VW announces £62 billion investment in electric cars and batteries

VOLKSWAGEN has announced that it is investing £62 billion investment in electric cars and batteries.

Volkswagen PA

Volkswagen is investing £62 billion investment in electric cars and batteries

The German manufacturer announced the change to its investment strategy tonight at a pre-Frankfurt Motor Show 2017 event.

Earlier this year, VW announced it was investing £8 billion in EVs but has tonight changed its investment strategy.

Of this, £37 billion will be invested in battery production in order to support its ambitions to create a vast range of electric vehicles.

VW is aiming to bring 300 electric vehicle models to the market by 2030.

Volkswagen CEO Matthias Mueller said at the event tonight: “A company like Volkswagen must lead, not follow.

“We have got the message and we will deliver.

“This is not some vague declaration of intent.

“It is a strong self-commitment which, from today, becomes the yardstick by which we measure our performance.”

ID Crozz at Frankfurt Motor Show 2017 REUTERS

ID Crozz at Frankfurt Motor Show 2017

Previously this year, VW revealed how they want to overtake Tesla to become the biggest electric vehicle company in the world.

As well as the three already announced I.D electric cars, VW will also bring multiple EVs to the market under its other brands such as Audi and Porsche.

The German manufacturer looks to be trying changing the face of the company after the diesel cars emissions scandal emerged in September 2015.

Volkswagen will unveil a number of new cars at the Frankfurt Motor Show 2017 tomorrow inducing and updated version of the I.D Crozz and the 2018 VW Polo.

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