A German media report says that Volkswagen Group will axe some 40 models from its range as part of its strategy to shift to more electrified cars and save cost.
A report in the Handelsblatt newspaper said the company’s new strategy involves the rationalisation of the range – across all brands, it makes around 340 models. It cited anonymous sources at Volkswagen.
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In a strategy announcement last week, the company said it plans to invest in an expanded line-up of electric vehicles and become a leader in sustainable mobility by 2025.
The company, still reeling from the impact of its ongoing emissions crisis, says that “TOGETHER – Strategy 2025” ushers in the biggest change process in the company’s history, with the focus on transforming the core business and tapping potential new revenue streams.
Electrification and new mobility solutions are highlighted in the new strategy, which includes a major electrification initiative – more than 30 new e-vehicles by 2025 and an annual unit sales target of two to three million.
Volkswagen hosts its AGM on Wednesday (June 22) and investors are sure to be looking for signs that the company is serious about reducing cost to yield higher profitability.
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By GlobalDataSee also: Volkswagen’s steady hand on the tiller – Comment
