FILE PHOTO: A Volkswagen logo is seen at a construction completion event of SAIC Volkswagen MEB electric vehicle plant in Shanghai, China November 8, 2019. REUTERS/Aly Song
- Deliveries and earnings at Volkswagen’s core brand will rise year on year in 2021 as its new strategy starts to bear fruit, it said on Wednesday. The brand will deliver more than 450,000 electric cars this year, more than double the number of previous year, it said. This month, the world’s second-largest carmaker unveiled its ‘Accelerate’ strategy for the brand, saying it expected fully electric vehicles to account for more than 70% of total European vehicle sales by 2030, compared with a previous target of 35%.To help finance the investment, it aims to reduce fixed costs by 5% by 2023, freeze headcount at January 2021 levels, boost productivity at its plants by 5% a year and reduce raw material costs by 7%.
The new strategy would generate hundreds of millions of euros in revenue in the coming years, it said.
this is terrible news