VW to build EVs at 16 factories by 2022

VW to build EVs at 16 factories by 2022

The "Roadmap E" plan will retool an additional nine group plants to manufacture electric vehicles in just two years.

Volkswagen shares are trading higher Tuesday, as the German auto maker announced plans to expand its electric vehicle production levels.

At the conference, Volkswagen Group CFO Frank Witter also announced a record €230.7bn ($284.4bn) in revenue, with year-on-year decreases for Volkswagen and Bentley more than made up for by increases across other brands in the portfolio.

Volkswagen VOWG_p.DE has selected partners to provide battery cells and related technology worth around 20 billion euros (17.75 billion pounds) for electric-vehicle (EV) projects in Europe and China, pushing ahead with a shift to zero-emission cars. The Group now produces electric vehicles at three locations, and in two years' time a further nine Group plants are scheduled to be equipped for this goal.

Muller said, "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 today admitted it had found space for another nine electrically powered cars, including three more pure BEVs.

"Over the last few months, we have pulled out all the stops to implement "Roadmap E" with the necessary speed and determination", he says. A supplier decision for North America will be taken shortly.

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

Volkswagen is committed to addressing concerns about diesel pollution as it bounces back from the 2015 emissions test scandal, chief executive Matthias Mueller has said.

In 2018, Volkswagen will invest 20 billion euros in developing better diesel and gasoline engines, a sum which would be supplemented by 90 billion euros ($111 billion) over the next five years.

"Things are really moving", said Muller.

"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 Müller.

He admitted the Volkswagen Group will roll out 80 new electric cars and SUVs by 2025, with a heavy focus on Volkswagen-, Porsche- and Audi-badged cars.

Operating profit at luxury division Audi climbed to 5.06 billion euros previous year, from 4.85 billion in 2016, VW said.

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