Economy

VW slashes thousands more jobs to fund electric transition

VW slashes thousands more jobs to fund electric transition

MAMMOTH German carmaker Volkswagen (VW) massively expanded on Tuesday its plans for electric auto sales in the coming decade, as its scramble to meet tougher greenhouse emissions targets has already begun weighing on profitability.

As part of its 2017 Roadmap E plan, Volkswagen set an initial aim of 50 electric vehicles by 2030 and hopes that by 2025 the company's fleet Carbon dioxide footprint will be approximately 30% lower than in 2015. These models will likely be based on its current MEB platform ("Modularer E-Antriebs-Baukasten"). The brands under its umbrella include Audi, Bentley, Bugatti, Ducati, Lamborghini, MAN, Porsche, Scania, Seat, Skoda, Volkswagen, and Volkswagen Commercial Vehicles. The world's biggest carmaker needs its gamble to pay off, with its key three brands already showing the strain from higher spending on electric-vehicle technology, alongside trade disputes and weakening markets.

Diess had told investors at the company's recent annual earnings press conference that VW is aiming to take the leap like no other manufacturer in the industry. All 300 models across 12 brands should have an electric version by 2030. It describes MEB, which was developed specifically for electric vehicles, as the "heart" of its "electric offensive".

A company spokesperson confirmed to The Drive that pricing and technical specifications for the I.D. will arrive at a pre-booking event May 8, which is also when rollout plans will be revealed.

2020 Volkswagen Golf spy shots- Image via S. Baldauf  SB-Medien

The company, for one, renewed its commitment to rule the EV universe. The company is also contemplating entering into the battery manufacturing business in Europe, according to the announcement.

Ferragu even rates Tesla's stock the highest on Wall Street with a Buy with a price of $530.

For all of Volkswagen's declarations of commitment to EVs and ambitious plan notwithstanding, not a single I.D. -badged vehicle has yet to make it beyond the concept phase.

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