According tomedia reports, this year is the year of Volkswagen’s transformation. The German car company will unveil its first ID 3 hatchback electric vehicle and will present a mass-produced version of the ID Crozz electric SUV, VW’s first electric car for the U.S. market. On Thursday, local time, the company said it plans to hit a production target of 1 million electric vehicles by 2023.
Initially, VW set the target at 2025, but now it has moved two years ahead.
Meanwhile, Volkswagen’s parent company, Volkswagen Group, will lead the electric car industry by investing nearly $37 billion at its current exchange rate. More than $12 billion will be spent on vw brands.
The company is expected to focus on electric car production at its plant in Zwickau, Germany, but VW is also preparing for production elsewhere, such as in China and Tennessee.