Connect with us

Hi, what are you looking for?

Stock

Main Volkswagen brand speeds up shift to electric

Stock Markets45 minutes ago (Mar 05, 2021 08:25AM ET)

2/2

(C) Reuters. The logo of German carmaker Volkswagen is seen on a rim cap in a showroom of a Volkswagen car dealer in Brussels

2/2

By Christoph Steitz and Jan Schwartz

FRANKFURT (Reuters) – Volkswagen (DE:VOWG_p) wants electric vehicles to make up the majority of European sales for its core brand by 2030, it said on Friday, the latest carmaker to accelerate the shift towards battery-powered models.

Fully electric vehicles are expected to account for more than 70% of its total European vehicle sales by 2030, compared with a previous target of 35%, the world’s second-largest carmaker said as it unveiled its ‘Accelerate’ strategy.

“With Accelerate we are increasing the speed on our path to a digital future,” said Ralf Brandstaetter, who heads the Volkswagen brand and also sits on the group’s management board.

“In the coming years, we will change Volkswagen as never before,” he added, saying that integrating data and software functions into cars would open up new sources of revenue.

Volkswagen said it had earmarked around 16 billion euros ($19 billion) for investment in the future trends of e-mobility, hybridization and digitalisation up to 2025.

The group had been a laggard on electrification until it admitted in 2015 to cheating on U.S. diesel emissions tests and had to deal with new Chinese quotas for electric vehicles.

This prompted a strategic shift to zero-emission and self-driving technology, and it now has one of the most ambitious programmes in the industry.

Automakers are also racing to develop electric vehicles to meet tighter CO2 emissions targets in Europe and this week Volvo joined a growing number of carmakers aiming for a fully-electric line-up by 2030.

Stellantis, the product of the merger between Fiat Chrysler and PSA, plans to have fully-electric or hybrid versions of all of its vehicles available in Europe by 2025.

In China and the United States, Volkswagen expects the share of fully electric vehicles it sells to rise to 50% by 2030, the brand said, aiming to head off rivals including Tesla (NASDAQ:TSLA) to become the world’s leader in electric vehicle production.

“Of all the major manufacturers, Volkswagen has the best chance of winning the race. While competitors are still in the middle of the electric transformation, we are taking big steps toward digital transformation,” Brandstaetter said.

($1 = 0.8377 euros)

Main Volkswagen brand speeds up shift to electric

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Uncategorized

Neque porro quisquam est, qui dolorem ipsum quia dolor sit amet, consectetur, adipisci velit, sed quia non numquam eius modi tempora incidunt.

Uncategorized

Nemo enim ipsam voluptatem quia voluptas sit aspernatur aut odit aut fugit, sed quia consequuntur magni dolores eos qui ratione.

Uncategorized

Quis autem vel eum iure reprehenderit qui in ea voluptate velit esse quam nihil molestiae consequatur, vel illum qui dolorem eum.

Uncategorized

At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores.

Disclaimer: Buzzclever.com it's managers and its employees (collectively "The Company") do not make any guarantee or warranty about what is advertised or above. Information provided by this website is for research purposes only and should not be considered as personalized financial or health advice. Copyright © 2021 Buzz Clever. All Rights Reserved