Volkswagen Investing $480 Million into Retooling Wolfsburg Plant
Volkswagen plans to invest 460 million euros ($482 million USD) in its Wolfsburg, Germany, plant by early 2025 to help prepare it for electric vehicle (EV) production, according to statements from VW brand head Thomas Schaefer in a report from Reuters.
The plant is expected to begin EV production with Volkswagen’s 2023 ID.3 model, reaching full production of the new ID.3 by 2025 before the automaker starts producing an additional battery-electric vehicle in the SUV segment.
The electric SUV is then expected to be built at Wolfsburg on VW’s MEB platform, which was developed for EVs and has been in use since 2019.
Volkswagen also plans to revamp the MEB platform into a newer version, dubbed MEB+, which is set to feature improved charging times and increased vehicle range.
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Additionally, Volkswagen is considering whether to produce a new Trinity electric sedan at its Wolfsburg plant or build a new plant nearby for the vehicle. The company needs to reach a decision on the matter by February.
“This is the largest vehicle segment worldwide, in which our beloved Tiguan also belongs. The new model will add to our bestseller ID.4 and ID.5 models and expand our market position,” Schaefer said.
Volkswagen is also looking at sites in Canada to build its first North American EV factory, and the automaker signed a raw materials trade deal with the country’s government in August.