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Business

Volkswagen invests $50 billion in electric vehicles

πŸ”‹πŸš˜ Volkswagen has 70 electric vehicles in the pipeline, but first is an electric hatchback called ID.3. Priced from around $30,000 with a range of 200 miles or more. It will begin rolling off German assembly lines in November.

Volkswagen invests $50 billion in electric vehicles

πŸ”‹πŸš˜ Volkswagen has 70 electric vehicles in the pipeline, but first is an electric hatchback called ID.3.

Priced from around $30,000 with a range of 200 miles or more. It will begin rolling off German assembly lines in November, and in 2020 two factories in China will start production.

By 2022 the company expects to have eight facilities around the globe making battery-powered vehicles, from the ID.3 to cargo vans to Porsche’s four-door Taycan.

It’s a moonshot bet for a manufacturer trying to reinvent itself four years after it admitted to cheating on diesel emissions testsβ€”a scandal that has cost VW more than $30 billion.

That painful experience shocked the company into a radical reboot and a commitment to spend almost $50 billion on electric vehicles, more than any other automaker.

After years of planning and promises, in 2020 VW will begin to see whether that massive investment is likely to pay off.

Read more at Bloomberg.

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