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Volkswagen to invest $84 billion into electric cars and batteries development

Volkswagen has announced that it is investing $84 billion into electric cars and batteries development. The German auto manufacturer announced this at a pre-Frankfurt Motor Show 2017 event. Earlier this year, VW announced it was investing $10 billion in EVs but has now changed its investment strategy massively to fast track it’s EV development.

Of this, $50 billion will be invested in battery production in order to support its ambitions to create a vast range of electric vehicles. VW is aiming to bring 30 electric vehicle models to the market by 2030. As well as the three already announced I.D electric cars, VW will also bring multiple EVs to the market under its other brands such as Audi and Porsche

Volkswagen CEO Matthias Mueller said that “A company like Volkswagen must lead, not follow. We have got the message and we will deliver. This is not some vague declaration of intent. It is a strong self-commitment which, from today, becomes the yardstick by which we measure our performance.”

Volkswagen CEO Dr Herbert Diess: “Our task is to make modern technology available to many people. One thing is clear: The Golf of the future must once again be a people’s car!”