Volkswagen Group, at its Annual General Meeting on May 3, re-confirmed its targets of introduction of 80 new plug-in electric models by 2025 and achieving EV sales of up to 3 million annually.

Volkswagen Battery Order To Nearly Match Tesla's Entire Market Value
The plug-in lineup this year will be extended from eight models to 18 models.

The German manufacturer planned to secure battery cell supplies of up to 150 GWh annually by 2025 for some €50 billion ($60 billion) and so far contracts awarded to suppliers have a volume of some €40 billion ($47.7 billion). Just one month ago, deals for €20 billion were announced, so it's progressing quickly at VW.

Read Also - Volkswagen Factory Will Build Up To 500,000 Battery Packs Per Year

The Fortune's article notes that currently placed orders for batteries by Volkswagen are close to Tesla's entire market value, or to put it another way, VW has ordered batteries to the scale of Tesla's whole worth.

Read This - GM Exec Comments On Tesla Market Value

The comparison was made to show that automotive behemoths are now directed into electrification and under these new circumstances, Tesla's future is expected to become tougher than in times when big manufacturers mostly ignored EVs and left the space open to the electric automaker.

Source: Fortune