VW goes green
Volkswagen will invest billions of pounds in green technology in a bid to finally shrug off the emissions scandal, which is still having a negative impact on sales.
Latest figures show that VW sales growth is still falling behind other European car manufacturers, while the final bill for dieselgate is still not settled.
However, the German manufacturer is hoping to make a strategic u-turn by committing itself to the launch of 30 electric vehicles. It hopes that by 2025, these models will contribute up to a quarter of all its annual sales.
Matthias Mueller, chief executive said the company would make huge investments ‘to transform its core automotive business or, to put it another way, make a fundamental realignment in readiness for the new age of mobility.
‘Special emphasis will be placed on e-mobility. The group is planning a broad-based initiative in this area; it intends to launch more than 30 purely battery-powered electric vehicles over the next 10 years.’
He said the investment would run into double-digit billions of euros, funded by savings and cost-cuts, with all brands and businesses having to contribute.
Matthais said, ‘This will require us – following the serious setback as a result of the diesel issue – to learn from mistakes made, rectify shortcomings and establish a corporate culture that is open, value-driven and rooted in integrity.’
The emissions scandal involved more than 11 million VW cars worldwide. Sales of VW-branded cars rose by 4.1% in May compared to the same period last year, but Renault recorded a 28.7% growth while sales for the PSA Group, which owns Peugeot and Citreon, rose 18.7%.