This file photo taken on June 1, 2018 shows Volkswagen cars waiting to be shipped at the harbour in Bremerhaven, northern Germany.German car giant Volkswagen said Friday it would plough 60 billion euros by 2024 into its switch to electric, hybrid and connected vehicles, as automakers around the world rev up electrification plans.
Of the 29 million electric vehicle sales VW is targeting over the coming decade, 20 million will be from MEB-based vehicles. Meanwhile, VW will have to spend big to transform existing factories to produce electric cars — five in Germany, one in the US, one in the Czech Republic and two in China. VW last month said it was confident of hitting financial targets despite a lower unit sales outlook, warning that “vehicle markets will contract faster than previously anticipated in many regions”.