While other carmakers are pinching pennies and tightening belts in response to austere economic conditions and ever more stringent environmental legislation, the Volkswagen Group is pushing ahead and spending big on its future. At a supervisory board meeting last week, it approved a huge €60 billion (RM275.7 billion) investment into hybridisation, electric mobility and digitalisation over the next five years, taking it up to 2024.

That’s a circa 10% increase from what was planned just last year, with €33 billion (RM151.7 billion) set aside to be spent on electric mobility alone. And that’s not all – the German conglomerate also now plans to introduce 75 all-electric models across its vast armada of brands by 2029, along with 60 hybrids. That’s a rate nearly eight EVs and six hybrids per year.

It’s doing this because Wolfsburg wants to sell a combined 26 million EVs throughout this period, as well as six million hybrids. Out of that 26 million figure, around 20 million will be built on the new Modular Electric Drive Matrix (MEB), on which the company’s first commercially viable electric model, the ID.3, is built. The remaining six million will sit on the High Performance Platform (PPE) of the Porsche Taycan.

The main Volkswagen brand has also confirmed that a small SUV due to be called the ID.4, already previewed in camouflage form at this year’s Frankfurt Motor Show, will enter production at the Emden plant in Germany in 2022.