German car-maker Volkswagen has responded to a slump in sales following the emissions-cheating scandal over its diesel engines by announcing plans to spend more than $11 billion and launch 30 all-electric models, including autonomous and ride-sharing vehicles.
Matthias Mueller, the CEO of Europe’s biggest carmaker said huge investments would be needed as the firm moves beyond the “dieselgate” scandal – an event that is widely considered to represent the beginning of the end of diesel engines, and quite possibly the internal combustion engine.
VW was forced to write off $US18 billion as a result of the scandal and its obligation to replace millions of cars, and its new vehicle sales are down 13 per cent in the first five months of 2016.
“The future program we’re unveiling today ushers in the biggest change process in the history of Volkswagen,” Mueller said at a news conference in Germany. “We are building a new, a better and an even stronger Volkswagen.
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