On Tuesday, German automaker Volkswagen (VWAGY) announced that it would take the fast lane in future investments as it earmarked a massive amount of about $200 billion for new technology and electric vehicles. The company will focus its expansion in China and the US. The Biden administration’s Inflation Reduction Act (IRA) has spurred German investments in the US as Europe seems to been behind in the race of offering incentives for harnessing clean-tech investments.
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Volkswagen (VW) made its first major announcement of huge spending under Chief Executive Oliver Blume after former CEO Herbert Diess was removed from his position last year, by the automaker. The new CEO is concentrating on getting the giant car maker’s market share back in China. Tesla and home-grown car maker BYD have made great strides in the country and a price cutting exercise is been followed by many car makers.
Volkswagen is also trying to get back into the US market where it has been at the backseat for years. The new IRA offers all electric vehicle makers competitive deals making the US far more attractive when compared with Europe as it offers several incentives for the development of electric vehicles.
VW has surplus cash after it listed sports-car maker Porsche AG in 2022. It is using these funds to improve its investments in green technology development which is the recipient of major subsidies as the world is accelerating towards cleaner fuel in its bid to decrease its dependence on fossil fuels. The car maker is planning to allocate more than two thirds of its almost $200 billion investments for electric vehicles.
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Some of the major future investments and projects include the following:
A battery plant in Canada–its first plant outside Europe.
A new factory in South Carolina for all electric trucks and SUVs under the Scout brand.
Volkswagen is building a battery plant in Salzgitter, Germany and will also invest in another plant in Valencia, Spain. Brussels is also considering incentives for green technology investments and might attract large automakers sooner rather than later.
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