VW (VOW3) stock price is up after board chairman Osterloh indicated in an interview with Welt am Sonntag that the VW group could reach its 1M EVs per year goal in a couple of years: “If Tesla builds three factories in which you can build between 300,000 and 500,000 cars, then we’re talking about a number of units between 900,000 and 1.5 million, “he said of the Californian manufacturer of electric cars. “We want to achieve that in 2023, probably sooner,” added Osterloh.
VW’s race to catch up in terms of electromobility has long since started: Volkswagen’s ID.3 was rolled out a few weeks ago. The ID.4, an electric SUV, is already rolling off the assembly line in Zwickau, Saxony. The luxury subsidiary Porsche has the Taycan in its portfolio, the VW premium brand Audi recently released the E-tron, the E-tron GT will follow.
Board member Herbert Diess is pressing ahead with the renovation with all his might. Over the next few years, over 60 billion euros will flow into autonomous driving, electromobility and software. That will pay off in the long run.