Volkswagen to invest over 20 billion euros to boost e-car production
In a bid to accelerate its shift to zero-emission vehicles, German auto giant Volkswagen is mulling plans to invest more than 20 billion euros (US$24bn) in electric vehicles by 2030.
The move is a part of Volkswagen’s bigger plan to challenge US-based electric vehicle pioneer Tesla Inc. in creating a mass market for electric vehicles.
Previously, the German auto giant had announced a plan to invest 10 billion euros by the year of 2025 to make a shift to environment-friendly electric vehicles.
Revealing the company’s “roadmap E” at the Frankfurt auto show, Chief Executive Officer Matthias Mueller said, “A company like Volkswagen must lead, not follow … We are setting the scene for the final breakthrough for e-mobility.”
The company’s so-called I.D. electric model has been designed to compete with Tesla Inc.’s least expensive car, the new Model 3 sedan, which is available with a price tag of $35,000.
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