Published: Thu, March 14, 2019
Markets | By Noel Gibbs

Volkswagen vows to build 22 million e-cars over next decade

Volkswagen vows to build 22 million e-cars over next decade

The German auto giant said about 11,000 of its employees will be eligible for retirement in the coming years, and it expects to achieve the bulk of the cuts through attrition.

The VW auto brand, which accounts for about half of the group's global deliveries, employs about 185,000 workers out of a total workforce of 650,000.

The electric version of VW’s iconic Kombi camper the Buzz. Source VW
The electric version of VW’s iconic Kombi camper the Buzz. Source VW

Ralf Brandstätter, Volkswagen's chief operating officer, said that the company needed to "do more to meet the challenges" the company is facing in the upcoming years, adding that the changes would make Volkswagen "fit for the electric and digital era". VW has been pushing to rein in bloated expenses to lift profitability that's trailing rivals.

The company also disclosed Tuesday that operating profit at its core Volkswagen brand, one of 12, fell to €3.2-billion from €3.3 billion a year ago as the company faced bottlenecks certifying vehicles under new emissions tests. Zwickau will also build electric cars for Volkswagen's Seat and Audi brands. Last year, the brand's operating margin fell to 3.8 percent, lagging peers such as Peugeot which delivered a margin of 8.4 percent.

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Volkswagen rose 0.8%t to €145.1 at 9:42am in Frankfurt trading.

VW signed a labour pact in 2016 to cut 30,000 jobs worldwide and generate €3bn in annual savings. "We are on track", Brandstaetter said.

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Volkswagen said it will launch nearly 70 new electric models by 2028, accelerating its rollout of zero-emission cars.

For this year, the VW nameplate targets revenue growth of as much as 5% and an operating return on sales between 4% and 5%.

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"Given the interest in the I.D. family shown by our dealers, I think it is possible that the launch edition will already have sold out before we unveil the I.D.in September", stated Jürgen Stackmann, Volkswagen's board representative for sales, in the conference.

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