Volkswagen awards battery-purchasing contracts worth 40 billion euros
At German automaker Volkswagen AG’s annual shareholder meeting in Berlin on Thursday, CEO Herbert Diess told investors that the automaker has recently awarded battery-purchasing contracts valued at a total of 40 billion euros ($48 billion). The order for batteries confirms the massive investment Volkswagen has planned in EV segment.
With Volkswagen (VW) aggressively intensifying its efforts in the electric vehicle (EV) industry, the recent disclosure by Diess implies that the automaker’s latest orders for EV batteries underscore a two-fold increase over its orders from a few weeks back. Moreover, according to the information shared by Diess, VW is aiming at a sales target of ‘3 million all-electric cars per year’ by 2025.
The 40-billion-euro worth of EV battery orders which have just been awarded by VW have taken the automaker closer to the 50 billion-euro total figure which it appears to be seeking fervently. The recent change in attitude of management of big automobile companies in favour of electronic vehicles segment confirms the industry estimates of better future for the segment.
In reference to its latest Volkswagen EV batteries orders, industry experts compare the value of latest order for batteries to the entire market value of US-based electric vehicle manufacturer Tesla. Elon Musk led Tesla Motors has been in focus as the company has been leading the EV segment. However, industry experts suggest that Tesla Motors will face tough competition as the big automobile companies enter EV market.
Meanwhile, about VW’s plans in the EV arena, Diess said that the automaker will bring “more than 25 new electric models and more than 20 plug-in hybrids” to the market by the year 2020; and added: “In just a few years’ time, then, across all brands and regions, we aim to put the world’s largest fleet of electric vehicles on the road.”
New plans related to production of Model 3 have surprised parts makers. The automotive company has planned to launch its Model 3 by 2018, which is two years prior to what earlier was decided.
South Korean tire manufacturer Hankook Tire Manufacturing Company unveiled its new tires for electric vehicles (EVs) on Monday.
In accordance with Tesla CEO Elon Musk’s earlier-this-week announcement, the automaker is rolling out a new software update for its Autopilot system for its electric vehicles.
With US electric vehicle maker Tesla Motors having stabilized the monthly deliveries of its vehicles after recent issues, the sales of the company’s electric vehicles (EVs) in Norway have increased almost two-fold as compared to the 2017 figures.
In a recently released report, Forbes has drawn attention to data which shows that the sales of electric vehicles (EVs) in China were the highest in the world during 2017.
According to a recent announcement, Ryder is placing an order of a big fleet of 500 all-electric vans with a new electric vehicle startup Chanje.