Herbert Diess, pictured at VW Group's annual meeting, intends for the automaker to overtake Tesla and become the world's No. 1 electric-car maker by 2

VW's Diess expects bigger profits from electric cars soon

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2022-05-14 08:00:06

Herbert Diess, pictured at VW Group's annual meeting, intends for the automaker to overtake Tesla and become the world's No. 1 electric-car maker by 2025.

BERLIN – Volkswagen Group expects its electric-vehicle business to be as profitable as its combustion engine cars sooner than planned, CEO Herbert Diess said.

VW previously expected to match its profit margins from combustion-engine vehicles with EV sales in two to three years, but the automaker was in a robust financial position, Diess said, despite a challenging economic environment.

"We expect that the e-mobility business will be as profitable as the combustion-engine business earlier than planned," Diess said at the automaker's annual shareholder meeting on Thursday.

Diess intends for VW to overtake Tesla and become the world's No. 1 electric-car maker by 2025, building on its bigger product offering covering luxury and premium cars as well as volume brands.

Diess also said he thought the timing was ideal for an initial public offering of sports-car brand Porsche, which is planned for the fourth quarter of this year.