Volkswagen AG (VW) yesterday said that it plans to widen cost-cutting efforts by standardizing key technologies as the German manufacturer seeks to accelerate a shift toward electric vehicles to combat Tesla Inc and keep traditional rivals such as Daimler AG at bay.
VW is targeting 1 million electric-vehicle sales this year and aims to become the global market leader by 2025 at the latest, the company said in a statement.
By 2030, the share of fully electric vehicles in Europe is set to rise to as much as 60 percent of its deliveries.
Photo: Reuters
“By pooling the strengths of our brands, we will be able to scale up our future technologies even faster,” VW chief executive officer Herbert Diess said in the statement.
Europe’s largest automaker is overhauling its sprawling operations to free up funds for new technologies as it plans to build the industry’s largest fleet of electric vehicles.
The company has unveiled Europe’s boldest battery-production push and struck a deal with unions to cut more jobs in Germany.
VW said that it is seeking to use a platform approach to raise the efficiencies when deploying technologies, including software, batteries and charging infrastructure.
It reiterated a plan to lower fixed costs by 5 percent, or 2 billion euros (US$2.4 billion), by 2023 and material expenses by 7 percent.
VW last month said that it expects its operating margin to improve to between 5 and 6.5 percent this year.
It kept its dividend proposal unchanged even as analysts braced for a cut and said it expects rising vehicle deliveries to push revenue up significantly.
VW’s revamp efforts were jolted last year by COVID-19 restrictions, which shuttered factories and showrooms.
The industry also faces a shortage of semiconductors, which has disrupted production.
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