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.
"Through good crisis management, we are financially robust and have strengthened our resilience," he said.
Diess did not give a timeline for when the EV business would match its combustion-engine profitabilty.