Volkswagen to invest 44 billion euros in e-cars by 2023

Volkswagen to invest 44 billion euros in e-cars by 2023

VW plans to increase productivity of its factories by 30 percent by 2025 by building more vehicles from different brands on the same production line.

Volkswagen also said that it wanted its automotive division to lower its capital expenditure ratio to 6% of revenues from 2020 onward. "We are focusing our investments on the future fields of mobility and systematically implementing our strategy", Volkswagen CEO Herbert Diess said in a statement.

Nevertheless, drivers have remained loyal, helping Volkswagen to record sales a year ago.

VW's first stand-alone EV will be the I.D. Neo hatchback, shown here as a concept.

The company said it would begin local production of electric-powered vehicles at its facilities in Emden and Hannover in 2022, adding that a plant in Zwickau has already been designated for e-car production.

Volkswagen is also considering building a new plant in Bulgaria or Turkey, as two Czech Skoda factory is already working nearly at the limit of their capabilities, and clearly will not be able to take all models of the parent company.

VW has been actively promoting electric push by creating global production capacities for the construction of 1 million electric cars.

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They also highlight how German carmakers need to rethink their business as the growing adoption of electric vehicles (EVs) is expected to cost the country's key auto industry about 75,000 jobs by 2030, according to a report carried out by the Fraunhofer Institute of Industrial Engineering.

Jobs are under threat because a combustion-engine auto has 1,400 components in the motor, exhaust system and transmission, while an EV's battery and motor has only 200 components, according to analysts at ING. Zwickau is now building the VW Golf and Golf Estate.

Volkswagen's management this week outlined plans for converting vehicle plants in Zwickau, Emden and Hannover to build electric cars, providing job guarantees to workers until 2028.

The plant in Emden will specialise in building small electric cars and sedans for several of the group's brands, while the Hanover factory will make the ID Buzz, the clean-energy version of VW's iconic camper van.

Volkswagen's MEB electric vehicle platform is also being eyed by Ford as the two companies continue exploratory talks about an alliance to develop self-driving and electric vehicles.

Money for programs related to elektromobile, the company intends to seek at the expense of multi-billion dollar saving programs in the production of other models. "The joint development and manufacture of a range of light commercial vehicles is at the core of the envisaged cooperation", Diess said. He denied speculation the future partnership could be a prelude to cross-shareholdings or a merger. "Ford remains a competitor".

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