With its reputation severely tarnished by a scandal over cheating on diesel exhaust tests, Volkswagen on Monday announced a major shift into the production of electric vehicles. It said that it would invest €20 billion ($24 billion) over the next eight years to produce 50 new, all-electric car models, challenging American and Japanese manufacturers for leadership in the electric mobility field.
Speaking at an event for the International Motor Show in Frankfurt, VW CEO Matthias Müller said that the firm would eventually produce an electric version of all 300 models produced by the group’s brands, which include VW, Audi, Porsche, Skoda, Seat and others.
“The transformation in our industry cannot be stopped,” Mr. Müller said. “We will lead the revolution.”