Volkswagen to invest EUR 34b in electric mobility until 2022

Europe's largest carmaker Volkswagen has announced on Friday that it will invest more than 34 billion euros (40 billion U.S. dollars) in electric vehicles, autonomous vehicles and digitalization until 2022.

The decision was made following the conclusion of consultations on the Wolfsburg-based firm's board over how to respond to the challenge of technological change in the automotive industry.

Volkswagen Chief Executive Officer Matthias Mueller subsequently expressed confidence that the massive investment program would enable his company to become the "global number one" for electric mobility.

According to the plans, the Volkswagen plant in Zwickau will become an "E-Mobility Plant" while production of the popular Passat line is concentrated in Emden from the start of 2019 onwards and the Golf family of cars is built in Wolfsburg.

Volkswagen has set itself a goal of unveiling more than 80 new electric vehicle models until 2025. From 2030 at the latest, the company wants to offer at least one electric version for each of its 300 types of cars.

Furthermore, the automotive industry giant has recently revealed plans to put the growing Chinese market at the heart of its electric mobility drive. 10 billion euros will be invested in China towards that end over the next seven years.

Jochen Heizman, head of Volkswagen's China division declared the goal to sell 400,000 electric vehicles each year on the Chinese market by 2020.