Volkswagen plans to spend $50b to launch 75 EVs and 60 new hybrids over the next five years. A total of $28b will be spent on electric models with the remaining $33b to be spent on hybrid and digital tech. Volkswagen’s Group Supervisory Board says that the spending represents an increase of around 10% compared to their previous plan.
Over the next ten years Audi, Bentley, Porsche, Seat, Skoda and Volkswagen will all get new electrified models. With such a massive fleet of brands to use, Volkswagen plans to produce 26-million fully-electric cars, including nearly 6-million hybrids by the end of 2029. Around 20-million will be based on the MEB platform that currently underpins the Volkswagen ID.3, leaving the remaining 6-million to use the high-performance PPE platform being developed by Porsche and Audi.
VW Isn’t The Only Big Player
Earlier this year Ford invested in Rivian, a Michigan-based EV startup that plans on building SUVs and pickups. The investment? $500 million! Ford spent half a billion dollars investing in what could be its rival. But in return, they gained helpful information for their own electric pickup truck and SUV. It plans on an all-electric F-150 in the next few years and has just announced the new Ford Mustang Mach-e SUV.
Additionally this week, Tesla announced the placement of its latest Gigafactory. It will be just outside of Berlin, Germany, making it the first Tesla plant in Europe and the second outside of the USA. Production of new cars will start in 2021 alongside the current Buffalo NY facility, the China facility, and one in Nevada that is currently under construction.
Electric Is Definitely On Top
Finally, Aspark has proven that electricity is key when it comes to outright power. Clocking in with 2,012 horsepower, the Owl is now the most powerful production car in the world. Not only that, but it boasts an incredible 0-60mph time of only 1.9 seconds.
Only time will tell if the electrification of vehicles using rechargeable batteries is the future, but the automotive industry definitely seems to be gearing up to make the change.