March 24, 2022—A Volkswagen executive on Monday said the German automaker plans to invest at least $7.1 billion in North American electrification over the next five years.

The announcement was part of an unveiling of VW's EV rollout plan. According to a report from Reuters, the company plans to add 25 new electric vehicles to its lineup through 2030. VW unveiled one of those vehicles, an all-electric reimagining of its classic microbus dubbed the ID. Buzz, earlier this month.

Per the report, Volkswagen Group of America CEO Scott Keogh says U.S. demand for the EV bus is "through the roof," adding "there could be an opportunity" to move production of the vehicle to the states.

The automaker expects to have "at least" 50 percent of new vehicle sales in the U.S., and 70 percent in Europe, be electric by the end of the decade.

The $7.1 billion does not include an additional $1.8 billion that will be used to purchase additional battery cells from SK Innovation's Georgia plant.