You are here: Home » International » News » Companies
Business Standard

Will tweak strategy to maintain electric, autonomous push: Volkswagen CEO

Volkswagen will tweak its strategy to maintain investment momentum for developing electric and autonomous cars as it tries to make up for lost revenues caused by the coronavirus pandemic, CEO said

Topics
Volkswagen | Autonomous vehicle | electric cars

Reuters  |  FRANKFURT 

Volkswagen
Volkswagen showroom

FRANKFURT (Reuters) - will tweak its strategy to maintain investment momentum for developing electric and autonomous cars as it tries to make up for lost revenues caused by the pandemic, the company's chief executive said.

The multi-brand car and truck maker, which owns the Bentley, Bugatti, Porsche, Skoda, Lamborghini and Audi brands, is preparing a strategy meeting next week to discuss long-term trends and implications for manufacturing, investment and sales.

"There are several million cars missing in our planning," Herbert Diess said at a Bloomberg event webcast on Thursday, adding that sales in some markets are not seen recovering to pre-crisis levels until 2023.

To compensate, will have to slim down its model range, a step which will have implications for some of the carmaker's manufacturing plants, Diess said.

is doubling electric vehicle sales this year and will double them again next year, he said, adding that electrification will encompass even niche brands.

"Bentley is becoming within the next four to five years an electric brand," Diess said.

Volkswagen is also seeking to catch up with Alphabet's autonomous driving unit Waymo in the race to develop a self-driving vehicle.

The auto industry will see self-driving cars emerge in the next five to 10 years, Diess said, adding that he currently sees VW in second place behind Waymo in terms of technological capability for putting an autonomous car on the road.

 

(Reporting by Edward Taylor; Editing by Maria Sheahan and Tom Brown)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Fri, November 06 2020. 11:04 IST
RECOMMENDED FOR YOU
.