Volkswagen is said to be converting its automotive factory in Zwickau from the production of internal combustion vehicles to produce electric vehicles
Volkswagen will invest 44 billion euros ($50 billion) by 2023 to develop electric cars, autonomous vehicles and new mobility services.
The investment is part of a push by the German automaker to mass produce electric cars, the company said on Friday.
Volkswagen said that the first model built under its new strategy, the ID, will begin rolling off the assembly lines in 2022.
The automaker also plans to increase productivity of its factories by 30 percent by 2025, by building more vehicles with different brands on the same production line.
The company said on Friday that it could build up to 15 million electric cars over several years on its new electric vehicle production platform.
Volkswagen is said to be converting its automotive factory in Zwickau, Germany from the production of internal combustion vehicles to produce electric vehicles. Zwickau currently produced the Golf and the Golf Estate.
Volkswagen’s strengthens presence in India
Early this week Volkswagen launched two new initiatives, Corporate Business Centre and Volkswagen Secure, further strengthening its India priorities.
These initiatives have been introduced as a first with EVM Motors Pvt. Ltd in Cochin with the aim to expand these services across India within the next 12 months.