Volkswagen Group's "Roadmap E" gathers greater momentum

Volkswagen Group's

Volkswagen Group's "Roadmap E" gathers greater momentum

When "Roadmap E" was launched last fall, Volkswagen announced plans to build up to three million electric vehicles annually by 2025 and market 80 new electric Group models.

The Volkswagen Group has seen significant advancement in its futuristic electric auto concepts over the past few years, with new models, such as Bentley's EXP 12 Speed 6e, Audi's stylish e-tron quattro and Volkswagen's ID Vizzion, demonstrating the group's commitment to its new, forward-looking strategy. "The contracts already awarded have a total volume of around Euro 20 billion".

Starting next year, the group will roll out a new EV "virtually every month", CEO Matthias Mueller said at the company's annual press conference here on Tuesday.

Volkswagen (VOWG_p.DE) has selected partners to provide battery cells and related technology worth around 20 billion euros ($24.7 billion) for electric-vehicle (EV) projects in Europe and China, pushing ahead with a shift to zero-emission cars.

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The bulk of the plants, nine, would be added to the EV production roster over the next two years.

"This is how we intend to offer the largest fleet of electric vehicles in the world, across all brands and regions, in just a few years", Müller insisted. A deal for North America will follow shortly, VW said.

It doesn't mean that VW is going all-electric though.

He said conventional internal combustion engines would play a role in the company's push to meet tougher European Union limits on carbon dioxide emissions by 2021. Yet, Muller said electrification does not mean the firm is moving away completely from conventional technologies. VW had to subsequently spend United States dollars 29.7 billion to fix consumer-owned vehicles, plus pay a USD 2.8 billion fine to settle U.S. criminal charges.

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Witter said that the group's financial position was solid, despite the challenge posed by expenditure on the diesel scandal.

Volkswagen also reiterates its sales revenue forecast to be up as much as 5 percent year over year and operating profit to between 6.5 and 7.5 percent, the company said in the statement.

The Volkswagen Group plans to have electric cars wearing all 12 of its automotive brands, plus its Volkswagen Commercial operation and its trucking companies, MAN and Scania. Development spending declined 3.9 percent to 13.1 billion euros in 2017, equivalent to 6.7 percent of sales. These expenses in the 2017 fiscal year were mainly attributable to higher expenses for the buy-back and retrofitting programmes for 2.0 l and 3.0 l TDI vehicles in North America and to higher legal risks.

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