The VW power plant and the storage facility auto towers in Germany. The group is trailing in targeted deliveries for the year and VW is losing market share in China, its biggest sales region. — AFP
In March, Herbert Diess enthralled investors with his vision for turning Volkswagen AG into the global leader in electric cars. VW would deliver 1 million battery-powered and plug-in hybrid vehicles this year, and soon build half a dozen factories in Europe alone, the chief executive officer proclaimed. The stock shot up by 29% on a single day.
These days, the mood is decidedly less celebratory in Wolfsburg, where Germany’s largest carmaker is based. The group is trailing in targeted deliveries for the year and VW is losing market share in China, its biggest sales region. Diess has caused outrage among workers and stakeholders by suggesting that massive job cuts might be needed to compete with much nimbler rivals like Tesla Inc, which is putting the final touches on a new factory near Berlin.
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