Frankfurt/Washington: Embattled auto giant Volkswagen said Thursday it plans to launch more than 30 all-electric models by 2025 as it seeks to reposition itself as a leading player in environmentally sustainable modes of transport.
VW, currently entangled in a global engine-rigging pollution scandal, said in a statement that it plans to launch “more than 30 fully electric models” by 2025, which would account for annual sales of between two and three million vehicles or 20-25 per cent of the group’s global sales.
Presenting what he described as the “key building blocks in the new group strategy,” chief executive Matthias Mueller said VW aimed to “transform its core automotive business or, to put it another way, make a fundamental realignment in readiness for the new age of mobility.”
VW would focus on “the most attractive and fastest-growing market segments,” he said.
“Special emphasis will be place on e-mobility. The group is planning a broad-based initiative in this area: it intends to launch more than 30 purely battery-powered electric vehicles over the next ten years,” he said.
VW estimated that such vehicles “could then account for around a quarter of the global passenger car market.”
VW was plunged into its deepest-ever crisis when it came to light last September that it had installed emissions-cheating software into 11 million diesel engines worldwide.
Settlement deadline extension
A US judge late on Wednesday extended the deadline for Volkswagen AG, US government regulators and owners of nearly 500,000 2.0 litre vehicles to reach a final diesel emissions settlement until June 28.
The tentative settlement announced in April includes an offer by VW to buy back nearly 500,000 polluting vehicles, as well as an environmental remediation fund to address excess emissions and a fund to promote green automotive technology.
In April, US District Judge Charles Breyer set a June 21 deadline to publicly file the final settlement but in the Wednesday order he agreed to extend the deadline by one week to complete the complex agreement.
Breyer said in a written order he was extending the deadline at the request of former FBI director Robert S. Mueller, who has been acting as the court-appointed mediator, and “given the highly technical nature of the proposed settlements in these complex proceedings.” The US. Environmental Protection Agency, California Air Resources Board, US. Justice Department, Federal Trade Commission and lawyers representing owners have been working for weeks to hammer out the final agreements.
Two sources briefed on the talks say the agreement is still on track to be finalised.
VW spokeswoman Jeannine Ginivan noted that the delay was at the request of the FBI’s Mueller. “We thank our customers for their continued patience as the process of finalising agreements moves forward,” she said.
The settlement also will include an option to eventually get cars repaired if regulators approve a fix. Owners will get “substantial monetary compensation,” Breyer said in April.
Dividend
In April, Volkswagen said it would set aside €16.2 billion (Dh66.5 billion, $18.2 billion) and slash its dividend to cover the costs from Dieselgate — including nearly €8 billion to cover buying back and fixing polluting vehicles.
The initial settlement to be announced later this month is not expected to address about 80,000 larger VW, Audi and Porsche 3.0 litre vehicles with separate undisclosed software that allowed vehicles to emit up to nine times legally allowable pollution. Those vehicles are expected to be addressed at a later date.
Another issue that won’t be resolved until later is how much VW will pay in fines for admitting to violating the Clean Air Act, sources said. The EPA said in September 2015 that VW could face up to $18 billion in fines for installing the cheating software.
After it is finalised, the agreement faces a public comment period and must get final judicial approval, which could come at a July 26 hearing. Judge Breyer did not delay that hearing.
VW also faces an ongoing criminal investigation by the US. Justice Department.
