Markets

VW's R1.15 trillion plan to 'reinvent the car'

VW's R1.15 trillion plan to 'reinvent the car'

10 billion euros will be invested in China towards that end over the next seven years.

Lately, automakers have been shifting their focus on electrification together with autonomous driving.

Matthias Mueller, CEO of Volkswagen said: "With the planning round now approved, we are laying the foundation for making Volkswagen the world's No. 1 player in electric mobility by 2025" adding that "the auto is now being reinvented".

Until it admitted two years ago to cheating on USA diesel emissions tests, Volkswagen had been slow to embrace electric cars and self-driving technology.

Heizmann expressed confidence that the Volkswagen will complete the quota for electric vehicles in collaboration with its partners. From 2030 at the latest, the company wants to offer at least one electric version for each of its 300 types of cars.




The group said its total investments in electric vehicles capacity and projects will amount to about 72 billion euros by 2022, confirming an earlier Reuters story.

But that was before VW was hit by the "dieselgate" scandal, which has so far cost it over 25 billion euros in fines, recalls and compensation. To date, 1.9 billion euros of efficiency savings have already been achieved, corresponding to 96 percent of the target set for 2017.

Mueller said VW will maintain spending discipline in order to shoulder the increased investments in new technologies while it grapples with billions of dollars of costs for its emissions scandal.

Jochen Heizman, head of Volkswagen's China division declared the goal to sell 400,000 electric vehicles each year on the Chinese market by 2020.

"The investment package which has now been adopted will give a decisive boost to the largest product and technology offensive in the history of the brand", Herbert Diess, Chief Executive of the Volkswagen brand and a VW management board member, said. They are also moving the Passat line entirely at the Emden site and the next generation Golf will be concentrated at home in Wolfsburg.


  • J&K: Three top Lashkar commanders, all Pakistani, killed in encounter in Handwara

    J&K: Three top Lashkar commanders, all Pakistani, killed in encounter in Handwara

    As the cordon was being laid, a gunfight broke out between militants and the security personnel and one militant was killed. Naseer Ahmad, a youth from Chimmar village in Kulgam district, returned to the mainstream, officials said.
    Republican Sen. Susan Collins Says She Does Not Believe Roy Moore's Denials

    Republican Sen. Susan Collins Says She Does Not Believe Roy Moore's Denials

    Richard Shelby and the Greater Birmingham Young Republicans, which voted Thursday to pull its endorsement of Moore. But she declined to say whether the Senate should move to expel Moore if he wins the December 12 election.

    Beyoncé Revealed as the Richest Woman in Music

    Celine Dion ($42 million) and Jennifer Lopez ($38 million) round out the top five, with both women raking in the bucks with Las Vegas residencies.
  • Russia's Putin, Syria's Assad meet in Sochi

    Russia's Putin, Syria's Assad meet in Sochi

    Many areas of Syria have been liberated from terrorists, and Syrians who were forced to leave them earlier could return to these areas", Assad added.
    Whitefish Energy stops work in Puerto Rico over $83M owed

    Whitefish Energy stops work in Puerto Rico over $83M owed

    Whitefish said in the letter that the lack of payments is a breach of the $300 million contract that the administration of Gov. Hundreds of protesters took to the streets of Washington, D.C.in show of support to hurricane-hit Puerto Rico.
    Former Oklahoma State Senator Admits To Child Sex Trafficking While In Office

    Former Oklahoma State Senator Admits To Child Sex Trafficking While In Office

    There, police discovered Shortey's backpack containing an opened box of condoms and a laptop computer. He's been married to his high school sweetheart, Jenni, since 2002 and the couple has two children.
  • Chubb a finalist for Bednarik Award

    Chubb a finalist for Bednarik Award

    Winners of the Home Depot Coach of the Year Award, NCFAA Contributions to College Football Award, Disney Spirit Award, William V. Barkley is the first Nittany Lion since Larry Johnson in 2002 to be a finalist for both the Walker and the Maxwell.

    Johnson & Johnson (NYSE:JNJ) Shares Sold by United Bank

    The (Simple Month Average) SMA20 is at -1.81 percent, its SMA50 Value is 1.07% and SMA200 value is reported as 6.2 Percent. Chesapeake Asset Management Limited Liability reported 0.31% of its portfolio in Johnson & Johnson (NYSE:JNJ). (NYSE:NLY).
    Valeant Pharmaceuticals International, Inc. (VRX) Given

    Valeant Pharmaceuticals International, Inc. (VRX) Given "Hold" Rating at HC Wainwright

    PNC Financial Services Group Inc. grew its position in Valeant Pharmaceuticals International by 33.7% during the 1st quarter. It improved, as 55 investors sold UNP shares while 498 reduced holdings. 55 funds opened positions while 120 raised stakes.
  • Chinese envoy exchanges views on Korean peninsula issue in North Korea

    Chinese envoy exchanges views on Korean peninsula issue in North Korea

    They exchanged views about the situation on the Korean Peninsula and in the region, and bilateral relations, the KCNA said. It, however, didn't elaborate on what was discussed over the dinner table or if he would be able to meet Kim.
    Tesla Launches a $45 Powerbank for Mobiles, Inspired by the Supercharger Monument

    Tesla Launches a $45 Powerbank for Mobiles, Inspired by the Supercharger Monument

    Tesla also unveiled the new Roadster , and called it the world's fastest production auto . The first, and arguably best, accessory is the Desktop Supercharger.
    Georgia Dome implodes after 25 years

    Georgia Dome implodes after 25 years

    The once 80,000-seat stadium closed earlier this year as the Atlanta Falcons moved next door to the Mercedes-Benz Stadium. The timed explosions went off without a hitch shortly after 7:30 a.m. and the dome was flattened within about 15 seconds.