German auto maker giant Volkswagen has just upped its bet on electric vehicles (EVs) by announcing it will begin manufacturing batteries and charging stations for those cars, which the company plans to also start mass producing soon.
The Wolfsburg-based company said it would invest 870 million euros (about $985 million) by 2020 to develop e-vehicle components, adding that its components division, which makes engines and steering parts, will now be in charge of producing, packing and overseeing recycling of battery cells and packs.
VW has been actively promoting the electric push by creating global production capacities for the construction of 1 million electric cars. Late last year, it announced it would spend nearly $50 billion to refocus on the making of electric cars, autonomous vehicles and new mobility services.
As part of the overhaul, the carmaker began converting three of its plants in Germany to build EVS and so ramp up production of zero-local emission cars ahead of tougher European emissions standards.
VW also said it would start developing mobile electric car charging stations at its nearby plant in Hannover, which currently makes engines and castings for traditional cars, which the company will stop producing in 2026.
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