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Volkswagen to invest US $ 2 billion in electric vehicle

Volkswagen to invest US $ 2 billion in electric vehicle infrastructure in the US

Company plans to install 500 charging stations across the country.

The volkswagen Group of America announced on Tuesday (7) a subsidiary in the United States that will manage $ 2 billion in investments in zero emission vehicle infrastructure and awareness programs over a decade as part of a judicial agreement on Emissions of diesel.

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The world’s largest automaker by sales said the unit plans to install more than 500 charging stations nationwide, including more than 300 stations in 15 metropolitan areas, and to develop a high-speed, cross-country network consisting of More than 200 stations.

VW will also launch a “Green City” initiative in a California city still to be identified to capitalize on future concepts, potentially including a ZEV (zero emission vehicle) based transportation service, an EV-based car sharing program (Electric vehicle) or a ZEV transit program.

The company will make four $ 500 million investments every 30 months and must get approval from the California Air Resources Board and the US Environmental Protection Agency for expenses.

VW is expected to present draft plans for regulators on the first financing plan by February 22.
The Electrify America unit, based in Reston, Va., Is a wholly owned subsidiary of the Volkswagen Group of America and is separate from Volkswagen AG’s car brands.

The German automaker’s agreement over the diesel emissions of nearly 600,000 US vehicles requires $ 800 million to be spent in California and $ 1.2 billion invested throughout the rest of the United States.

Volkswagen to invest US $ 2 billion in electric vehicle
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Updated: July 7, 2017 — 7:34 pm

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