Volkswagen to invest $482 million in electrifying Wolfsburg plant

BERLIN :Volkswagen will invest 460 million euros by early 2025 in its Wolfsburg plant, with most of the funds going into preparation for the production of the electric ID.3 model, brand chief Thomas Schaefer said on Wednesday.

Once series production of the ID.3 is underway, which should happen after 2025, an additional fully-electric model in the SUV segment will also be produced in Wolfsburg on the MEB platform, which is being developed into MEB+, the statement said.SUVs were the carmaker's largest segment globally by far, Schaefer said:"This is the largest vehicle segment worldwide, in which our beloved Tiguan also belongs. The new model will add to our bestseller ID.4 and ID.

The timeline for production of the ID.3 is on track, with partial production to take place in Wolfsburg from 2023 and full production expected in 2024.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Mercedes to double electric motor output at Untertuerkheim - WiWoBERLIN : Mercedes-Benz is to double production capacity for electric motors to 1 million units at its Untertuerkheim plant, which has traditionally focused on combustion engines, WirtschaftsWoche magazine reported on Tuesday.The German carmaker's management and works council struck an agreement on restruc
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

UK-based INEOS agrees to buy 50% of Sinopec's Tianjin petchem plantSINGAPORE : UK-based chemical and energy group INEOS has agreed to acquire a 50 per cent stake in a petrochemical project in north China owned by China's Sinopec Corp, the two companies said on Wednesday.The Tianjin Nangang Ethylene Project is currently building a 1.2 million tonne per year (tpy) ethane c
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »