GMC Hummer EV Tesla Cybertruck vs. GMC Hummer EV 2021 Genesis GV80 2021 Ford Bronco 2020 electric vehicles Best car lease deals Best car insurance

Volkswagen says it'll build 1M electric cars by 2023

The German brand originally plotted 2025 as the date it would reach the milestone.

- 01:12

One million by 2023? That's a lot of EVs in a short period if time.

Craig Cole

This year marks a transitional one for Volkswagen. The German brand will launch its first electric car in the ID 3 hatchback and show the production version of the ID Crozz electric SUV -- the first EV from VW meant for the US.

With all of this big news, VW declared it plans to reach a major milestone earlier than once anticipated. On Thursday, the company said it plans to produce 1 million electric cars come 2023. Originally, VW thought it wouldn't happen until 2025, but revised forecasts and targets now peg it to happen two years earlier.

All the while, VW Group, Volkswagen's parent automaker, will be investing almost $37 billion at current exchange rates to lead the EV sector. Just over $12 billion will be spent at the VW brand.

All of this leads to a total of 1.5 million electric cars planned by 2025, an increase of 500,000 cars, and VW still promises to make its EVs attainable.

EV production will largely take place at the company's Zwickau factory in Germany, though VW is gearing up for production elsewhere. The brand's electric cars will roll out of a factory in China, as well as the Chattanooga plant in Tennessee. VW will also build a battery plant in Chattanooga.

Now playing: Watch this: VW ID 3 proves popular at the Frankfurt Motor Show