German automaker Volkswagen reportedly presented a five-year investment plan to the company’s supervisory board on Friday as it aims to accelerate electrification efforts and enhance its software strategy.
It must be noted that the automaker’s EV production has long been hampered by its software issues. Nonetheless, Volkswagen Group still managed to grow significantly, primarily due to its ID portfolio of electric vehicles.
Changes in leadership
In 2022, Oliver Blume replaced former Volkswagen Group CEO Herbert Diess. Since then, new CEO Blume has been reviewing the company’s electrification plans, which he later proposed to revamp.
VW has also successfully hit its delivery target of 500,000 ID models in November 2022, a year earlier than anticipated. Remarkably, some experts even expected VW to beat the world’s most valuable automaker Tesla in 2024.
New proposed plan
As mentioned, the proposed five-year plan is expected to boost VW’s electrification efforts with an all-new software strategy, which was previously affected by cost overruns and delays.
The supervisory board analyzes further VW Group’s EV manufacturing facilities to decide on the following matters:
· when they will start making EVs
· which new factory plans will proceed
· how the job situation will be
As of now, we know the new plan kept the job situation at VW’s Hannover facility until 2029, as the works council spokesperson confirmed. Furthermore, reports suggest that the Friday meeting also tackled if VW will develop a new factory for the Trinity EV and which new EVs will be assigned to the Hannover plant’s production line.
Unfortunately, the German automaker has not yet disclosed the specifics of the five-year plan. It reportedly plans to release the full details from the supervisory board meeting at its annual media conference on March 14, 2023. Watch out!
