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Watch out, Tesla: VW is making a $25 billion push into electric vehicles

As Tesla factories deal with production issues, Volkswagen is making a major investment in its electric car future. The German automaker has lined up $25 billion in battery supplies, according to Bloomberg. The report says that by 2021 Volkswagen expects to have 16 factories capable of electric vehicle production, up from three; By the end … Continue reading “Watch out, Tesla: VW is making a $25 billion push into electric vehicles”

Watch out, Tesla: VW is making a $25 billion push into electric vehicles
[Photo: courtesy of Volkswagen]

As Tesla factories deal with production issues, Volkswagen is making a major investment in its electric car future. The German automaker has lined up $25 billion in battery supplies, according to Bloomberg.

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The report says that by 2021 Volkswagen expects to have 16 factories capable of electric vehicle production, up from three; By the end of 2025, the automaker plans to be producing 3 million electric cars a year. These efforts will target sales in China and Europe, but movement in North America is coming, Bloomberg reports.

Volkswagen’s electric ambitions are not only an attempt to unseat Tesla, but a way to clean up its image as a diesel-belching polluter and law breaker. This push will require a lot of investment, though Volkswagen’s chief exec says the company is focused on staying profitable through sales of its current line of cars.

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About the author

Ruth Reader is a writer for Fast Company. She covers the intersection of health and technology.

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