Electric cars thread, page-530

more on this subject in The Aus this morning:
https://www.theaustralian.com.au/business/trading-day/trading-day-live-markets-coverage-plus-analysis-and-opinion/news-story/61d0b6cfd3ca47311a16b0a716e5e064

Emissions squeeze sparks VW surge

German carmaker Volkswagen massively expanded its plans for electric car sales in the coming decade, as its scramble to meet tougher greenhouse emissions targets has already begun weighing onprofitability.

Higher unit sales and increased revenues of 235.8 billion euros (($US266 billion) in 2018 helped VW to a net profit 6.0 per cent higher, at 12.15 billion euros, the group said.

But profit margins were squeezed as the sprawling 12-brand group struggled with new EU emissions tests -- introduced afterits “dieselgate” emissions cheating scandal broke in 2015 -- and massive investments in the switch to electric.

The costs did not put bosses off doubling down on their battery-powered ambitions, saying they now plan 70 new electric models by 2028 rather than 50 and lifting sales targets by seven million, to 22 million vehicles by the same date.

“Electric mobility is the only way to meet environmental objectives” set to bite in the EU from 2020, chief executive Herbert Diess said at a press conference at VW’s Wolfsburg HQ.

“Volkswagen will change radically... make no mistake, the supertanker is picking up speed,” he added.