Volkswagen invests 122 billion euros in the car of the future
Oliver Blume, CEO of Volkswagen AG, at the annual press conference in Berlin, Tuesday March 14, 2023. AP - Michael Kentendre
Text by: RFI Follow
1 min
The German firm had already made electricity its priority for the future.
The automaker has made a radical transition and announced on Tuesday, March 14, a strengthening of its investments in this sector of the future.
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Sales are still modest, writes our correspondent in Berlin,
Pascal Thibaut
.
Even if Volkswagen speaks of a "
record
" in 2022, electric vehicles accounted for only 7% of the sales of the first European car manufacturer.
But electric has been the priority of the group with ten brands for a few years.
Volkswagen has decided to further increase its commitment in this sector.
Two-thirds of investments
Some 122 billion euros are planned by 2027 for electricity, or two thirds of the group's investments.
The construction of battery factories and the supply of raw materials necessary for their production will constitute an important pillar of these investments.
The group also announced the opening in 2027 of a fourth factory in Canada, without detailing its plans for Europe, where six factories have been announced and three are already planned in Sweden, Germany and Spain.
The Volkswagen subsidiary dedicated to the production of batteries, PowerCo, "
should generate an annual turnover of more than 20 billion euros by 2030
", explains the group.
► To read also: The electric car tested by the price war
These investments will focus on the United States and China where Volkswagen is struggling against the American Tesla and its local competitors.
The automaker wants one in five vehicles sold worldwide in 2025 to be electric.
Last year, the group's predictions were for 50% electric cars by 2030 and almost 100% ten years later.
► Also to listen: Electric car: how to keep its promises?
(
With
AFP)
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