• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 5 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days Does Toyota Know Something That We Don’t?
  • 6 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 3 days World could get rid of Putin and Russia but nobody is bold enough
  • 2 days America should go after China but it should be done in a wise way.
  • 6 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 5 days China is using Chinese Names of Cities on their Border with Russia.
  • 6 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 5 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 6 days Putin and Xi Bet on the Global South
  • 6 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 7 days United States LNG Exports Reach Third Place
  • 7 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 11 days huge-deposit-of-natural-hydrogen-gas-detected-deep-in-albanian-mine

Volkswagen Plans EV Factory In U.S.

Volkswagen plans to build a factory for affordable electric vehicles in the United States, the company’s new head of North American operations, Scott Keogh told media at an industry event, as quoted by Reuters.

The plan is part of the German automaker’s ambitious foray in to EVs that seeks to establish it as a leader in the space currently dominated by Tesla and Chinese carmakers who rule the local market, which is the biggest car market globally.

“We are 100 percent deep in the process of ‘We will need an electric car plant in North America,’ and we’re holding those conversations now,” Keogh said.

The executive’s announcement comes a few days after Volkswagen said it will convert two factories in Germany to EV production to meet its deadlines for commercial production. This will make a total of three German factories the major will use for making EVs only.

Volkswagen earlier in November announced a budget of US$50 billion (44 billion euro) for the development and production of electric cars, autonomous vehicles, and so-called new mobility services, over the next five years.

Chief executive Herbert Diess last month told German weekly Automobilwoche that the company had struck battery production deals that would allow it to churn out 50 million electric vehicles, but a company spokesman later clarified Diess had meant the 50 million cars as a theoretical, long-term production target.

Theoretical or not, Volkswagen has plans in place to release a total 27 models of electric vehicles, beginning mass production in late 2022. The initial target is 10 million, according to a Reuters report from September.

To that end, the company developed a special EV manufacturing platform dubbed MEB, or modular electrification kit. With its help, Volkswagen is looking to sell 3 million EVs annually by 2025 and eventually become the leader in the EV space globally.

By Irina Slav for Oilprice.com

ADVERTISEMENT

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News