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Volkswagen to challenge Tesla head on with a $50 bn investment in EV

In a bid to compete with Tesla, sources closely following the matter revealed that one of the world’s largest carmakers, Germany’s Volkswagen AG plans on investing heavily in e-mobility and electric vehicles market sectors with a reported war chest of US$50 billion.

Initially, Volkswagen made this announcement back in November, when the company had revealed that it would invest US$49.7 billion (44 billion euro) on new mobility services, digitization in vehicles, e-mobility, and autonomous driving, and at plants through 2023.

As per reports, out of the total expenditure planned by Volkswagen for the period of 2019-2023,  This investment would represent around one-third of it.

Volkswagen staged the world premiere of the electric ID. BUGGY earlier in the previous week at the Geneva Motor Show.

In a statement, Ralf Brandstätter, COO of the Volkswagen brand said, “The ID. BUGGY demonstrates the broad spectrum of emission-free mobility that can be achieved with the MEB [electric drive matrix] within the Volkswagen brand. But we want to open up the platform for third-party suppliers.”

The COO of the Volkswagen brand further added, “The transformation of the Volkswagen brand is in full swing. We are making excellent progress in the areas of digitalization of our company and the electrification of our models.”

Volkswagen’s motto reads as follows: “electric cars for millions, not for millionaires.”

For all legacy automakers venturing into EVs, Tesla will be the competitor to beat. Last week, Tesla said that the long-awaited US$35,000 Model 3 was now available.

 “Shifting all sales online, combined with other ongoing cost efficiencies, will enable us to lower all vehicle prices by about 6% on average, allowing us to achieve the $35,000 Model 3 price point earlier than we expected,” Tesla said last week.

Back in the previous week, regarding the announcement, Elon Musk tweeted, “Base Model 3 available in Europe in ~6 months, Asia 6 to 8 months. Latter contingent on Shanghai Gigafactory. Country-specific taxes & import duties mean price maybe 25% or more above US number.”

Significantly, in a later tweet, Musk hinted at displaying the Model Y unveil event on March 14. According to Musk, “ the Model Y will cost about 10% more & have slightly less range for the same battery, as it is an SUV model.”

 

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Safdarali Rizvi
Safdarali Rizvi the management graduate. Has been an avid book reader all his life so naturally loves playing with his words. His curiosity for discovering futuristic opportunities drives him to enlighten the entire Geekymint team with exclusive and intriguing news. He has a real passion for calisthenics and sports. His management abilities and hunger for learning brings tremendous value to our team.

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