Volkswagen to invest $66 bn to develop electric and hybrid cars

Der neue Volkswagen e-up! und der neue Volkswagen e-Golf

Volkswagen will invest 60 billion euros or $66.12 billion by 2024 to develop electric and hybrid cars as well as digital technologies.

Volkswagen, the multi-brand car and truck making group, plans to build 75 variants of electric car and around 60 hybrid vehicle models.

Volkswagen will build around 26 million electric cars, of which 20 million vehicles will use VW’s electric MEB vehicle platform by 2029, the carmaker said.

Volkswagen plans to retool its plant in Emden, Germany to build an electric sports utility vehicle (SUV) from 2022 onwards, and a decision on where to locate a new factory will be taken by year-end.