Volkswagen Unveils $86B Electrification Plan

Automotive giant Volkswagen has announced plans to spend 73 billion euros on electrification, hybrid powertrains and digital technology to make way for a battery-electric future in conjunction with larger software business. The Volkswagen Group is one of the largest automotive companies in the world and the second-largest automaker in the United States. Volkswagen has already submitted a plan to become climate neutral by 2050, but the company has already launched an ambitious electrification plan, in which it aims to bring 70 pure electric car models to market by 2030.

So far, 20 of the 70 models have been announced, with a further 50 to follow and are divided into three categories: all-electric, hybrid and plug-in – in hybrid models. Volkswagen also wants to bring 60 hybrid electric cars onto the market by 2030, and 60 hybrids by 2040. The German carmaker summarized its vision for the future of electric cars and hybrid drives in a press release.

This is good news for electrification in general, but it will take a major push from an incumbent automaker to convert a significant portion of the global fleet to electric power.

Volkswagen expects to have 26 million fully electric cars by 2030 as part of its electrification plan. That may seem a little odd for a company with a history of offering hybrids, but it’s still a significant step forward.

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