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Volkswagen to Allocate USD 193 billion to Fulfill EV Goals for Over Five Years

More than two-thirds of the five-year investment, budget is allotted to electrification and digitalization to accomplish the target of 50% of global electric vehicle (EV) sales by the year 2030, soaring from 56% in the five-year plan issued every year previously.

March 15, 2023. By EI News Network

Volkswagen proposes to invest USD 193 billion over the next five years in areas comprising battery manufacturing and its North American operations, with payout on internal combustion engines bent to fall off from the year 2025.

In addition, more than two-thirds of the five-year investment, budget is allotted to electrification and digitalization to accomplish the target of 50% of global electric vehicle (EV) sales by the year 2030, soaring 56% in the five-year plan issued every year previously.

The auto manufacturer this month released a bright prospect for the subsequent time, as it expects revenue to increase by 10% to 15% and distribution to increase by 14% in spite of supply chain challenges.

Volkswagen’s last year's gain margin is at the upscale of its 8.1% prediction, even as supply chain disorder has pulled its net cash flow well underneath the goal.

Volkswagen declared that its first battery factory outside of Europe will be in Canada and start manufacturing in 2027.

The company’s board member Thomas Schmall said that organisation is in no hurry to decide on the location site of its next European plant awaiting about the figure of incentive Europe will avail.

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Internal combustion engines

Battery manufacturing plant

Europe