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Mar 8, 2020,  by Allianz Partners Business Insights

Electric cars: Volkswagen to launch eight new vehicles in 2020 and invest 11bn euros by 2024

In a recent press release Volkswagen announced its investment strategy, policies and upcoming vehicle launches, setting out its commitment to electric and hybrid vehicles in the process. The German group regards its 2020 projects as “the biggest electric offensive in the automotive industry next year”. 

Illustration - Pixabay / GoranH

 

Volkswagen has restated its intention to boost its presence in the electric car market. The German manufacturer has said that it will be investing 19bn euros in new car technologies by 2024, with 11bn alone going into the development of e-mobility. According to a press release issued on Thursday 19 December, it will launch 34 new models worldwide in 2020, eight of them electric or hybrid vehicles.

 

A new direction?

 

The press release announced the start of “the biggest electric offensive in the automotive industry next year”, with the arrival of two new models in the ID range, described by COO Ralf Brandstätter as “the new Volkswagen”. The compact ID.3 will go on sale in summer 2020 and will be followed shortly afterwards by the ID.Next, the German carmaker’s first electric SUV. 

“Our ID. family makes emission-free mobility accessible to many people for the first time,” said Brandstätter. Clubic reported that new versions of the Tiguan, the Golf 8 and the Seat Tarraco will also hit the market next year. 

 

Financial success

 

Volkswagen said it was particularly pleased with its cost savings policy. As part of its “pact for the future”, the German brand has already achieved some 2.6bn of the 3bn-euro savings it has planned. It also announced that its Car.Software organisation will begin operating as an independent business unit in January 2020.

Car.Software is one of the key features of its digital transformation roadmap and will devote its energies to developing high-tech systems and services for Volkswagen’s future cars. The company’s in-house share of car software development and vehicle-related services currently stands at 10 percent, a figure Volkswagen is aiming to increase significantly by 2025.

 

Allianz Partners

Cover image : Pixabay / Simon

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