Volkswagen to invest €10 billion in advanced powertrains, but will continue clinging to diesel

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The Volkswagen Group has invested some €3 billion ($3.3 billion) in “alternative” drive technologies over the past five years, and plans to triple this amount over the next five years, said CEO Matthias Müller at the company’s Annual General Meeting in Hanover.

“The future is electric. We intend to be the number one in e-mobility by 2025,” said Müller. “At the same time, the Volkswagen Group is continuing to develop diesel and petrol engines, making them even more efficient and eco-friendly…Conventional engines will remain indispensable for the foreseeable future.”

“The Group will be rolling out more than 10 new electrified models by the end of 2018. By 2025, we will be adding over 30 more BEVs,” Müller added. “At the same time, we are conducting intensive negotiations to establish partnerships in the field of battery cells in Europe and China. You will soon be hearing more about this.”

 

Source: Volkswagen