Hyperdrive
VW to Spend $800 Million to Produce E-Cars on Tesla's Home Turf
A Volkswage I.D. Crozz concept electric car.
Photographer: Krisztian Bocsi/BloombergVolkswagen AG will invest $800 million to start producing electric cars at its only factory in the U.S. as part of a global push to manufacture battery-powered vehicles at eight sites on three continents.
The move will create 1,000 new jobs at the factory in Chattanooga, Tennessee, and additional positions at suppliers, the German company said Monday in a statement. The first vehicle, the I.D. Crozz compact sport utility vehicle, will start production in 2022. VW will also offer an electric version of its iconic bus, dubbed I.D. Buzz, it said.