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Volkswagen looks to electric vehicles, cost cuts for profit recovery

Preferred shares in the company rose as much as 5% to their highest level since July 16, 2015

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Volkswagen | Electric Vehicles | Auto sector

Reuters  |  FRANKFURT 

Volkswagen is confident that cost cuts will help it raise profit margins in the coming years, the world's second-largest carmaker said on Tuesday, a day after outlining an ambitious electric mobility expansion. "Our good performance in 2020, a year dominated by crisis, will give us momentum for accelerating our transformation," Chief Executive Herbert Diess said in a statement. Preferred shares in the company rose as much as 5% to their highest level since July 16, 2015, given the carmaker a market valuation of more than 116 billion euros ($138 billion). They are up ...

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First Published: Tue, March 16 2021. 14:53 IST