Volkswagen Mulls Accelerating Electric-Vehicle Push to Meet EU CO2 Targets
December 18 2018 - 12:06PM
Dow Jones News
By Max Bernhard
Volkswagen AG (VOW.XE) may have to ramp up production of
electric vehicles faster than previously planned to meet tougher
European Union targets to reduce carbon-dioxide emissions, Chief
Executive Herbert Diess said Tuesday.
The new rules, agreed by EU member states and parliament on
Monday, demand a 37.5% reduction in CO2 emissions from new cars and
a 31% reduction from vans by 2030 when compared with 2021 levels.
For Volkswagen, that means that 40% of its vehicles sold in Europe
would need to be electric by 2030, Mr. Diess said.
"This means that our agreed conversion program, which is
necessary for this system change, is not yet sufficient," he
said.
The German car maker had previously expected a 30% reduction
target, which is reflected in recently adopted measures, Mr. Diess
said. To achieve the stricter targets, it may be necessary for
Volkswagen to discontinue further combustion-engine offerings,
which would entail a clearer restructuring of its plants and
additional battery-cell and battery factories, he said.
"In this context, the generation of environmentally friendly
electricity and the necessary charging infrastructure are also
completely unclear," Mr. Diess said.
Mr. Diess said Volkswagen would revise its planning in fall 2019
to account for the target changes.
In November, Volkswagen said it would invest almost $50 billion
in electrification and autonomous driving, as well as new mobility
services and digitalization until 2023.
Write to Max Bernhard at max.bernhard@dowjones.com;
@mxbernhard
(END) Dow Jones Newswires
December 18, 2018 12:51 ET (17:51 GMT)
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