Jump to content
Create New...
  • William Maley
    William Maley

    Volkswagen's Electric Car Dreams Are Going To Be A Bit More Expensive

      Revealed by the CEO in an internal newsletter

    Volkswagen put forth an ambitious plan to offer an electric version of each model it sells. The automaker set aside about 20 billion euros ($23 billion), but that will not be enough according CEO Herbert Diess.

    “The burden for our company, such as the cost of bringing to market electric cars, will be higher than expected,” Diess said in a interview with Volkswagen's internal newsletter, obtained by Bloomberg.

    “This is particularly so since some of our competitors have been making more progress.”

    Diess didn't give a new figure in the interview, but did say the company needs to "reduce expenses more to be able to invest in future technology and weather crises".

    Volkswagen has been working on improving its profitability since a 2016 labor pact and massive reorganization of its 12 brands. The Volkswagen brand has seen its profitability increase from 1.8 to 4.1 percent last year. But Diess said they need higher profits.

    “We need higher profits to finance our future. Four percent is a minimum, 5 percent to 6 percent allow for some future investments and with 7 percent to 8 percent we’re crisis-ready.”

    Source: Bloomberg (Subscription Required)

    User Feedback

    Recommended Comments

    51 minutes ago, dfelt said:

    To be expected and now they confirm what I had always suspected about VW, low profits even though they have Porsche.

    Porsche and Audi and a few other luxury marques that DO NOT SELL in the same volumes as VW and Skoda.  Of course VW could just build all of their cars outside of Germany, but given that part of VW is owned by Lower Saxony, that probably will not happen.  Ever.

    Link to comment
    Share on other sites



    Join the conversation

    You can post now and register later. If you have an account, sign in now to post with your account.
    Note: Your post will require moderator approval before it will be visible.

    Guest
    Add a comment...

    ×   Pasted as rich text.   Paste as plain text instead

      Only 75 emoji are allowed.

    ×   Your link has been automatically embedded.   Display as a link instead

    ×   Your previous content has been restored.   Clear editor

    ×   You cannot paste images directly. Upload or insert images from URL.


  • google-news-icon.png



  • google-news-icon.png

  • Subscribe to Cheers & Gears

    Cheers and Gears Logo

    Since 2001 we've brought you real content and honest opinions, not AI-generated stuff with no feeling or opinions influenced by the manufacturers.

    Please consider subscribing. Subscriptions can be as little as $1.75 a month, and a paid subscription drops most ads.*
     

    You can view subscription options here.

    *a very limited number of ads contain special coupon deals for our members and will show

  • Similar Content

  • Posts

    • I hate to say stuff like this, but you can profile people fairly easily.  A certain emboldened member with a smaller view of the world used to get on my case about this ... go see the world and learn to make inferences.  At any rate, I was boarding a plane in Jacksonville and, in front of me, was a guy with a baseball cap and all I could see was the rear camo effect.  When he got up, I saw Trump 2024.  I felt like saying something to him, along the lines of how is it that the most conservative people support the most depraved individual.  I thought I should skip it since I didn't want to end up in an argument and on a "do not fly" list for some airline.  He was white with salt and pepper hair but had that Charles Bronson brow.  So, you know ... ex-military, high paying trades, utilities, government job ... or alligator trapper.  For all these so-called conservative people, we've never had a first lady (lower case in her case) where you're a "k**t hair" away from seeing the R/X rated stuff.  I'm originally from SoCal and NOTHING shocks me, but that and the whole circus of everyone involved - extended family, loyal friends - is over the line for me for the job at hand. Houston is not my favorite place.  However, I handle it much better than Dallas or San Antonio, which don't interest me.  I don't like their interior location and the brushy looking mesquite.  Houston has a distinct and attractive downtown.  There's the Space Center.  There are the museums, of which MFAH is free one day of the week.  There's Galveston, and even if the not the nicest beach, water can be so therapeutic, just watching the cruise ships or freight ships come and go.  Lastly, there are some beautiful neighborhoods, with newer homes in the darker red brick, completely hidden under a pine canopy, which is never the case in other big Texas cities.  It reminds of Atlanta, which I very much liked.  So, between that, and the welcoming and freewheeling people, I can hang in H-town for a while and find new indie coffeehouses and eateries.  There's so much food and it's easy to gain weight there.  I agree ... I hate Orlando FL ... a bad knock-off of Las Vegas and Las Vegas is already bad. I've never been to Hawai'i and Alaska.  I'm not so sure I'm interested.  If I have to fly that far, I'll just cross a pond.  I also have an issue with Hawaiians since some of the locals of Samoan stock have issues with "haolis," having heard this from white folks I knew who moved there and then came back because of the passive-aggressive discrimination.  The only states I have never set foot in are a cluster in the middle and they're not that pressing for me - ND, SD, Nebraska, and Montana.  So, I'm at 44 of them and that's good enough for now.
    • Watching "The Hunger Games" why do I feel we are going down a dark path?
    • The question I am hearing from more and more Americans: "Can we RECALL the President and VP?" Sadly, NO is the answer. It would take a motion to add to our constitution to allow a recall of the folks as even the Senate and House members are protected with no way to recall them either.  Interesting is that most states have in their constitution the ability to recall state politicians including the Governor that has happened in a few states over the last Century. Most recent was California.
  • Who's Online (See full list)

  • My Clubs

×
×
  • Create New...

Hey there, we noticed you're using an ad-blocker. We're a small site that is supported by ads or subscriptions. We rely on these to pay for server costs and vehicle reviews.  Please consider whitelisting us in your ad-blocker, or if you really like what you see, you can pick up one of our subscriptions for just $1.75 a month or $15 a year. It may not seem like a lot, but it goes a long way to help support real, honest content, that isn't generated by an AI bot.

See you out there.

Drew
Editor-in-Chief

Write what you are looking for and press enter or click the search icon to begin your search