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Volkswagen will ramp up hybrid offerings while stumbling the EV shift

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by: Bloomberg
| Updated on: 09 May 2024, 06:45 AM

  • Expanding its model portfolio with both batteries and engines is one of Volkswagen’s top priorities, CEO Thomas Schaefer said.
Volkswagen is changing its EV strategy after model delays and falling behind in China, where local brands dominate (AFP)

Volkswagen AG’s namesake brand plans to boost its offering of plug-in hybrid cars in response to a slowdown in demand for fully electric vehicles. Expanding its portfolio of models with both batteries and engines is one of the VW brand’s top priorities, Chief Executive Officer Thomas Schaeffer said on Wednesday. The move is a shift from its previous strategy of focusing primarily on full EVs.

Customers “want plug-in hybrids now, including in China and the US,” Schaefer said in an interview on the sidelines of an auto-industry conference in London.

Volkswagen is changing its EV strategy after model delays and falling behind in China, where local brands dominate. Last year, the manufacturer scrapped plans to build a dedicated €2 billion ($2.2 billion) EV factory in Germany.

As EV growth slows, carmakers are turning to familiar drivetrains to save sales. Toyota Motor Corp. is benefiting from rising global demand for hybrids. Mercedes-Benz Group AG said earlier Wednesday that it will sell combustion-engine cars longer than expected amid disappointing EV sales.

VW’s latest hybrid technology – used in models such as the Passat and Tiguan – already offers an electric range of more than 100 km (62 miles), Schaefer said.

“But now you have to think more,” he said. “How do we make this more cost-effective? How do we get there? This is happening right now.”

Date of first publication: 09 May 2024, 06:45 AM IST

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