Volkswagen Leads the Charge in EV Race as Revenue Jumps

Volkswagen is one of the world’s largest automakers and one of the most ambitious in the electric vehicle (EV) market. The German giant reported strong revenue growth of 13% in the first quarter of 2021, driven by a robust recovery in Europe and North America amid the pandemic.

But the company is not resting on its laurels. It invests heavily in EVs, aiming to become the global leader in battery-powered cars by 2025. Volkswagen plans to launch more than 70 new EV models by then and expects to sell 26 million EVs in total.

Volkswagen’s CEO Herbert Diess said that the company is well prepared for the growing competition in the EV market, as rivals like Tesla, Ford, and GM are also ramping up their electrification efforts. He said that Volkswagen has a competitive edge in terms of technology, scale, and global presence.

One key advantage of Volkswagen is its modular platform for EVs, called MEB. This platform allows the company to produce different types of EVs with common components and architectures, saving costs and increasing efficiency. Volkswagen is also sharing its MEB platform with other automakers, such as Ford and China’s SAIC.

Another strength of Volkswagen is its diverse portfolio of brands, ranging from mass-market to luxury. The company owns 12 brands, including Audi, Porsche, Skoda, and Bentley. Each brand has its own identity and target market, but they can also benefit from the synergies and innovations within the group.

For example, Audi recently unveiled its flagship EV, the e-tron GT, which shares some elements with Porsche Taycan. The Audi e-tron GT is a stunning four-door coupe that combines performance, design, and sustainability. It can accelerate from 0 to 60 mph in 3.9 seconds, has a range of 238 miles, and features a vegan interior made from recycled materials.

Volkswagen is also expanding its EV production capacity and charging infrastructure around the world. The company has 16 factories that can produce EVs and plans to add six more by 2022. It also has partnerships with charging providers such as Electrify America and Ionity to offer more convenient and accessible charging options for its customers.

One of the most impressive aspects of Volkswagen’s EV strategy is its ID range, a series of electric cars that are designed from the ground up to be electric. The ID range covers different segments and styles, from the compact ID.3 hatchback to the spacious ID.6 SUV. Each ID model has a distinctive design, a spacious interior, and a high-tech cockpit. The ID range also offers affordable prices, generous warranties, and free charging for new customers. Volkswagen is aiming to make the ID range accessible and appealing to a wide range of buyers, and to showcase its innovation and leadership in the EV market.

Volkswagen’s EV strategy is not only good for the environment but also for its bottom line. The company expects to achieve an operating margin of 7-8% by 2025, up from 4.8% in 2020. It also expects to generate a positive cash flow from its automotive division this year, despite the high investments in EVs.

Volkswagen is clearly on a mission to become the world’s leading EV maker. The company is well-positioned to achieve its goal with its strong revenue growth, ambitious investment plans, competitive advantages, and diverse offerings. Volkswagen is leading the charge in the EV race, showing no signs of slowing down.

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By Panorica, 6 May, 2023

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Volkswagen Leads the Charge in EV Race as Revenue Jumps

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