The wallet has been opened again by the Volkswagen Group as it made clear that it aims to be the leader when it comes to electric cars. On Friday, the automaker from Germany said that it is going to spend an amount of $66 million thorough 2024. The combined amount is going to be spent on electric cars and new digital technologies.
Out of this investment, an amount of $33 billion has been set aside for the development of electric cars and the group has an expansion among a large number of brands which makes it even more significant. Among these brands which include Audi, Porsche and more Skoda and Volkswagen along with its truck divisions. In combination, they are going to come up with as many as 75 all-electric cars by the year 2029 as per the most recent strategy of the automaker.
Of the cars sold annually, the automaker has said that 20 million of them are going to ride on their MEB electric-car platform of their architecture which underpins ID 3. This is going to serve as the foundation for a big market of EVs from the group which is going to come in the future years including their ID 4 crossover, their electric wagon and a minibus.
A further 6 million cars which are sold by that time are going to ride on PPE platform which is coming soon and is a combined effort in engineering between Audi and Porsche. Their architecture is going to be for premium and the high performance electric vehicles.
The rest of the cash is going to go into the hybrid vehicles and also the new digital technology associated with it.