Signed contracts almost equal Tesla's market value

The Volkswagen Group has doubled its anticipated order for lithium-ion batteries to €30 billion ($64 billion).

These batteries will be used by Volkswagen and its various brands to aggressively push into the nascent electric vehicle segment in the wake of its Dieselgate emission cheating scandal.

According to Bloomberg, newly installed CEO Herbert Diess told the company's annual general meeting last week, the Volkswagen Group expects to sell around 3 million pure electric vehicles per year by 2025.

Earlier this week, Audi stated it is planning to sell 800,000 electric and plug-in hybrid cars per year by 2025.

Electric vehicle sales currently only account for a very small fraction of the market. European buyers, however, are cooling on diesel-engined cars, and governments in Europe and China are keen to push and incentivise electric vehicles in order to combat climate change and improve air quality.

Various brands within the Volkswagen empire are planning to roll out electric vehicles. Audi has confirmed it will launch its e-tron crossover at the end of August this year, while Porsche is readying the Mission E sports sedan to take on the Tesla Model S.

Volkswagen is aiming for the mass market with its range of ID electric vehicles, starting with Golf-class hatchback in 2020, and following up with a people mover and crossover.