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.

The plug-in lineup this year will be extended from eight models tomodels.

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.

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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.

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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