The Volkswagen Group will invest around £7.5 billion into developing electric and alternative drivetrain cars in the next five years, with plans to launch more than 30 battery-powered models by 2025.
Speaking at the Group’s annual general meeting, CEO Matthias Müller also launched a staunch defence of diesel engines, saying that they will remain 'indispensable' for the foreseeable future.
The £7.5bn investment is part of the Group's plans to become the market leader in e-mobility as part of the Together - Strategy 2025 plan. Volkswagen has already invested £2.5bn in developing alternative drive technology over the past five years.
Speaking about the investment plan, Müller said: “This is how we will be rolling out more than ten new electrified models by the end of 2018. By 2025, we will be adding more than 30 more BEVs [battery-electric vehicles].”