Skoda pivots EV spending to three new electric models

Volkswagen Group's Skoda brand will spend the vast majority of its planned new investment on three full-electric models due in 2026, CEO Klaus Zellmer told Handelsblatt business daily.

"We are investing 5.6 billion euros by 2026 in electromobility. That is around 80 percent more than we planned a year ago," Zellmer said.

"We're coming with three more electric models by 2026, with more to come," Zellmer told Handelsblatt in an interview published on Wednesday.

This would bring the proportion of electric models in its range to 70 percent by 2030, he said.

The Enyaq is currently Skoda's only full-electric model. It uses the same VW Group MEB all-electric platform that underpins the VW ID4 SUV.

In August, Skoda previewed the Vision 7S concept for seven-seat crossover that will round off the top end of its product portfolio. Zellmer said then that Skoda's other two new battery-electric models will be a small car and a compact crossover.

The small EV will be priced under 25,000 euros and is expected to be called the Elroq. It will be built in Spain along with the VW ID2 and the Cupra Raval.