The Volkswagen Group is betting large on the North American EV market with a $7.1 billion investment through 2027.
The investment will build up the company’s EV production capacity in North America.
It includes overhauls of its assembly plants in Puebla and San Jose Chiapa, Mexico.
It will also help increase the North American battery supply production.
However, VW did not release specifics of the spending plan.
The company is also hoping to introduce at least 25 new EV vehicles in the US market by 2030. This includes new EVs from Volkswagen, Porsche, Bentley, Lamborghini, and Audi.
The company is also localizing all major design and engineering responsibilities for the top-hat development of EVs in North America.
So, this could mean that VW could produce a pickup strictly for the North American market, for instance.
Scott Keogh, CEO of Volkswagen Group of America, had this to say on the localization process.
This profound commitment to our localized capabilities will transform Volkswagen into one of the leading EV brands known for its commitment to innovation, quality, and the communities we call home.
Keogh also confirmed that the company will begin phasing out sales of internal combustion vehicles in North America around 2030.
