And that $25 billion is only for Europe and China.
Today, the company unveiled its electric vehicle production plans with 16 production sites and a massive ~$25 billion investment in battery cell contracts. Rather, VW Group has contracted with suppliers including Samsung and LG Chem, among others. Volkswagen added that it is now looking for suppliers in North America.
Volkswagen is looking to launch a new EV nearly every month from next year.
From 2019, there will be a new electric vehicle "virtually every month", Müller said: "This is how we intend to offer the largest fleet of electric vehicles in the world, across all brands and regions, in just a few years".
Experts see VW's repeated emphasis on this front as a means of getting rid of the stigma of "dieselgate" of 2015 that has continually haunted the firm.
"Things are moving. And we have plans for much more". Ford Motor (F) will launch 13 electric models over the next several years.
"At EUR 230.7 billion, the group's sales revenue was up 6.2 percent on the prior-year figure, which was a new record", said CFO Frank Witter. As well as this, consumers will be able to choose an electric version of all of its vehicle models.
Gigi Hadid and Zayn Malik have broken up
The two were also photographed out together that day in one of their final - and perhaps most iconic - joint street style outings. The singer also unfollowed Hadid and her mother, Yolanda , on Instagram . "I'm proud to be by your side x".
Meanwhile, cobalt prices have rocketed as Volkswagen, Tesla and other automakers slug it out to secure supplies of the scarce and costly ingredient for rechargeable vehicle batteries.
By 1145 BST, Volkswagen shares were 0.13% higher at €158.78. GM advanced 1.2% intraday Tuesday, while Tesla fell 1% and Ford rose 1.1%. As long as the current "confirmed uptrend" - the equivalent of a green light - stays in place, leading stocks breaking above a buy point may have the wind at their backs.
After seriously tarnishing its reputation with the diesel scandal, Volkswagen Group has changed strategy.
In an interview with Reuters TV, Mueller denied top management had a pessimistic view on VW's business prospects in 2018, but said potential bottlenecks as carmakers rush to get models through new so-called WLTP lab tests for emissions and fuel consumption were causing uncertainty.
From 2019, Müller insisted, the Group that owns Porsche, Audi, Bentley, Lamborghini, Seat, Skoda and Bugatti would launch a new electric auto "virtually every month".
Volkswagen says that pushing for electric vehicles does not mean internal combustion units would die.