Volkswagen is planning to release electric versions of all 300 of its vehicle models in the next 13 years, an article on the Bloomberg website said.
Volkswagen CEO Matthias Mueller discussed the plans before the start of the recent Frankfurt auto show and said the company plans to spend $24 billion to accomplish the task and has set up another $60 billion just for the batteries for the electric vehicles, the article said.
“The transformation in our industry is unstoppable," Mueller said in the article. "And we will lead that transformation.”
In the past, some German automakers were hesitant to pursue the electric-vehicle market due to the expense of creating and owning such vehicles. Falling battery costs are making electric vehicles more attractive and more affordable.
Chinese auto companies also announced plans recently to phase out vehicles powered by fossil fuels, according to Bloomberg.