Volkswagen challenges Tesla, orders $25B in batteries as electric auto push accelerates

Volkswagen challenges Tesla, orders $25B in batteries as electric auto push accelerates

Volkswagen challenges Tesla, orders $25B in batteries as electric auto push accelerates

Volkswagen management said it would increase its e-mobility manufacturing operations to 16 locations by the end of 2022.

VOLKSWAGEN Group will launch a new electric vehicle "virtually every month" in 2019 as it ramps up alternative-energy production in an effort to shake off the legacy of what it labels the "diesel crisis".

Mr Mueller, speaking at the company's annual news conference in Berlin on Tuesday, gave an upbeat view after last year's record sales of 10.7 million vehicles.

From 2019, there will be a new electric vehicle "virtually every month", Dr Muller said: "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".

Many European countries have implemented tough carbon dioxide emission laws, prompting vehicle manufacturer such as Volkswagen to increase investment into greentech.

German auto maker Volkswagen plans to expand the production of electric vehicles worldwide on a massive scale and has awarded contracts to battery manufacturers with a volume value of Eur20 billion ($24.6 billion), it said Tuesday alongside its annual earnings. The company says it has agreed to partnerships with battery manufacturers for markets in Europe and China, and the contracts "already awarded" total about $25 billion.

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It was driven in a Tesla Model S, served entirely by the company's network of Supercharger DC fast-charging stations along the way. While "I.D." won't be a full standalone brand i.e Toyota's ill-fated Scion brand; I.D. models will be a bit of a sub-brand for Volkswagen with ID: Buzz, ID Crozz, and ID Vizzion all on the future roadmap. Tesla sold a total 102,807 cars a year ago, with the more expensive Model S sedan and Model X SUV making up a large portion of sales.

However, the company chief clarified that there would be no change in the production of vehicles running on conventional drive systems.

Already Germany's population of fast-charging sites is five times as dense as that of the US, although North America has huge swaths of very sparsely populated areas that Germany doesn't. We are putting nearly €20 billion into our conventional vehicle and drive portfolio in 2018, with a total of more than €90 billion [US$111 billion] scheduled over the next five years.

And of all of these established automotive powers, Volkswagen has announced itself as the company to beat in the race for electric vehicle supremacy.

At the same time, however, the Wolfsburg-based group will pump more than 90 billion euros into traditional diesel, petrol and natural gas motors, with a new generation of internal combustion engines set for release next year. Tesla, though struggling to deliver cars on time, has invested $17.5 billion in electric vehicle batteries and has alluded to plans for future gigafactories.

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