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  HOME | Business & Economy (Click here for more)

Volkswagen to Expand Electric Vehicle Production

BERLIN – Volkswagen AG said on Tuesday that it plans to expand the number of its electric-vehicle production sites, in line with its goal to produce up to 3 million electric vehicles annually by 2025, according to a report from Dow Jones.

The car maker said it plans to operate 16 production sites for electric vehicles by the end of 2022, up from the current three sites.

“We are putting almost 20 billion euros ($24.7 billion) into our conventional vehicle and drive portfolio in 2018, with a total of more than 90 billion euros scheduled over the next five years,” said Matthias Mueller, Chief Executive of Volkswagen.

The company said it has formed partnerships with battery manufacturers for Europe and China to ensure capacity for electric-vehicle production.

A supplier for North America will be decided upon shortly, Volkswagen said.

Mueller added that the car maker wasn’t turning its back on conventional power-train systems and that modern diesel engines are “a part of the solution.”

Volkswagen confirmed its guidance for the year ahead, Dow Jones added in the report.

As previously reported, it expects revenue to rise by as much as 5 percent and its operating return on sales could be between 6.5percent and 7.5 percent. In 2017, the figure was 7.4 percent.

Earlier this month, the company reported net profit for the year of 11.35 billion euros, representing Volkswagen’s return to pre-crisis profit levels.

In 2014, the year before the company admitted to having installed software in diesel vehicles that allowed it to dodge emissions testing, net profit was 10.85 billion euros.

 

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