Volkswagen bets big on electric with $25 billion battery bonanza


From 2019, there will be a new electric vehicle "virtually every month", Müller said: "This is how we intend to offer the largest fleet of electric vehicles in the world, across all brands and regions, in just a few years". He said 160,000 older diesels had been taken off the road through trade-in incentives, and made a decision to update software on 4 million cars to reduce emissions.

Volkswagen shares were trading up 0.4 percent to 159.14 euros as of 12:50 Frankfurt, narrowing the stock's drop this year to 4.4 percent. This year, another nine new vehicles, three of which will be purely electric-powered, will be added to the Group's electric portfolio of eight e-cars and plug-in hybrids.

At its annual press conference held Tuesday morning, however, Volkswagen said something that should make the rest of the industry pay sharp attention.

Another aspect of VW's "Roadmap E" plan will see partnerships with battery manufacturers in both China and Europe in the ongoing development of its electric I.D. range of vehicles, a contract that costs a whopping €20 billion ($24 billion) total. Diesel is key to efforts to meet tighter environmental targets because of its fuel efficiency, even though it emits smog-causing nitrogen oxides.

Volkswagen CEO Matthias Mueller says the automaker had "an excellent year" in 2017 and is committed to addressing concerns about diesel pollution.

Despite the fact that Volkswagen is still hurting financially from the emissions scandal, it claims that it wil spend an estimated €34 billion on developing its own electric vehicle technology.

Nigeria's President Negotiating the Release Of 100 Abducted Schoolgirls
Government Science and Technical College in Dapchi, Yobe State, where 110 girls were abducted by Boko Haram last week. He said that was why his administration chose negotiation, rather than military option, to secure their release.

This isn't one single deal.

A number of innovations from the Group were presented last week at the Geneva International Motor Show, among them the Audi e-tron, the Porsche Mission E and the I.D.

Volkswagen plans to launch the first full MEB auto, the I.D. hatch, in 2020 as the leader for an entire I.D. The company, which has struggled to secure sources of cobalt, a critical component for modern batteries, said that it's working on ways to reduce the amount of the element needed for its electric cars. "Others can do it better than we can".

It reportedly has Samsung SDI, LG Chem and Contemporary Amperex Technology on board as battery suppliers for two of its biggest markets, Europe and China.

In response, Volkswagen has started to shift its focus to environment-friendly cars. The R&D ratio, total research and development expenditure as a percentage of the Automotive Division's sales revenue, decreased to 6.7% from 7.3%.

"We are on the offensive and we're going to stay that way", he said.