Car giant Volkswagen’s talks on co-operation with United States (US)-based Ford concerning electric vehicles and automated driving are “close to completion”, the German company’s chief executive Herbert Diess said Thursday.
Global automakers are planning a $300 billion surge in spending on electric vehicle technology over the next five to 10 years, with nearly half of the money targeted at China, accelerating the industry’s transition from fossil fuels and shifting power to Asian battery and electric vehicle technology suppliers.
The $2 billion factory marks a major bet by Tesla as the US electric vehicle maker looks to bolster its presence in the world’s biggest auto market.
VW will spend almost $50 billion on developing electric cars, autonomous driving and new mobility services by 2023 and explore further areas of cooperation with US automaker Ford.
The Japanese automaker joins a growing number of global automakers who are planning to reduce emissions by producing more gasoline-hybrid vehicles, plug-in hybrids and battery EVs.