to zero-emission cars.
Currently, Volkswagen only has three electric vehicle plants, signaling a large jump in plants to intensely ramp up production.
Europe's largest automobile manufacturer Volkswagen Group on Tuesday said it was rapidly expanding its capacity to produce battery-powered vehicles and would equip 16 locations across the globe to do that by 2022.
Speaking at the Volkswagen Group's Annual Media Conference in Berlin, CEO Matthias Müller revealed that probably sooner than later VW is aiming to become the number one electric vehicle producer. As we reportedlast September, the company is now committed to electrifying all of its brands by 2030, with 30 new plug-in hybrids and 50 new battery electric vehicles due by that date. A supplier decision for North America will be taken shortly.
It doesn't mean that VW is going all-electric though.
"We are putting nearly Euro 20 billion (~$25 billion USD) into our conventional vehicle and drive portfolio in 2018, with a total of more than Euro 90 billion (~$111 billion USD) scheduled over the next five years", he says.
"Things are moving. And we have plans for much more".
But don't think the company has given up on conventional gas and diesel engines just yet. The company has already repaid billions in costs and fines for dodging emission level tests.
"We are making massive investments in the mobility of tomorrow, but without neglecting current technologies and vehicles that will continue to play an important role for decades to come", said Muller.
Witter said that the group's financial position was solid, despite the challenge posed by expenditure on the diesel scandal.
For 2018, the group predicts that the deliveries will moderately exceed this year's figure and that the sales revenue will increase by up to 5 percent.
The Volkswagen Group plans to have electric cars wearing all 12 of its automotive brands, plus its Volkswagen Commercial operation and its trucking companies, MAN and Scania. "In terms of operating profit, an operating return on sales of between 6.5% and 7.5% is anticipated". These expenses in the 2017 fiscal year were mainly attributable to higher expenses for the buy-back and retrofitting programmes for 2.0 l and 3.0 l TDI vehicles in North America and to higher legal risks.
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