VW to build EVs at 16 factories by 2022

VW to build EVs at 16 factories by 2022

But tens of billions of dollars of supply contracts for battery cells through 2025 might seem to indicate some urgency on the part of a company struggling to look forward to a cleaner future rather than backward to the sins of its past. The 16 yet-to-be-named manufacturing sites will all be online by 2022, with the current three sites seeing a significant bump up to nine facilities in just two years. The contracts already awarded have a total volume of around €20 billion (US$24.7 billion).

Volkswagen Group (VKW.L, VLKAF.PK, VOW.BE) announced 16 locations around the globe are to produce battery powered vehicles by the end of 2022.

Müller said the strategy will kick off with the Volkswagen ID, its first purpose-built electric auto, which will likely replace the e-Golf.

"Over the last few months, we have pulled out all the stops to implement "Roadmap E" (Volkswagen's EV rollout plan) with the necessary speed and determination". A supplier decision for North America will be taken shortly.

The plan, previously dubbed "Roadmap E", is to produce up to 3 million electrified vehicles per year by 2025, with no fewer than 80 electrified models spread throughout its dozen-strong brand lineup, a portfolio that includes VW, Audi, Porsche and Bugatti, among others.

Volkswagen will open the floodgates in 2022 and launch a new electric auto every month as it works aggressively to electrify its portfolio, the automaker said.

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

"Things are really moving", said Muller.

The company said a year ago it would like to secure battery-supply contracts totaling 50 billion euros ($62.5 billion) to build into electric cars planned for nearly all of its 12 brands. VW had to subsequently spend Dollars 29.7 billion to fix consumer-owned vehicles, plus pay a USD 2.8 billion fine to settle USA criminal charges.

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.

Until its "dieselgate" emissions scandal was revealed two and a half years ago, Europe's largest automaker had been slow to embrace electric cars.

"At EUR 230.7 billion, the group's sales revenue was up 6.2 percent on the prior-year figure, which was a new record", said CFO Frank Witter. According to previous reports, North America's first I.D. -badged vehicle will likely be a crossover SUV.