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Automotive

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Volkswagen updated its plans for electric cars with a complete overhaul of its investment strategy.

After announcing an initial investment of $10 billion in EVs earlier this year, which was still smaller than the German automaker’s investments in gas-powered cars, they now promise to spend up to 70 billion euros (~$84 billion USD) in order to bring 300 electric vehicle models to market by 2030.

More interestingly, most of the investment 50 billion euros (~$60 billion) will be in battery production in order to support their electric car ambitions for the next decade.

A slide that leaked from a VW presentation about its upcoming electric vehicles showed that they have 4 new models coming under the VW brand within the next few years, but also several more under Audi, Porsche, and the automaker’s other brands.

While it’s still more talk than action, this move is significant because it would mean that the board has approved an investment schedule for electric vehicles and an investment of this size should get things going. electrek.co
Daimler’s (DAIGn.DE) Chief Executive Dieter Zetsche on Monday said Mercedes-Benz will offer electric versions of all its models by 2022, converting its Smart city car brand to become fully electric.

Speaking at the company’s investor day in Sindelfingen, Germany, Daimler (DAIGn.DE) said it will offer at least 50 electrified versions of Mercedes-Benz passenger cars in hybrid and fully electric car variants.

Because electric cars have a lower margin than combustion-engine cars, Daimler has set itself a more ambitious savings target.

The company’s Fit for Leadership 4.0 plan targets savings of 4 billion euros ($4.8 billion), Daimler said. reuters.com
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