Volkswagen is gearing up for the introduction of its next-generation of electric vehicles. According to a recent report VW has placed an order for $48 billion worth of batteries for its new EVs. That number by itself already seems high, but it’s even more significant when you consider that, that total is more than Tesla is currently worth.

Audi e-tron electric suv

According to Fortune, VW has awarded battery-purchasing contracts worth 40 billion euros ($48 billion), double from just a few weeks ago. The batteries will be used for an onslaught of new EVs that the VW Group is planning to introduce starting late this year. VW hopes to sell up to 3 million EVs a year by 2025.

“By 2020 we will offer our customers more than 25 new electric models and more than 20 plug-in hybrids,” Chief Executive Officer Herbert Diess recently stated in VW’s annual shareholder meeting. “In just a few years’ time, then, across all brands and regions, we aim to put the world’s largest fleet of electric vehicles on the road.”

Some of the new EVs will be the Audi e-tron SUV, which is debuting this summer, the Porsche Mission E that’s coming next year and VW’s range of I.D. models which will arrive in 2020.

Source: Fortune