Electric vehicles (EVs) continue to be on the rise in popularity, making them a hot item for many customers. More companies are trying to make as many as they can as a way to keep up with the competition. After all, they want to be able to meet the demand that will no doubt hit when least expected.

One such company looking to ramp up EV production is German-based car manufacturer, Volkswagen. In a recent statement from The Volkswagen Group (VLKAF), they unveiled their cars to increase the amount of new EVs up to 70- a solid increase from the originally planned 50.

They also want to build 22 million EVs by 2028, rather than the previously mentioned 15 million.

Since this group includes car manufacturers such as Audi, Porsche, and Skoda, this means that plenty of EVs will slowly be made available for customers in the coming years. Their main motive isn’t customer-related, though; they claimed that the reason is to reduce their carbon footprint in their vehicles to 30 percent by 2025, and later 40 percent five years after that.

The Volkswagen Group had revealed previously that they had made large investments in battery and electric technology. Their more recent statement also revealed that they’re thinking about jumping into Europe’s battery manufacturing industry, making it clear that the automotive group is extremely serious about EVs and other related industries.

While this is clearly exciting news, this move may affect Volkswagen’s bottom line in a negative way.

Their group profits reached €13.9 billion ($15.7 billion USD) in 2018, which was a 0.7 percent increase from 2017.

But the costs of development and research, as well as electric mobility investments increased to 3.8 percent last year, which negatively impacted those profits.

To offset future costs, Volkswagen plans to share those costs with another car manufacturer. Back in January of 2019, they announced a partnership between them and American car company Ford to build EVs together. They also want collaborate in developing the next generation of vehicles.

Despite financial concerns, Volkswagen’s determination to make more EVs is both evident and admirable.

It’s clear that they’re going to need a lot of time and money in order to achieve the lofty goals that they’ve set for themselves. Whether they achieve them or not is anyone’s guess- but it will certainly be a wonderful feat to achieve.

Source: CNN

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