Volkswagen AG Chief Executive Officer Matthias Mueller announced sweeping plans to build electric versions of all 300 models in the group's lineup as the world's largest automaker accelerates the shift away from combustion engines.
Speaking on the eve of the Frankfurt auto show, the CEO laid out the enormity of the task ahead, vowing to spend 20 billion euros to develop and bring the models to market by 2030 and promising to plow another 50 billion euros into the batteries needed to power the cars.
All 12 of Volkswagen’s 12 brands are behind the push, which has the aim of catching up with the likes of Tesla and transform from a battery-vehicle laggard into a leader.
Mueller said VW will need the equivalent of at least four gigafactories for battery cells by 2025 just to meet its own vehicle production.
At 50 billion euros, the CEO announced one of the largest tenders in the industry's history for the procurement of batteries.
By 2025, VW aims to have 50 purely battery-powered vehicles and 30 hybrid models in its lineup, with a goal of selling as many as three million purely battery-powered cars by then. The transformation will pick up speed after that to reach the 2030 goal as economies of scale and better infrastructure help bring down prices and accelerate sales.