Volkswagen is investing $482 million in EV production

Volkswagen will until the beginning of 2025 invest $482 million in its factory in Wolfsburg. The largest part of the funds will be spent on the production of the electric model ID.3, said the general director Thomas Schaefer. Image

Production of the ID.3 model is planned for the beginning of 2023

Full production of the compact car is expected by 2025, in Wolfsburg. Also, u Wolfsburg a fully electric SUV model based on the MEB platform will be produced. The MEB platform has only been used for electric vehicles since 2019.

The electric drive kit, which includes the structure and design of the vehicle, is now being adapted into the new version, which will be called MEB+ and which will enable faster charging times and greater range, according to the company.

Re-equipment of production sites in Wolfsburg, which employs around 60,000 workers producing models including the Golf, Tiguan and Touran, was of great importance. Workers feared that the factory could lose importance due to the switch to the production of electric cars.

The production of the leading factory has been on a downward trajectory since 2015. At that time, the company produced around 800,000 vehicles. However, since the start of the coronavirus pandemic, production has been a joke to less than 400,000 per year.

Thomas Schaefer said the automaker continued to face “unusual chaos” as suppliers canceled large orders overnight.

The company will decide by February whether it will produce a new electric sedan Trinity in the main factory in Wolfsburg or will build a new factory for that model.

The new SUV model will build on the company’s existing electric models, he said Schaefer. The new model will join our best-selling ID.4 and ID.5 models and expand our position in the market,” he said. Schaefer.

Partial production of the ID.3 model is planned from the beginning of 2023. Full production is expected in 2024.

Source: Reuters

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