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Volkswagen shares rise as auto maker announces expansions of electric vehicle production

14 March 2018

He added that a third of the auto maker's nine new vehicles for 218, will be 100% electric powered.

These plans are part of VW Roadmap E that was launched previous year.

Roadmap E, unveiled last fall, includes plans to build up to three million electric vehicles annually by 2025 and sell 80 new electric models across the Volkswagen Group, the parent company of 12 brands such as Audi, Bentley and Porsche.

"Over the last few months, we have pulled out all the stops to implement "Roadmap E" with the necessary speed and determination", Muller added.

While VW will continue outsource battery assembly, the company announced it would increase its EV-producing plants from three to 16 by the end of 2022.

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Müller said that they have designated 16 production sites that will start producing electric vehicles by 2022.

Volkswagen has selected partners to provide battery cells and related technology worth around 20 billion euros ($24.7 billion) for electric vehicle projects in Europe and China, pushing ahead with a shift to zero-emission cars.

VW CEO Matthias Müeller told journalists Tuesday in Berlin that 30 electric cars will be launched by 2025, according to Autocar.

"This is how we intend to offer the largest fleet of electric vehicles in the world, across all brands and regions, in just a few years", Müller insisted. Volkswagen says a decision for a supplier in North America will be taken soon.

It doesn't mean that VW is going all-electric though.

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The dieselgate scandal had erupted in September 2015 when the US Environmental Protection Agency found VW had installed devices on its diesel turbocharged direct injection (TDI) engines that manipulated emissions during government tests.

Sources at VW said Mueller's salary package exceeded the 10 million limit because of perks and retirement provisions that are usually included under HGB rules. "The contracts already awarded have a total volume of around Euro 20 billion". VW had to subsequently spend Dollars 29.7 billion to fix consumer-owned vehicles, plus pay a USD 2.8 billion fine to settle U.S. criminal charges.

Unlike some of its competitors, Volkswagen isn't going entirely in on electric vehicles - for now. The company reiterated a target to lower that ratio to 6 percent by 2020.

The manufacturer predicts an operating margin this year of between 6.5 percent and 7.5 percent of revenue, compared with 7.4 percent in 2017.

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Volkswagen shares rise as auto maker announces expansions of electric vehicle production