© 2020, 4Tuners, Inc. or its affiliates. All Rights Reserved.
Our Company – We are 4Tuners, Inc. Our Company – We are 4Tuners, Inc.
  • Home
  • About Us
  • Our Businesses
  • Blog
  • Careers
  • Contact Us
Our Company – We are 4Tuners, Inc.

VW’s Diess says existential electric race awaits after pandemic

Home / Blog / Market / VW’s Diess says existential electric race awaits after pandemic

Volkswagen Group CEO Herbert Diess said the automaker will pursue a sweeping transition to electric cars, declaring it a matter of survival even as the coronavirus risks upending business in the near term.

While VW has a “healthy order bank,” its development in the coming months hinges on major economies controlling the disease and averting restrictions that would hurt demand and operations, Diess said Thursday.

Despite the uncertainties, VW will press ahead with aggressive investment in new technology to avoid falling behind as the auto industry fundamentally changes.

“If you are not fast enough, you are not going to survive,” Diess said during a virtual Bloomberg event. “In the long run, climate change will be the biggest challenge mankind is facing.”

Diess said another lockdown would be “difficult to manage” even though the automaker has shown it can weather turbulence. It swung back to profit in the third quarter — echoing robust results from other automakers including Daimler, Tesla and Ford, Fiat Chrysler and GM — on the back of a swift demand recovery in China.

Another wave of new infections in key markets, an unsettled U.S. election and Britain’s messy exit from the European Union are now among the risks facing the auto industry. Registrations fell in the European Union’s four largest auto markets last month, signaling that sales have relapsed after a surprise gain in September.

Beyond managing through those issues, the more complex task for the 62-year-old Diess is positioning the 83-year-old industrial behemoth for the future. VW Group, which operates the Audi, Porsche and Lamborghini brands, wants to control the software brains for next-generation vehicles.

“This is the most important race and decisive point for our industry in next five to 10 years,” he said, adding he will not compromise on the company’s technology roadmap even if the coronavirus crisis saps sales.

“We think we can do it. We have software skills and we are ramping up fast.”

Source link

497 Posts
4Tuners
  • Suzuki profit slumps on virus hit
    Previous PostSuzuki profit slumps on virus hit
  • Next PostGM profit surges 74% to $4 billion in Q3
    Suzuki profit slumps on virus hit

Related Posts

How Ford is compensating Mustang Mach-E buyers for delays amid strong demand
Market

How Ford is compensating Mustang Mach-E buyers for delays amid strong demand

Stellantis aims to lift Fiat Chrysler margins toward PSA levels
Market

Stellantis aims to lift Fiat Chrysler margins toward PSA levels

Escape artist accused of freeing Carlos Ghosn can’t evade reckoning in Japan
Market

Escape artist accused of freeing Carlos Ghosn can’t evade reckoning in Japan

JLR axed electric Land Rover, Jaguar on MLA platform to focus on better tech
Market

JLR axed electric Land Rover, Jaguar on MLA platform to focus on better tech

Leave a Reply (Cancel reply)

Your email address will not be published. Required fields are marked *

*
*

Departments

  • 4T Marketplace
  • 4T ProCare Club
  • 4T Service Stores
  • ONLYRiDES

Company

  • About Us
  • Careers
  • Contact Us

Information

  • Blog
  • Become an Affiliate
  • Help Center

Subscribe to newsletter

© 2020, 4Tuners, Inc. or its affiliates. All Rights Reserved.

Copy