BERLIN – Volkswagen Group's software unit Cariad suffered an operating loss of 2.1 billion euros ($2.24 billion) in 2022 on revenue of 800 million euros, according to the automaker's annual report.
The automaker is expected to provide an update on how it will improve operations at Cariad, which was set up under former CEO Herbert Diess but has gone over budget and fallen behind on its goals.
Cariad, a core part of VW Group's plans to catch up with Tesla in the coming years, has been wrestling with difficulties for a while, causing important projects to fall behind schedule and Porsche and Audi models to start up later.
