Volkswagen Increasing Electric Car Numbers
VOLKSWAGEN REVS UP ITS PLANS FOR ELECTRIC CARS
(CNN) – Volkswagen is hitting the gas when it comes to eliminating gas.
The German car maker is boosting the number of electric cars it plans to build.
Before Tuesday, the plan was to build 50 and sell 15 million of them over the next ten years.
Now, the company says it will produce 70 gas-free models and sell 22 million of them.
VW may also start manufacturing its own batteries in Europe.
The company is taking a short-term hit for what it hopes are long-term gains.
It’s absorbing an almost four per cent hike to r-and-d costs that are putting a drag on profits.
Most car makers agree it’s only a matter of time before internal combustion engines go the way of the dodo.
Volkswagen also owns Audio and Porsche.