Volkswagen's CEO says it's getting ready to make millions of electric cars.
In an interview with Automotive News, Herbert Diess said the company has sourced the batteries and booked production for 50 million electric cars.
He also said Volkswagen has a plant in Germany that will only produce electric cars, and it broke ground on another electric car facility in China.
He told the outlet, "I think we have the best setup strategy for the electric vehicles to come."
The news comes just a few days after reports surfaced that Volkswagen is planning to sell electric cars for just under $23,000 in order to compete with rival Tesla.
Diess said the company is planning to release its newest electric car, the I.D., by early 2020.