Volkswagen to produce 1.5m EVs by 2025

German car manufacturer aims to become the world market leader in e-mobility

German car manufacture Volkswagen expects to produce 1 million electric vehicles by 2023, hitting its target two years earlier than planned.

Volkswagen said it aims to become the world market leader in e-mobility. It plans to invest €33bn ($37bn, £29bn) in developing electric vehicles (EV) by 2024.

It has set a target of 1 million electric cars by the end of 2023 and 1.5 million by 2025.

Volkswagen will launch eight new electric or hybrid cars across all its brands in 2019, including the ID.3. This flagship model goes on sale in Europe this summer, with the basic version costing less than €30,000.

Volkswagen offered pre-booking for the first time, and 37,000 customers have reserved ID.3 to date. The car is being made at VW's Zwickau car plant.

From 2021, the company expects 330,000 EVs to leave the assembly line each year, making Zwickau the most productive EV factory in Europe. Pre-production of the ID. range is under way in China and the US.

VW is working on developing a 16GWh capacity battery cell factory in partnership with Swedish battery manufacturer Northvolt. Production is planned to start at the end of 2023 or beginning of 2024.

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VW's focus on electric cars follows the fallout from the "dieselgate" scandal, when the manufacture manipulated emission tests.

Reuters reports that the car maker is in initial talks to offer a settlement brought against them by around 400,000 German diesel car owners.

"Volkswagen and the Federation of German Consumer Organisations (VZBV) have agreed to enter into discussions regarding a possible settlement," VW said.

“The discussions are at a very early stage, and there is no guarantee that they will result in a settlement. Both parties have agreed that the discussions should remain confidential.”

FURTHER READING: Tesla delivers first electric cars produced on its Chinese plant

FURTHER READING: Volkswagen hit with record 'dieselgate' Australian fine

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