Cable to Elon Musk: The Germans are coming!Bavarian auto giant Volkswagen said Friday it plans to spend a staggering $50 billion over the next five years in a what it called an “electric offensive” that looks aimed squarely at Tesla.
Volkswagen’s plan, chief executive Herbert Deiss said, is an all-out blitz that will roll out 50 all-electric car models by 2025.
“This will be a paradigm shift for our company,” Diess said during a press conference, adding that Volkswagen will “continue to set very ambitious goals.”
Volkswagen — which sold more than 10 million vehicles last year, almost all of them gasoline or diesel-powered — reportedly plans to launch its first all-electric cars in 2020. Starting prices will be targeted as low as $23,000.