VW will produce electric vehicles in 16 locations by 2022

An agreement to toughen up EU legislation and regulations surrounding vehicle emissions designed to ensure that another ‘dieselgate’ scandal can never re-occur is being held up by the German government which wants more time to agree a compromise

VW will produce electric vehicles in 16 locations by 2022

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.

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Trump's eagerness to seal the deal of NAFTA came months after the United States and Canada were on the loggerheads on this issue. For now, Canada and Mexico are the only two countries exempt from tariffs of 25 per cent on steel and 10 per cent on aluminum.

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.

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