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Leading car makers commit to electric vehicle future

Sat 11 November 2017 | Back to news list

The Volkswagen Group says it will invest EUR 34 billion in electric mobility, autonomous driving, new mobility services and digitalization by 2020. Meanwhile, GM has announced plans to launch a new family of EVs in 2021 that it says will make money for the company. Vauxhall and Opel - now owned by PSA - have also made a commitment for all European passenger carlines to be electrified by 2024.
 
The Volkswagen Group's Supervisory Board agreed the expenditure at a meeting in November. Most of this will go into the electrification and hybridization of all Group models. The Group says it will electrify its entire model portfolio by 2030. 
 
Matthias Müller, CEO of Volkswagen Aktiengesellschaft, said after the regular Supervisory Board meeting. "We are reinventing the car. We are making targeted investments in digitalization, autonomous driving, electric mobility and new mobility services by providing the necessary funds from our own resources. We are, however, doing so without sidelining existing technologies and vehicle projects, since this is how we will earn our money for the foreseeable future.
 
Meanwhile General Motors says it plans to launch a new family of electric vehicles in 2021 that will cost less to build and make a profit for the US' leading car maker. GM says it will build at least 9 models on the new 2021 EV platform, including a compact crossover, a large luxury SUV and a commercial van. The company says it will introduce 3 new EVs by 2020, including two crossovers, that will share basic components with the Bolt.
 
GM aims to cut costs through the introduction of a new battery system which will be more than 30 percent cheaper than the one that powers the current Chevrolet Bolt. Reuters reports that GM will cut the cost of its lithium-ion batteries to less than $100 per kilowatt-hour from $145 per kilowatt-hour by 2021, bringing the overall cost of electric vehicles much closer to comparable gasoline-engine models.
 
Opel/Vauxhall, which was bought from GM by PSA Group earlier this year says that it is aiming to become a European CO2 leader with its new PACE! strategy. By 2024, it says, all of its European passenger carlines are to be electrified – offering a pure battery electric propulsion or plug-in hybrid version alongside efficient internal combustion engines.
 
By 2020, Opel/Vauxhall is expected to have four electrified cars on the market, including the Grandland X PHEV and the next generation Corsa as a fully electric vehicle.


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