Volkswagen Group Announces Aggressive Plans For Electric Vehicles

Volkswagen Plans 16 Production Sites For Electric Vehicles By 2022-end

Volkswagen shares rise as car maker announces expansions of electric car production

While the auto maker is engaged in a massive push to develop new electric and hybrid models, "we will create the technical conditions for existing drive concepts and electric vehicle concepts to co-exist", he added.

The production plan is an update on the original plan called "Roadmap E" announced previous year.

"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", Müller said at Volkswagen's annual media conference in Berlin, according to a company statement.

Volkswagen Group's record earnings drove up Chief Executive Matthias Mueller's salary package by about 40 percent past year, to 10.14 million euros ($12.47 million) in pay and benefits, the carmaker said on Tuesday. 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 noted that it has already secured partnerships with battery manufacturers in Europe and China-worth roughly Euro 20 billion-while a North American supplier decision is set to be made soon. 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.

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The plan builds on Volkswagen's 'Roadmap E' initiative, which was launched last September and promises to bring 80 new EVs to market by 2025, when the group also expects to have the capacity to produce three million EVs annually. About 500,000 diesel vehicles with "defeat" devices were sold between 2009 and 2015 in the United States and another 11 million worldwide. Yet, Muller said electrification does not mean the firm is moving away completely from conventional technologies. We are putting nearly €20 billion into our conventional vehicle and drive portfolio in 2018, with a total of more than €90 billion [US$111 billion] scheduled over the next five years.

"We are investing strongly in tomorrow's mobility, but without neglecting the current technologies and vehicles that will continue to play an important role for decades", Müller said.

If anything, Sedric seems more likely to live under VW's new Moia ride-hailing startup brand than it does under something like Volkswagen, Audi or Skoda.

Separately, VW reiterated guidance for higher vehicle sales and revenue this year as well as a group return on sales of 6.5 to 7.5 percent before special items, compared with 7.4 percent last year.

Fallout from the scandal cost it 3.2 billion euros last year, it said in February, but did not hold it back from booking 11.4 billion euros in profit - around the same level as the year before "dieselgate" became public.

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