Volkswagen's €70bn, 2030 electric vehicle mission

Volkswagen's €70bn, 2030 electric vehicle mission

Volkswagen's €70bn, 2030 electric vehicle mission

The world's largest auto maker by sales plans to invest a total of 20 billion euros (24 billion USA dollars) until 2030 in electric mobility and even 50 billion euros in batteries.

Like the various other Volkswagen ID electric cars-the ID compact hatchback, the ID Buzz microbus, and others yet to be revealed-the ID Crozz is built on VW Group's new MEB architecture, a "skateboard" setup that allows an electric motor at the rear and a second one at the front if desired.

It also follows Shell announcing it will begin installing electric auto charging points in the United Kingdom this month.

By 2025, Volkswagen Group intends to introduce 80 new electric models, which includes 50 purely battery-powered vehicles and 30 plug-in hybrids.

That's according to company CEO Matthias Mueller, who said that VW will continue to develop diesel powertrains, despite the emissions scandal of 2015. "The transformation of our industry is unstoppable and we will lead it by redefining mobility to be cleaner and better".

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The interior has also been reworked; almost all functions can display in high resolution on and be activated from the touchscreen. At the same time, its everyday suitability in terms of parking and turning manoeuvres is improved, as is the comfort level.

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Hybrid cars will also be permitted. "Because it's an emerging market it's easier to shape by government intervention", said Brace. If families purchasing a auto for the first time buy electric, India could leapfrog ahead of some developed economies.

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In the tech sector, BlackBerry picked up 15 cents, or 1.4%, to $11.09, while Constellation Software added $3.02 to $682.20. High-dividend stocks like phone and utility companies traded higher but didn't do as well as the rest of the market.

The largest automotive market in the world, China is studying when to end production and sales of combustion engine vehicles, which echoes the moves by France and Britain, with both announcing bans starting in 2040 for conventional cars.

Volkswagen has no plans to ditch diesel engines and isn't anxious about the rising threat of Tesla. They are looking to shift their whole selection of automobile to a zero-emission lineup by the year 2030; they also recently noted that they want a total of 300 EV models by the same year as well.

First revealed at the Shanghai Motor Show in April, the electric vehicle concept has been updated to move it closer towards production.

Volkswagen has stepped up its shift toward the electric auto and is planning to invest over €20 billion or $24 billion in the zero-emission vehicles by 2030 as it tries to challenge the pioneer in the industry Tesla in creating mass market vehicles. Volkswagen's Porsche brand showed off its new Cayenne SUV at an extravagant event August 29 with the Bohemian Symphony Orchestra Prague and dancers livestreamed from its home base in Stuttgart-Zuffenhausen.

Yet the Frankfurt show remains a very big deal for the home team: Daimler AG's Mercedes-Benz luxury brand, Munich-based BMW AG, and Volkswagen, all of which will have giant display stands.

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