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Benzinga
Benzinga
Business
Rachit Vats

Volkswagen Unveils $7.1B Plan To Boost EV Presence In North America And Take On Tesla

Volkswagen Tesla Inc. North America VWAGY United States

Volkswagen Group (OTC: VWAGY) has said it would spend $7.1 billion over the next five years on electric vehicle projects in North America, as the German automaker tries catching up with industry leader Tesla Inc (NASDAQ: TSLA) on its home turf.

What Happened: Volkswagen aims to launch 25 new EV models in North America through 2030, with a target of 55% of U.S. vehicle sales to be fully electric by the end of the decade.

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