VW Confirms 3 New EVs For 2018, SEDRIC Concept To Enter Production

14 Marcha, 2018, 04:10 | Author: Arnold Perez
  • London UK

Volkswagen said Tuesday it has committed to spending billions of dollars on electric auto batteries, as the German automobile giant plans to aggressively boost production globally. "This is how we intend to offer the largest fleet of electric vehicles in the world, across all brands and regions, in just a few years".

The German automaker will work with LG Chem, Samsung and Chinese battery maker Contemporary Amperex Technology Co Ltd, and now has no plans to start producing battery packs by itself, Reuters reports.

Critically, the German automaker has already secured battery supply contracts for vehicles that will be sold in Europe and China, with contracts worth Euro 20 billion (~$25 billion USD).

Shares of Volkswagen fell 2% to 38.88 in afternoon trade on the stock market today. VW Group says this is just to line up batteries for vehicles to be built in Europe and China; a decision about a supplier for North American production "will be [made] shortly", it said in a press release.

Pressure has intensified on Volkswagen to overhaul its lineup.

Volkswagen announced Tuesday that it had secured about $25 billion in battery supplies and technology, a sum it plans to scale up to about $60 billion as it looks to expand electric vehicle manufacturing.

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Audi's E-Tron SUV will lead the next-generation rollout by launching later this year as a production auto - and is in a race with Jaguar to launch the first European BEV in the segment. Volkswagen reaffirmed its backing for the technology with Mueller calling it "part of the solution", even as Toyota Motor Corp. pulls diesel cars from its lineup in Europe, the main market for the vehicles.

He also confirmed every single one of the Group's 300 models would have an electric variant by 2030, though in many cases this would be just a plug-in hybrid.

A newly unveiled concept auto promises a self-driving EV with a 400-mile range, joining VW's I.D. family of electrified vehicles. Producing the powerpacks itself is not in the cards. "Others can do it better than we can".

Until its "dieselgate" emissions scandal was revealed two and a half years ago, Europe's largest automaker had been slow to embrace electric cars. Development spending declined 3.9 percent to 13.1 billion euros in 2017, equivalent to 6.7 percent of sales. Capex/sales revenue was also lowered significantly to 6.4% from 6.9%.

Managing the technology shift requires an intense focus on maintaining profitability from Volkswagen's current lineup.

"Naturally, we are looking to continue our operating business success in 2018", said Mueller.

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