VW Bails on Diesel, Gives Tesla a $25 Billion Battery Shock

Future of Mobility News

The impending fate of diesel-fueled vehicles has quickly risen to the forefront as soon-to-be obsolete. With European nations cracking down on eliminating diesel vehicles in as little as five years, auto makers are taking swift action.

Volkswagen, which in recent years suffered severe PR damage around its diesel fleet, has secured 20 billion euros ($25 billion) in battery supplies to underpin an aggressive push into electric cars in the coming years, ramping up pressure on Tesla as it struggles with production issues for the mainstream Model 3.

The world’s largest carmaker will equip 16 factories to produce electric vehicles by the end of 2022, compared with three currently, Volkswagen said Tuesday in Berlin. The German manufacturer’s plans to build as many as 3 million of the cars a year by 2025 is backstopped by deals with suppliers including Samsung SDI Co., LG Chem Ltd. and Contemporary Amperex Technology Ltd. for batteries in Europe and China.

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About the Author

Stacey Jo
Stacey is our reporter on the beat always on the lookout for breakthrough ideas, inventions, and stories about how humankind is advancing its mobility.

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