Volkswagen revs up its electric shift
To spend billions on transformation
- 13 Sep 2017 at 10:41
- WRITER: BLOOMBERG NEWS
Matthias Mueller, CEO of Volkswagen AG, sits in the group's fully autonomous concept called Sedric during a preview evening for the media on the eve of the Frankfurt International Motor Show on Monday. (AP photo)
Frankfurt: Volkswagen AG is putting its full force behind a shift into electric cars as the world's largest automaker accelerates away from combustion engines and tries to draw a line under the emissions-cheating scandal that's weighed on the company for two years.
Speaking on the eve of the Frankfurt International Motor Show, chief executive officer Matthias Mueller announced sweeping plans to build electric versions of all 300 models in the 12-brand group's line-up.
The German auto giant laid out the enormity of the task ahead, vowing to spend €20 billion ($24 billion) by 2030 to roll out the cars and earmarked another €50 billion to buy the batteries needed to power the vehicles.