Volkswagen bets big on electric with $25 billion battery bonanza

March 13, 2018

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After seriously tarnishing its reputation with the diesel scandal, Volkswagen Group has changed strategy. As we reported last September, the company is now heavily committed to electrifying all of its brands by 2030, with 30 new plug-in hybrids and 50 new battery electric vehicles due by that date. On Tuesday, it revealed a crucial part of that plan, called Roadmap E, by locking up a $25 billion supply of batteries.

This isn’t one single deal. Rather, VW Group has contracted with suppliers including Samsung and LG Chem, among others. And it’s not the end of the story. VW Group says this is just to line up batteries for vehicles to be built in Europe and China; a decision about a supplier for North American production “will be taken shortly,” it said in a press release.

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