Volkswagen Group is once again boosting its strategy with a new €180 million investment in electrification and digitalisation.
Coinciding with its Group-wide earnings report for 2022, in which deliveries of all-electric vehicles increased by 26%, the company has announced a new investment of 180 million euros to further boost its electrification strategy.
This substantial sum will be distributed between 2023 and 2027, according to the company, “in the most attractive regions and earnings groups”, which includes the Group’s battery strategy and its plan to increase its presence in North America, while keeping an eye on China.
More than two-thirds of the €180 billion will be allocated to electrification and digitalisation. Volkswagen Group CEO Oliver Blume said:
“We have set clear and ambitious targets and made the necessary decisions to optimise processes in FY22. FY23 will be a decisive year for executing strategic objectives and accelerating progress across the Group.”
The Group’s strategic plan also calls for the launch of more models in the run-up to 2023, including: the recently unveiled new Volkswagen ID.3, ID.7, ID. Buzz long-wheelbase, CUPRA Tavascan and Audi Q8 e-tron. The Group’s best-selling models in 2022 were, in this order: the Volkswagen ID.4 and ID.5, the ID.3 and the Skoda Enyaq iV (and its Coupé version).
The Group’s goal is for one in five vehicles sold worldwide to be fully electric by 2025. By 2030, the Group’s battery business, PowerCo, is expected to generate annual sales of more than 20 billion euros. Peak investment is expected to be reached in 2025.
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