Despite Scandal, Diesels Still on Display in Frankfurt Auto Show

The new generation of the Audi A5. – AUDI BRUNEI

The automaker said on Monday it was stepping up the pace on its electric auto program, announcing more than 20 billion euros ($23.86 billion) of new investments over the next 12 years.

The declared aim is for everyone of VW's roughly 300 models to be globally available in an electric version by that date. However, other companies are taking similar steps - Mercedes-Benz has stated its intent to offer electric or hybrid versions of all its cars by 2022.

The German giant estimates that around one in four new group vehicles - up to three million units a year depending on how the market develops - could be battery-powered by 2025.

According to Mueller, the automotive industry is undergoing an irreversible process of transformation.

Volkswagen also confirmed that it isn't ditching the internal combustion engine just yet, saying its commitment to electrify the range "underlines Volkswagen Group's commitment to an orderly system changeover with today's engine as a bridge towards an emission-free age".

Volkswagen shows off a concept of its electric ID Crozz vehicle. Volkswagen says top speed is 180km/h, and the lithium-ion batteries can be juiced up to 80 percent of capacity in 30 minutes using a fast-charging system. In order to achieve this plan, the automaker will be investing more than $24 billion U.S. in developing new technology and two new platforms for their electric vehicles.

China, the world's largest auto market, announced this week that it intends to ban the production and sale of vehicles powered only by fossil fuels.

Volkswagen (VW), for its part, said it was seeking new global supplier contracts to source €50 billion ($60 billion) of electric vehicle content including batteries, which are not yet manufactured competitively in Europe.

VW, Daimler and BMW AG are accelerating electric-vehicle plans to react to slumping sales of diesel models amid the fallout from VW's cheating scandal.

The company's Chief Executive Officer Matthias Mueller outlined the plans, the manufacturer's most significant move yet into the electric vehicle space, on the eve of the Frankfurt auto show.

As the name suggests, Roadmap E puts Volkswagen on course for a future dominated by electric cars.

Volkswagen said its new investments would set the scene for "e-mobility's final breakthrough".

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