The German carmaker is increasing the number of new electric models it plans to build over the next decade from 50 to 70. The group had previously announced massive investments in electric and battery technology, signaling its intention to confront upstarts like Tesla (TSLA) that have taken the lead in the emerging market for electric cars.
The Volkswagen Group (VLKAF) said in a statement Tuesday that it now plans to build 22 million electric cars across its brands by 2028, a sharp increase from its earlier estimate of 15 million. It said it may also get into the battery manufacturing business in Europe.
There are some signs that increased investment in new technology is starting to hurt Volkswagen’s earnings.