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Volkswagen to Invest $7.1B in North American EV Production -Breaking

by Mike Robinson

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© Reuters. Volkswagen will invest $7.1B to increase North American Electric Vehicle Production

Volkswagen (DE.) (VWAGY(OTC):) released Monday’s statement that $7.1 Billion will be invested over five years by the company to grow its electric product line in America.

Scott Keogh, Volkswagen CEO, stated that this investment will “transform Volkswagen into one the most respected EV brands, known for its dedication to innovation, quality and the communities it calls home.” Volkswagen plans to eliminate gasoline-powered cars from its American lineup by 2030. EVs will account for as much as 55 percent of U.S. sales during the same period.

According to the company, it will introduce more than 25 battery-electric vehicles to American consumers by 2030. It will also include the ID. This includes the ID, passenger vans, and buzz cargo. An unnamed electric crossover will also be launched in 2026.

Volkswagen has also revealed plans to renovate factories in Puebla (Mexico) and Silao (Mexico), to allow for electric vehicle and component assembly. The company is currently refurbishing the Chattanooga factory and planning to create the 2022 VW ID.4 hybrid crossover.

Volkswagen will use part of the $7.1Billion for local vehicle design and engineering centers as part of American expansion. This strategy, according to the automaker, reflects its new focus on American consumer demand for vehicles designed and built by North Americans.

By Michael Elkins

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