Volkswagen has stated that it will invest $193 billion in electrification

Volkswagen has stated that it will invest $193 billion in electrification

Blume’s announcement comes on the heels of the automaker’s announcements that its subsidiary PowerCo will build its first North American battery cell factory in Canada and that it will manufacture electric pickups and SUVs in South Carolina. After repurposing its Chattanooga, Tennessee factory in 2022, the company is already producing its ID.4 electric vehicles in the United States. However, Volkswagen’s electrification efforts lag behind those of its main competitors, and the company is aiming to gain a stronger foothold in North America as well as become more competitive in China. The company regards those regions as its two most important markets, which it must conquer if it is to meet its objectives. Volkswagen has previously stated that it expects electric vehicles to account for approximately 55 percent of its sales in the United States by 2030.