Environmentalists were ecstatic after Volkswagen’s annual press conference, while investors looked a bit pensive
VW announced at the meeting Tuesday held at its Wolfsburg headquarters, it now plans to launch 70 battery electric vehicles over the next decade and sell 22 million of them. Previously, VW had said it would sell 15 million battery-electric vehicles by 2025.
Herbert Diess, chief executive officer of Volkswagen AG , left, speaks beside Frank Witter, chief financial officer of Volkswagen AG , during the automaker’s annual news conference in Wolfsburg, Germany. Photographer: Krisztian Bocsi/BloombergVW’s electric plans pleased William Todts, executive director of Brussels-based lobby group Transport & Environment.
For instance, Toyota of Japan sells roughly the same amount of vehicles globally as VW, with a workforce about half the size of VW’s. But VW is held back by its management structure, where unions control half the votes on the 20-seat supervisory board. The balance is held by the state of Lower Saxony with two seats, often both side with the unions.“This is unacceptable. Diess and the organization are tasked to step-up their efforts,” said Evercore ISI analyst Arndt Ellinghorst.
Investment researcher Jefferies said VW gave the impression it is at least thinking about investor concerns.
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