Volkswagen Has Ordered $48 Billion Worth Of Electric Car Batteries

The Volkswagen Group has secured battery-purchasing contracts worth 40 billion euros ($48 billion) for its upcoming range of electric vehicles.

Fortune reports that these contracts almost match the entire market value of Tesla and are worth double what they were just a number of weeks ago.

Although Tesla has enjoyed a significant headstart in the race towards electrification, automaking giants like VW Group and Daimler are making up ground thanks to their huge size. In fact, VW produces more vehicles in four days than Tesla does in a year and the German conglomerate is making the most of its firepower. It plans to be selling up to 3 million all-electric vehicles annually by 2025.

Tesla has a serious fight on its hands

“By 2020 we will offer our customers more than 25 new electric models and more than 20 plug-in hybrids,” Volkswagen chief executive Herbert Diess recently said.

“In just a few years’ time, then, across all brands and regions, we aim to put the world’s largest fleet of electric vehicles on the road.”

The first model in the VW Group’s electric future will be the Audi e-tron SUV, set to reach the production line in August. Next year, the Model S-rivalling Porsche Mission E will land and be followed up by VW’s plethora of I.D. models which rely solely on electric power.

The message is clear. VW, and others, have the ability to swiftly build hundreds of thousands of EVs at the flick of a switch. Tesla meanwhile is still dealing with Model 3 bottlenecks.

more photos...
  • Daniela Wolf

    It was at that moment when Tesla knew 🙁

    • S3XY

      That they still run the industry, yes, they know.

    • LWOAP

      ….They fucked up

      • Matthew Daraei

        Lol, nice one!

  • lagunas3ca

    Ok… who is going to supply them?

    • African Warlords using children slave labor…rare earths…

      • Daniela Wolf

        Tesla’s source 😛

        • All of a sudden you popped up on CS with your trolley comments…

          • Daniela Wolf

            why troll comments?

    • Daniela Wolf

      Panasonic and LG for example.

    • Сафиуллина-Мохамед Рамазанов

      I think Panasonic as they already made a deal with them early this year

      Toyota kept Panasonic as a wild card and now using it wisely

  • S3XY

    “Tesla has a serious fight on its hands”

    Lol

  • TheBelltower

    Sounds like BS. Can someone explore this please? $48b over the next ten years probably.

  • Rich Money

    Interesting how VW’s 3-to-7 years in the future plans are considered godlike and ominous while Tesla’s May 2018 mass production hiccups are evidence of permanent inability to compete. How boring.

  • Brent Morrison

    They’re going to file for bankruptcy protection in a not too distant future

Mercedes Weary Of Surging Red Bull, Impressed With Honda Engine

Red Bull’s Max Verstappen was impressed with his car’s straight line speed in Australia.

Ford Begins Layoffs In Europe, Cuts More Than 5,000 Jobs In Germany

In addition to the Germany layoffs, Ford will cut an unspecified number of jobs in the UK too.

Middle East Customer Commissions Five “Pearl Of The Gulf” Bentley Bentaygas

Commissioned by a Middle Eastern customer, this Bentayga special sports a bespoke interior with a pearl theme.

High-Riding Porsche Taycan Cross Turismo Coming In 2020

The Taycan Cross Turismo was initial scheduled in for a 2021 launch, but Porsche decided to bring it forward.

Mazda Admits It’s Considering A Return To 24 Hours Of Le Mans

Until 2018, Mazda was the only Japanese manufacturer to win Le Mans, in 1991 with the 787B.

Elon Musk Makes Sure We See The Teaser Of Tesla’s “Cyberpunk” Truck

The all-electric Tesla pickup truck will debut later this year with seating for six and a 400- to 500-mile range .

2020 Cadillac CT5 Is A Bold Replacement For The ATS And CTS

The CT5 will launch later this year in two trim levels and with a choice of two engines.

Ferrari Recalls Cars Over Fire Risk, Including Multi-Million Dollar LaFerrari Aperta

A faulty fuel vapor separator on a number of Ferraris may crack and allow fuel fumes to leak.

Impatient And Speeding Impreza Driver Causes Rush Hour Wreck

The Subaru crashed into a Mazda SUV, sending it spinning into the path of a bus.

2020 Kia Soul Looks Utterly Familiar But Is Totally Different

Is the third-gen Soul that much better compared to the old one? KBB hands out its verdict.