VW on track for profitable growth on positive sales momentum
Group-wide deliveries expanded to 2.7-million vehicles in the first quarter, but the group is wary of competition, especially in China
Beijing/Paris — Volkswagen Group (VW) is on track for profitable growth this year, thanks to positive sales momentum at the start of 2018, the car maker’s top executive said on Tuesday. "We’ve had a very positive start into 2018," group CEO Herbert Diess said at the Beijing car show. "We see positive momentum in all regions." Diess was referring to group-wide deliveries, which expanded 7.4% in the first quarter to 2.7-million vehicles. "We see good opportunities for profitable growth in 2018, too, but we need to speed up," Diess said, noting rapid changes across the industry and heightening competition, especially in China. Europe’s largest automotive group plans to spend €15bn up to the end of 2022 on electric vehicles (EVs) and new technologies, such as self-driving vehicles and alternative mobility services, with €10bn alone earmarked for EVs, Diess said. VW plans to start building EVs in at least six Chinese factories by 2021. In Paris, French car maker PSA Group posted a 42% in...
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