The German electric vehicle (EV) industry will see an investment of over €40 billion over the next three years, and the number of models produced in Germany is set to triple, to over 100 in that period.

That’s the word from the President of the country’s auto industry association, the “Verband der Automobilindustrie (VDA).

VDA President Bernhardt Mattes, said: “We will invest over €40 billion ($45.5 billion) in electric mobility during the next three years, and another €18 billion ($20.5 billion) will be invested in digitization and connected and automated driving,” with the announcement coming ahead of the industry’s biggest annual event, the Geneva Motor Show.

Germany, as well as some other strong EU economies, are set to have above average adoption rates of EV’s, he added.

“The ramp-up of electric mobility is coming in Europe,” Mattes added. “Without it, the EU’s CO2 targets cannot be achieved by 2030,” he added, adding a call for the necessary regulatory conditions across Europe.

At the same time, domestic car production is expected to drop by 5% in the country in 2019 as a result of a slowing economy, trade risks linked to US tariffs, and the growth of production facilities in countries like Mexico, USA, and China, warned the VDA chief.

He further called for the incentivisation of EV purchases, and the expansion of charging infrastructure.