Volkswagen shares rise as vehicle maker announces expansions of electric auto production

Analysis How will car makers meet new CO2 laws

These plans are part of VW Roadmap E that was launched previous year. The 16 yet-to-be-named manufacturing sites will all be online by 2022, with the current three sites seeing a significant bump up to nine facilities in just two years.

The deals were reported on Tuesday by Bloomberg and other outlets, and will total 20 billion euros ($25 billion) over the lives of the contracts. VW Group says this is just to line up batteries for vehicles to be built in Europe and China; a decision about a supplier for North American production "will be [made] shortly", it said in a press release. The company had said it would build upto three million electric vehicles annually by 2025 and market 80 new models across its group of nine companies. The Group now produces electric vehicles at three locations, and in two years' time a further nine Group plants are scheduled to be equipped for this objective.

"Over the last few months, we have pulled out all the stops to implement "Roadmap E" with the necessary speed and determination", Müller said. Müller added that from 2019, it plans to offer a new electric auto, "virtually every month".

To ensure a constant flow of batteries for the new cars, Volkswagen has signed an undisclosed number of contracts, valued at 20 billion euro ($25 billion), with battery manufacturers from both Europe and China.

Experts see VW's repeated emphasis on this front as a means of getting rid of the stigma of "dieselgate" of 2015 that has continually haunted the firm.

Yet, Muller said electrification does not mean the firm is moving away completely from conventional technologies.

But don't think the company has given up on conventional gas and diesel engines just yet. The company has already repaid billions in costs and fines for dodging emission level tests. VW will be investing almost €20 billion into its conventional vehicle portfolio in 2018, with a plan to invest more than €90 billion ($111 billion) into that same fund over the next five years.

Come with us and explore the I.D. Buzz concept.

It is a Golf-sized compact vehicle with the interior room of a mid-size auto due to the long cabin permitted by its electric powertrain.

"At EUR 230.7 billion, the group's sales revenue was up 6.2 percent on the prior-year figure, which was a new record", said CFO Frank Witter.

Certainly the skeptics will have to wait nearly two years to see if long-range electric cars actually do land in showrooms in Europe, China, and North America.

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