{"id":521,"date":"2023-03-14T18:47:28","date_gmt":"2023-03-14T18:47:28","guid":{"rendered":"https:\/\/www.autobuyersmarket.com\/news\/?p=521"},"modified":"2025-05-05T10:24:47","modified_gmt":"2025-05-05T10:24:47","slug":"volkswagen-to-invest-193-billion-in-ev-development-over-the-next-five-years","status":"publish","type":"post","link":"https:\/\/www.autobuyersmarket.com\/news\/2023\/03\/14\/volkswagen-to-invest-193-billion-in-ev-development-over-the-next-five-years\/","title":{"rendered":"Volkswagen to Invest $193 Billion in EV Development Over the Next Five Years"},"content":{"rendered":"\n
\"Volkswagen
The Volkswagen ID.4, an all-electric SUV produced by German automaker Volkswagen first introduced in 2020 and is part of the company’s ID series of electric vehicles. File photo: Ginger Polina Bublik, Shutter Stock, licensed.<\/figcaption><\/figure>\n\n\n\n

HERNDON, VA – German auto manufacturer Volkswagen on Tuesday officially announced that they plan on investing $192.6 billion over the next five years<\/a> into the development of electric vehicles (EVs), with the goal being the conversion of the companies output from gas powered vehicles to solely electric by 2027.\u00a0<\/p>\n\n\n\n

Between 2023 and 2027, Volkswagen noted that their company will focus fully on developing and building EVs, with their upcoming impressive investment having been driven by a substantial profit of over $24 billion during the operating year of 2022 \u2013 driven in-part by the successful IPO of luxury brand Porsche \u2013 representing a 13 percent profit increase year-over-year. <\/p>\n\n\n\n

Volkswagen Group CFO and COO Arno Antlitz stated that 2023 will be \u201cdecisive\u201d for executing the company\u2019s strategic goals to \u201ccontinue investing in electrification and digitalization\u201d even in a \u201cchallenging economic environment.\u201d <\/p>\n\n\n\n

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We have interest rates increasing and the overall demand is slightly coming down from a customer perspective, from a market perspective, but on the other hand we are still operating in an environment, in an economy, that is characterized by [semiconductor] supply that is still not sufficient,\u201d he said.\u00a0<\/em><\/p>\n<\/blockquote>\n\n\n\n

Antlitz also said that the easing of the global shortage of semiconductors would also contribute to Volkswagen achieving its goals going forward. <\/p>\n\n\n\n

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Based on that, we have an order book which is almost 1.8 million cars,\u201d he said. \u201cBased on our strong products, strong brands and that order book, we are rather confident for 2023.\u201d\u00a0<\/em><\/p>\n<\/blockquote>\n\n\n\n

The announcement comes as the industry continues its transition over to EVs, with more and more automotive manufacturers investing greater sums of money into their development and manufacture. In late 2022 alone, Volkswagen completed the landmark electrification of its vehicle plant in Chattanooga, Tennessee, with more work in that regard to come in 2023 and onward. <\/p>\n","protected":false},"excerpt":{"rendered":"

HERNDON, VA – German auto manufacturer Volkswagen on Tuesday officially announced that they plan on investing $192.6 billion over the next five years into the development of electric vehicles (EVs), with the goal being the conversion of the companies output from gas powered vehicles to solely electric by 2027.\u00a0 Between 2023 and 2027, Volkswagen noted […]<\/p>\n","protected":false},"author":4,"featured_media":522,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[3],"tags":[],"class_list":["post-521","post","type-post","status-publish","format-standard","has-post-thumbnail","category-market-updates","entry"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\n\t\t\n