Volkswagen Expects EV Profits to Match Gas Cars Earlier than Planned

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Volkswagen CEO Herbert Diess spoke virtually at the automaker’s Annual General Meeting on Thursday, singing praises about the company’s financial success last year.

Diess said that Volkswagen had a successful 2021, boasting a strong operating result as the company makes major shifts toward electrification, as detailed in a press release on Thursday.

Diess said, “We delivered in 2021. Backed by good crisis management, we are financially robust and have strengthened our resilience. At the same time, we have made major progress in implementing our NEW AUTO strategy. We will continue to forge ahead with our realignment in 2022, despite the geopolitical and economic challenges. Our teams are keen to change the world of mobility.”

The release goes on to detail the company’s sustainability strategy and its EV platform, among other subjects still.

In Europe, Volkswagen says one out of every four EVs came from Volkswagen last year.

In the U.S. last year, the automaker saw a battery-electric market share of around 8 percent, nearly doubling its market share for internal combustion engines.

China, which accounts for the world’s largest auto market by numbers, Volkswagen delivered around 93,000 EVs in 2021, quadrupling what it was in 2020.

Diess also said electric vehicle profits are expected to match those of its gas vehicles, sooner than planned. “We expect the e-mobility business to match the profitability of our combustion engine business earlier than planned,” said the CEO. ”

Because we are rolling out our e-mobility toolkits across the board, converting a growing number of production plants and selling our technology to competitors such as Ford,” said Diess.

Volkswagen also announced plans this week to reboot its U.S. Scout brand as an electric truck and an SUV by 2026.

The automaker is now also sold out of EVs in U.S. and Europe for 2022.

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