Volkswagen to Invest $7.1 Billion In North America

Automobile Business

Volkswagen AG has been planning to invest 7.1 billion dollars over the next five years in the region of North America and the company is also going to be adding 25 new electric vehicles in the region by 2030 as said by a top executive of the company.

According to Scott Keogh, president and chief executive officer of Volkswagen America said, the company has also been expecting around 55 percent of the company’s vehicles sales in the United States to be fully electric by the year 2030 and that is compared with a target of 70 percent for the electric vehicles in the continent of Europe by 2030.

The company ‘Volkswagen’ is also going to start to phase out the company’s models powered by gasoline in the region of North America along with the aim of exiting the sales of the vehicles having combustion engines in the upcoming decade.

Scott Keogh said that, the company is going to start building the ID.4 electric crossover in the year 2022 and the company has also been planning to sell its new ID.Buzz electric microbus in the United States in the year 2024, and the company has not decided whether to start building the ID.Buzz in the region of North America.

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He also said that, the company has also been planning to build the battery production plant in the United States, where the company is having a partnership with the SK Innovation based in South Korea.


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