Volkswagen (VOW3.DE) has made some bold decisions about its electric vehicle strategy, including a $60 billion investment and the rollout of up to 75 all-electric models and about 60 hybrid models through 2029.

“We will step up the pace again in the coming years with our investments,” Herbert Diess, CEO of the Volkswagen Group, said. “Hybridization, electrification and digitalization of our fleet are becoming an increasingly important area of focus.

“We intend to take advantage of economies of scale and achieve maximum synergies. In light of the worsening economic situation, we are also working on increasing our productivity, our efficiency and our cost base so as to secure meeting our targets.”

Volkswagen announced its new 10-year plan, which it expects to sell nearly 6 million hybrid vehicles by 2020 and about 26 million all-electric vehicles by 2029. About 20 million EVs will use Volkswagen’s Modular Electric Drive Matrix, with most of the remaining 6 million vehicles being outfitted with the automaker’s High Performance Platform.

Volkswagen also said it will produce the electric vehicles at its Mlada Boleslav, Czech Republic; Chattanooga, Tennessee; and Foshan and Anting, China; plants. The company recently announced plans to produce the electric A-SUV dubbed the ID.Next in 2022, at its Emden, Germany, plant.

Shares of Volkswagen stock were down 4.10 percent as of market close on Monday.

Volkswagen's emissions scandal damaged the reputation of the car industry Volkswagen's emissions scandal damaged the reputation of the car industry Photo: AFP / William WEST