Fossil Fuels Remain The Future. VW To Invest 60 Billion Euros In Combustion Engines!
By P Gosselin on 14. June 2024
In a surprising move, Volkswagen announced it plans to invest 60 billion euros in the development of new combustion engines as confidence in electric mobility plummets in Germany and elsewhere.
Strategy adjustment
“This change in strategy shows that the transition to electromobility is progressing more slowly than expected,” reports Germany’s Blackout News here. “Just last year, Volkswagen assumed that electric cars would account for 80 percent of annual sales in Europe by the end of the decade. However, the lukewarm reception for its own ID models is forcing the company to adjust its strategy.” Also see (motor1: 07.06.24).
As German sales of electric vehicles fall way short of government targets due to their unpopularity and high costs, manufacturers are seeing the writing on the wall: Electric mobility still has a long way to go.
Reality check
Originally, the Wolfsburg-Germany based VW planned to invest 180 billion euros only for the next generation of electric vehicles, but now it also plans to invest 60 billion euros for internal combustion engine development.
“The future is electric, but the past is not over yet. It is a third and it will remain a third.” Arno Antlitz, Chief Financial Officer and Chief Operating Officer of the Volkswagen Group.
https://notrickszone.com/2024/06/14/fossil-fuels-remain-the-future-vw-to-invest-60-billion-euros-in-combustion-engines/
