German carmaker Volkswagen massively expanded Tuesday its plans for electric car sales in the coming decade, as its scramble to meet tougher greenhouse emissions targets has already begun weighing on profitability.
Mammoth
The costs did not put bosses off doubling down on their battery-powered ambitions, saying they now plan 70 new electric models by 2028 rather than 50 and lifting sales targets by seven million, to 22-million vehicles by the same date.In 2018, “pressure on our profit margins grew, not least because of electric mobility,” Volkswagen finance chief Frank Witter told business daily Handelsblatt.
Such plans are backed by major shareholders the Porsche-Piech clan, although the powerful head of the group’s works council Bernd Osterloh has warned in recent days against reported plans to slash a further five to seven thousand posts. But bosses’ eyes are turned towards competition from abroad, with Tesla in the United States and a slew of Chinese newcomers seeking to achieve an unassailable lead in electric vehicles, while Google and other tech giants have stolen a march in automated driving.While VW has big plans for the future, 2018 saw the group notch up €3.
The company hopes dieselgate will inflict less pain this year, but the legal fallout remains potentially toxic.
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