Volkswagen Moves Into Electric Car Market
Volkswagen announced bold new plans last week to expand its electric car range, open six battery factories to power their cars, launch its own operating system and become Europe’s second-biggest software company. The announcements boosted investment in Europe's largest carmaker; stocks rose by nearly 20 percent in Frankfurt, and its American depository receipts rose dramatically as well.
The company has invested $42 billion in electric technology, apparently to catch up with Tesla; Tesla has a market value of $625 billion, despite selling only half a million electric cars, while Volkswagen has a market value of only $170 billion, despite selling 9.3 million cars.
Investors are taking a second look at other traditional automakers, too. Shares of both General Motors and Ford have gained roughly 45 percent so far this year as executives have unveiled more details about their electric ambitions. All three companies are good examples of established companies finding new ways of doing business in the face of huge changes caused by the climate crisis.
Research and Markets carries the latest electric vehicle reports below:
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