Update EV annual meeting Volkswagen VOW VWAGY 2022

A technician repairs a VW sign on the assembly line of the German automaker Volkswagen’s electric ID. 3 cars in Dresden, Germany, June 8, 2021.

Matthias Rietschel | Reuters

Volkswagen Some of its battery-powered models, including the Porsche Taycan, are already sold out by 2022, and strong consumer demand is helping its electric car efforts to become as profitable as internal combustion vehicles. faster than expected.

Volkswagen has been working for several years with an active plan to transition to electric vehicles, aiming to have electric vehicles half of its global production by 2030. Although the plan is not expected to achieve success until the middle of the decade, it has paid off. Volkswagen is the best-selling brand electric vehicles in Europe, with about 25% of the market. In the US, it’s behind Tesla with about 7.5% market share last year.

Volkswagen’s share of the electric vehicle market in China is still relatively small, but it is growing rapidly. The group’s domestic EV deliveries quadrupled last year to nearly 93,000, and VW expects that total to double by 2022.

“We see better scaling, we see better margins, we see high customer demand,” Chief Financial Officer Arno Antlitz told reporters on a call ahead of the company’s annual meeting. ty on Tuesday. “Initially, we thought it would take two to three years until we saw [profit] parity of ICE and battery-electric vehicles. “

Part of the “better scale” is due to the opponent Ford Motor Company. Ford and VW announced on Monday that there will now be two electric Fords built on Volkswagen’s EV architecture for the European market, with production expected to reach around 1.2 million vehicles within six years from 2023. This is double the original plan.

Volkswagen and Ford have cooperation on electric vehiclesself-driving cars and other major attraction initiatives since 2019.

In a separate update To investors ahead of its annual meeting, VW said its next-generation EV platform is on track to debut in 2026 with a new VW brand electric sedan codenamed Trinity.

The Trinity sedan will be built in a new state-of-the-art factory, close to VW’s headquarters campus in Wolfsburg, Germany. The new facility will use advanced manufacturing methods and will serve as a blueprint for the gradual transition of VW plants worldwide to EV production.

Last week, the company revealed I. Car buzzan electric version of the iconic minibus of the hippie era.

VW is also expanding its global toll collection network. The company says it has about 10,000 high-speed charging points currently operating between the US, China and Europe, and plans to bring that total to about 45,000 points across all three regions by 2025. About 10,000 points in that number will be in the US, it said, operating under the Electrify America brand created as part of VW .’s Dieselgate deal.

VW now expects its total deliveries, including internal combustion models, to grow between 5% and 10% by 2022. But CEO Herbert Diess admits that Russia’s invasion of Ukraine has may alter that instruction. He said the company is moving some of its production out of Europe to North America and China in response to war-related supply chain disruptions.

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