The automaker still intends to lock down a North American battery supplier deal shortly, however, according to Bloomberg, and ultimately intends to buy about $60 billion in batteries for EVs in total, with a goal of producing as many as 3 million electric cars per year by 2025.
To ensure a constant flow of batteries for the new cars, Volkswagen has signed an undisclosed number of contracts, valued at 20 billion euro ($25 billion), with battery manufacturers from both Europe and China.
The production plan is an update on the original plan called "Roadmap E" announced previous year.
Today, the company unveiled its electric vehicle production plans with 16 production sites and a massive ~$25 billion investment in battery cell contracts.
Roadmap E calls for 50 battery-electric vehicles and 30 plug-in hybrid models by 2025, with up to a quarter of all new VW Group models being purely electric powered by that point.
Volkswagen will open the floodgates in 2022 and launch a new electric vehicle every month as it works aggressively to electrify its portfolio, the automaker said.
"Over the last few months, we have pulled out all the stops to implement "Roadmap E" with the necessary speed and determination", Müller said. So far the company has yet to decide on a supplier for North America.
It doesn't mean that VW is going all-electric though.
"Building up expertise and mastering the technology does not necessarily imply that we want to start large-scale assembly of batteries ourselves", the CEO said. VW had to subsequently spend Dollars 29.7 billion to fix consumer-owned vehicles, plus pay a USD 2.8 billion fine to settle USA criminal charges. "We are putting nearly Euro 20 billion into our conventional vehicle and drive portfolio in 2018, with a total of more than Euro 90 billion scheduled over the next five years".
As we discussed in the latest episode of the Electrek Podcast, Volkswagen's electric auto efforts mostly consist of press releases and concept vehicles at this time, but they seem quite serious about it based on their investments.
Until its "dieselgate" emissions scandal was revealed two and a half years ago, Europe's largest automaker had been slow to embrace electric cars.
Volkswagen also reiterates its sales revenue forecast to be up as much as 5 percent year over year and operating profit to between 6.5 and 7.5 percent, the company said in the statement.