By Peter Valdes-Dapena, CNN Business
Updated 1959 GMT (0359 HKT) December 9, 2021
Go inside the EV startup working with Uber and UPS
See the new all-electric EQS luxury sedan from Mercedes
These tiny cars are cute and easy to park. Will anyone want them?
The Hummer electric SUV is coming
Demand for electric cars has grown slowly. But the tsunami is coming
See this Tesla competitor’s new electric pickup
Fisker is making its next electric vehicle with Foxconn
This robotaxi from Amazon’s Zoox has no reverse function
The all-electric Mustang Mach-E GT lives up to the name
The new Mercedes-Benz EQS is a game changer
This electric fire truck is emission-free
Go inside the EV startup working with Uber and UPS
See the new all-electric EQS luxury sedan from Mercedes
These tiny cars are cute and easy to park. Will anyone want them?
The Hummer electric SUV is coming
Demand for electric cars has grown slowly. But the tsunami is coming
See this Tesla competitor’s new electric pickup
Fisker is making its next electric vehicle with Foxconn
Check out the Rivian R1T, a glamper’s dream truck
See this new 70s-inspired electric Ford concept truck
The all-electric Mustang Mach-E GT lives up to the name
The new Mercedes-Benz EQS is a game changer
This electric fire truck is emission-free
Go inside the EV startup working with Uber and UPS
(CNN)More than half the money Volkswagen Group spends in the next five years will go towards electric vehicles and other high-technology efforts, the German automaker announced Thursday.
By the end of 2026, VW expects that 25% of the vehicles it sells globally will be electric. Currently, electric vehicles account for 5% to 6% of VW sales.
As it prepares for that shift, VW will spend €89 billion, the equivalent of a little more than $100 billion, to speed its push towards electricification. This marks the first time VW is budgeting more than half its total spending — which totals roughly $180 billion — for EVs. At the same time, expenditures on hybrid vehicles, which use batteries along with gasoline engines will be reduced by 30%.
The expenditures will include new factories, such as a new plant at the companies headquarters at Wolfsburg, Germany. VW’s Project Trinity, a new flagship electric car planned for around 2025, will be built at Wolfsburg. VW also outlined plans for a number of new facilities throughout Europe.
Volkswagen is also planning to create a separate battery manufacturing company. The battery business is expected to generate up to €30 billion in revenue which is more than the company’s Skoda passenger car division currently generates, according to VW.
Besides the Volkswagen passenger vehicle brand and the mass-market Czech-based Skoda, VW also operates Porsche, Audi, Bentley, Lamborghini and the Spain-based Seat car brand.