Volkswagen wants to make 30 electric plug-in models by 2025 as part of a cunning plan to overhaul its global strategy which has been limping along since it was caught lying about how environmentally friendly is cars were.
Volkswagen CEO Matthias Mueller on Thursday articulated a new vision for the automaker up to 2025, describing electric cars, ride-hailing services and cost cutting as critical to the company’s future.
Volkswagen, which also owns Audi and Porsche, will “significantly” reduce the number of models it makes and will slash almost $9 billion in spending.
This will go some way to help pay the $18 billion it will need to cover the costs of its emissions scandal.
The bet on fully electric vehicles will be paired with an investment in battery technology, though Mueller provided few details of what that would entail. Among the electric vehicles already in the works are the Porsche Mission E sports car, billed as a Tesla fighter, and the Audi e-tron quattro luxury electric crossover concept.
It is a brave move. The electric market is not really established yet, and although some countries like Holland are talking about banning petrol cars, electric cars are still too pricy for the great unwashed to afford.
If VW pull it off, it will be in the vanguard of the electric revolution and go a long way to removing the stain left by the emissions scandal.