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VW to scrap models and focus on premium market -CFO tells FT By Reuters

by Reuters
April 6, 2022
in Markets
Reading Time: 2 mins read
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© Reuters. FILE PHOTO: A brand new emblem of German carmaker Volkswagen is unveiled on the VW headquarters in Wolfsburg, Germany September 9, 2019. REUTERS/Fabian Bimmer

BERLIN (Reuters) – German carmaker Volkswagen (DE:) will axe many combustion engine fashions by the top of the last decade and promote fewer vehicles total to focus on producing extra worthwhile premium automobiles, its finance chief was quoted as saying on Wednesday.

“The important thing goal will not be development,” Arno Antlitz advised the Monetary Instances newspaper. “We’re (extra targeted) on high quality and on margins, slightly than on quantity and market share.”

Antlitz stated VW would cut back its vary of petrol and diesel vehicles, consisting of no less than 100 fashions unfold throughout a number of manufacturers, by 60% in Europe over the subsequent eight years.

The paper stated VW’s new technique was an indication of profound modifications within the auto sector, which has tried for many years to extend income by promoting extra vehicles every year, even when that required heavy discounting.

Former VW chief govt Martin Winterkorn, who resigned within the wake of a diesel emissions scandal, had made it his purpose to beat Toyota and Common Motors (NYSE:) to the title of “quantity primary” by 2018.

Disclaimer: Fusion Media wish to remind you that the info contained on this web site will not be essentially real-time nor correct. All CFDs (shares, indexes, futures) and Foreign exchange costs should not supplied by exchanges however slightly by market makers, and so costs might not be correct and should differ from the precise market worth, that means costs are indicative and never applicable for buying and selling functions. Due to this fact Fusion Media doesn`t bear any duty for any buying and selling losses you would possibly incur on account of utilizing this knowledge.

Fusion Media or anybody concerned with Fusion Media is not going to settle for any legal responsibility for loss or harm on account of reliance on the knowledge together with knowledge, quotes, charts and purchase/promote alerts contained inside this web site. Please be totally knowledgeable concerning the dangers and prices related to buying and selling the monetary markets, it is without doubt one of the riskiest funding types attainable.



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