Economy

Volkswagen to Launch 70 Electric Cars by 2028

Volkswagen to Launch 70 Electric Cars by 2028”

The German vehicle 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.

A technician works on a Volkswagen Tiguan with TDI diesel engine during its final assembly at the Wolfsburg Volkswagen plant.

Volkswagen (vlkpf) is to cut up to 7,000 jobs by 2023 so that it can increasingly focus on electric vehicles and production automation.

At the VW brand, executives aim to lift their profit margin to 6.0 percent by 2022, compared with 3.8 percent past year.

"Volkswagen will be boosting the pace of its transformation. taking important steps this year to strengthen competitiveness on a sustained basis", the flagship brand of the mammoth VW group said in a statement.

The VW brand is targeting a 6 percent margin in 2022.

The Volkswagen I.D. will be a hatchback built on the company's "MEB" modular electric vehicle platform.

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

The new cost cutting drive is a continuation of Volkswagen's 3 billion euros Zukunftspakt savings plan.

The 5.9 billion euro target for 2023 comes on top of the 2020 target, the company said.

It said that, at the same time, it will create some 2,000 new jobs in technical development.

The first electric auto on the platform - the "ID" - will hit showrooms in 2020 and VW expects the launch edition to sell out, VW's board member for sales Juergen Stackmann said.

Volkswagen's push to launch so many electric cars is fueled partially by its adherence to the Paris Agreement.

VW will start building the ID at a factory in Zwickau, Germany, which has maximum annual production capacity of 330,000 models.



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