Volkswagen leaders are discussing a multi-billion-dollar electric automobile investment as electric vehicle trends continue to make headlines across the globe.
Over the next five years, Volkswagen will spend $82.5 billion on electric vehicle technology, according to a Reuters report released in mid-November. While the company has not released a statement detailing the new plan, VW has already put money toward building 80 brand new electrified models for release in 2025.
Even more ambitious, VW officials set goals to establish electric versions of all 300 existing models across the company’s 12 brands by 2030.
Previously, VW was no leader in the push toward electric vehicles. In 2015, the world found out the German carmaker had been cheating on diesel emissions tests—now known as “Dieselgate.” The scandal arose when 11 million VW vehicles appeared more eco-friendly than they actually were.
After almost $15 billion in customer reparations, plus looming criminal charges, VW officials have turned a new leaf and begun the quest toward a fully-electric vehicle lineup.
“We take our commitment to make things right very seriously and believe these agreements are a significant step forward,” said VW CEO Matthias Müller. “We know that we still have a great deal of work to do to earn back the trust of the American people.”
While the road to recovery is long, Volkswagen officials say they will continue looking forward in order to retain their position as one of the world’s top automakers.
“We have got the message and we will deliver,” Müller affirmed. “The transformation in our industry is unstoppable. And we will lead that transformation.”
