VW powers up electric revolution

An agreement to toughen up EU legislation and regulations surrounding vehicle emissions designed to ensure that another ‘dieselgate’ scandal can never re-occur is being held up by the German government which wants more time to agree a compromise

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.

Müller today admitted it had found space for another nine electrically powered cars, including three more pure BEVs. They hope to have 16 factories cranking out electrified models by 2022 which will ultimately lead to the group offering 50 all electric models by 2025 across all of its brands. The manufacturer plans to offer electric models of all its cars by 2030.

Volkswagen announced Tuesday that it had secured about $25 billion in battery supplies and technology, a sum it plans to scale up to about $60 billion as it looks to expand electric vehicle manufacturing. It will also set up five production sites in China - the world's largest auto market - by 2022 and will begin production in the US state of Tennessee as well. The contracts already awarded have a total volume of around Euro 20 billion, says VW.

Volkswagen CEO Matthias Müller said in a statement that the company has "pulled out all the stops" to implement its Roadmap E strategy.

The Volkswagen Group has confirmed it will scatter at least 16 electric-car production plants around the world within four years. Tesla sold a total 102,807 cars past year, with the more expensive Model S sedan and Model X SUV making up a large portion of sales.

VW brand will launch its first new-generation EV, the I.D. hatchback, in 2020 followed at short intervals by other I.D. models including the I.D. Crozz SUV and I.D. Buzz minivan.

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Trump's order echoed that concern, saying a takeover by Broadcom "threatens to impair the national security of the United States". Further, Donald Trump ordered that both Qualcomm and Broadcom must "immediately and permanently abandon the proposed takeover".

To accommodate production, Müller said the company will adapt nine production sites to handle electric-vehicle production.

Last year, it generated $8 billion in global revenues.

Already Germany's population of fast-charging sites is five times as dense as that of the US, although North America has huge swaths of very sparsely populated areas that Germany doesn't.

And of all of these established automotive powers, Volkswagen has announced itself as the company to beat in the race for electric vehicle supremacy.

VW a year ago started looking for partners in China, Europe and North America to provide battery technology worth more than 50 billion euros. Famed investor Mark Cuban says it will produce "the world's first trillionaires", but that should still leave plenty of money for regular investors who make the right trades early.

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