#IAA: Volkswagen Completely Overhauls Investment Strategy - Dedicates $84 BILLION Towards EV Development

Volkswagen has already announced plans to introduce several new electric models, but now the larger Volkswagen Group of brands is following suit.

Volkswagen updated its plans for electric cars with a complete overhaul of its investment strategy.

The much-trailed Volkswagen T-Roc compact SUV makes its public debut at the Frankfurt Motor Show, and is being seen as the start of a new era as VW puts the emissions crisis behind it.

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The company's so-called I.D. electric model has been created to compete with Tesla Inc.'s least expensive auto, the new Model 3 sedan, which is available with a price tag of $35,000.

Earlier in the year, Volkswagen revealed their upcoming electric SUV concept called the I.D. Crozz.

From a holistic approach to modular system integration to full-vehicle manufacturing and assembly, Magna works closely with global automakers to solve problems, identify new materials and processes, and provide unique solutions to industry challenges. Conventional drive systems are not opponents.

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Muller also revealed how VW Group is investing in battery development and production, and has an initial electric range target of 370 miles, around 10% more than the best-performing Tesla available today.

He added that across the Volkswagen Group - which includes Audi, Skoda and SEAT as well as Bentley and Lamborghini - more than 30 new electric models were in the pipeline.

Volkswagen claims the driving range of the SUV is up to 500km on a single charge and it has a top speed of 180km/h.

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A production version of the I.D. Crozz is slated to go on sale in 2020, along with two other I.D. vehicles. This is especially important in times of technological transformation.

Boot space is a family-friendly 515 litres and the rear doors slide backwards opening up a pillarless side allowing for easy access.

Adding urgency to the push for electric cars, China over the weekend became the latest country to announce intentions to phase-out fossil-fuel powered vehicles, following the lead of the United Kingdom and France, which have outlined bans on combustion-engine models by 2040. Automakers are also searching for ways to adapt to a future in which people find ways of getting from one place to another without necessarily owning a auto, such as car-sharing or ride-hailing through smartphone apps.

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