"Volkswagen AG is putting its full force behind a shift into electric cars as the world’s largest automaker accelerates away from combustion engines and tries to draw a line under the emissions-cheating scandal that’s weighed on the company for two years.
Speaking on the eve of the Frankfurt auto show, Chief Executive Officer Matthias Mueller announced sweeping plans to build electric versions of all 300 models in the 12-brand group’s lineup. The German auto giant laid out the enormity of the task ahead, vowing to spend 20 billion euros ($24 billion) by 2030 to roll out the cars and earmarked another 50 billion euros to buy the batteries needed to power the vehicles.
Volkswagen’s plans are the most ambitious in the auto industry and reflect the company’s efforts to recover from admitting that it rigged 11 million diesel vehicles to cheat on emissions tests. The scandal set off a backlash that has led consumers to turn away from the technology amid concerns about pollution and driving bans. That creates problems for Volkswagen as it relies on diesel cars to boost profit and lower carbon-dioxide emissions to reach tightening European environmental targets."