Volkswagen Group to Invest 180 Billion Euros in Electric Mobility

With a multi-million euro investment that includes the construction of impressive factories for electric vehicles, the Volkswagen Group presented a five-year strategy to accelerate its transition to electromobility.

The German brand announced that between 2023 and 2027 plans to invest a total of 180 billion euros, of which 68% – around 122.4 billion – will be earmarked for the electrification and digitalization of its cars.

The plans encompass investing around €15 billion, which will be channeled through its subsidiary PowerCo, in the construction of battery complexes for electric vehicles, one of them being the one already announced in Ontario, Canada.

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Investment Details

According to Volkswagen, the Canadian power cell factory will be the group’s third and the first to be located outside Europe, in addition to another plant that is managed in parallel with NothVolt.

Another important part of the announced funds will be allocated to the secure sourcing of raw materials for the manufacture of batteries and thus avoid the problems of recent years with supply lines.

They are also aiming to bring an affordable electric vehicle to market, costing around 25,000 euros by the middle of the decade, with a model expected to be below the ID.3.

Positive Figures

During 2022, the Volkswagen Group increased sales of 100% electric vehicles by 26%, reaching a global share of %. Among the best-selling models were the VW ID.4, with 193,200 units; and the Skoda Enyaq, with 53,700 units.

In 2023, the manufacturer is going to introduce new models such as the VW ID.3, the VW ID.7, the VW ID.Buzz, the Cupra Tavascan and the Audi Q8 e-tron.

The company’s goal is for the share of sales of 100 % electric vehicles to reach approximately 10 % of the total in the 2023 fiscal year.

Similarly, in 2023, the Volkswagen Group also wants to make further progress in two very important markets: China and North America.

In North America in 2022, sales of 100 % electric vehicles rose by 18.8 % to 44,200 units, and the Group ranked fourth in the all-electric vehicle segment.

In China, meanwhile, the Volkswagen Group’s sales of 100% electric cars rose by 68% last year.

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