Volkswagen announced Tuesday that it will invest $2 billion in electric vehicles as part of its emissions scandal settlement.
The $2 billion, spread out over the next 10 years, will be used to set up over 500 charging stations nationwide. It will also go toward future pilot concepts, like an electric car-sharing program.
Volkswagen has also agreed to sell 5,000 vehicles annually in California through 2025 as part of the settlement. It will sell at least three additional electric vehicles in the state, including an SUV, by 2020.
The German automaker unveiled its electric SUV concept at the Paris Motor Show in late September. At the time of its unveiling, Volkswagen said it will be “as revolutionary as the Beetle.” Scroll down for a closer look:
Behold: the Volkswagen I.D. concept. The concept is an all-electric SUV hatchback that Volkswagen says can drive between 248 miles and 372 miles on a single charge.
The hatchback will showcase Volkswagen's 'first tangible glimpse of fully automated driving.' But the automaker said its autonomous capabilities will arrive in the 2025 production version of the car, not first one released in 2020.
The concept car is using Volkswagen's modular electrification kit, known as the MEB. That was first seen on Volkswagen's BUDD-e microbus concept, pictured below, at the Consumer Electronics Show in January.
Volkswagen has said that the MEB will give its electric cars mileage 'on par with today's gasoline-powered cars by the end of the decade.'
Owners will be able to turn their smartphone into a digital key so the car can adjust the internal settings, like turning on the air conditioning or radio, based on the driver's preference.
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