However, it said investments to retool factories, as well as adverse currency moves and a sales slowdown triggered by new emissions certification tests, led to a fall in operating margins at its VW, Skoda, Audi and Porsche marques last year.The group said it would respond by aligning management pay and bonuses more closely with profitability, cutting manufacturing complexity and reducing head count by an unspecified amount.
Volkswagen is preparing to roll out a new compact electric car, known as the ID, in 2020 as part of a drive that it expects will see it building 22 million electric cars by 2028 – despite uncertainty about the level of demand for such vehicles.“The reality is that building an electric car involves some 30 per cent less effort than one powered by an internal combustion engine,” Diess said. “That means we need to make job cuts.
Volkswagen released detailed 2018 results after announcing some figures last month, when it said group operating profit rose 0.7 per cent to 13.92 billion euros , below the 14.53 billion euros forecast in a poll. “WLTP will continue to be a challenge in 2019. There could be some temporary restrictions once again, but much less extensive than in 2019.”
globebusiness Can’t trust them.
globebusiness In the meantime, VW's boss just bought a $19M one off Bugatti