Volkswagen To Invest USD 800 Million In Electric Vehicles

Published on: 15 Jan, 2019

Volkswagen Group (OTCMKTS: VWAGY) announced on Monday that the Company will invest USD 800 Million into a manufacturing base for electric vehicles. The Company’s North American base will be located in Chattanooga, Tennessee. This undertaking will create 1,000 jobs at the plant, plus additional jobs at suppliers. Electric vehicle production will begin in 2022.

Tennessee Governor Bill Haslam said, “As one of Hamilton County’s top employers, these additional 1,000 jobs will have a lasting impact on the region. I thank Volkswagen for its partnership and also applaud the company for its ongoing commitment to education and workforce alignment, which helps Tennessee build a pipeline of talent for years to come.”

In addition to Chattanooga, Volkswagen is building the first dedicated EV production facility in Zwickau, Germany. The Company will also add EV production plants in the Chinese cities of Anting and Foshan in 2020, along with facilities in Emden and Hanover, Germany by 2022.

“The US is one of the most important locations for us and producing electric cars in Chattanooga is a key part of our growth strategy in North America,” said CEO of Volkswagen AG, Dr. Herbert Deiss.

The Company plans to outlay almost USD 50 Billion through 2023 toward the development and production of electric vehicles and digital services. The brand projects 150,000 of its electric vehicles to be sold worldwide by 2020. That number is forecast to increase to 1 million by 2025.

In 2020, Volkswagen of America will release to consumers the first electric vehicle on the basis of its modular electric toolkit, the Company’s latest technological development.

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Nelson Cheng

Email: nelson@financialinsiders.com

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