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VW chair says component cost decrease keeps him confident of EV success

Volkswagen AG is in the middle of implementing a comprehensive electric vehicle strategy, one that we've been documenting for a long time. The Group stands ready to offer dozens of plug-in vehicles in the coming years if it feels there is sufficient demand and believes that selling a million EVs in Germany by 2020 is reasonable. That would be a solid number, but remember that VW sold over 5,923,000 passenger cars around the world last year, and the group as a whole sold over 9.7 million. At the company's annual Media Conference and Investor Conference in Berlin recently, the chairman of the board of VW AG - surrounded by some decidedly non-green examples of the VW Group's vehicles (some absurd new Bugatti, for example) - took some time to put the company's EV plans into focus. The upshot is that Dr. Martin Winterkorn is still guiding his electromobility ship into new waters, saying that "many more [plug-in] models will follow." Winterkorn said there are three main reasons he is confident in the ability of VW (and Audi and Porsche, at the very least) to push EV sales upward. Batteries are getting better, he said, and if the ranges can be extended, then customers are happy. But the real secret lies in reducing component costs. He said (as translated): It is important to look at the cost of the components: the battery technology, the electric motor and the electric components. Whenever you go into volume production, you of course have economies of scale. In two to three years' time, if we are able to achieve the goals we are setting for ourselves with cost and reach sufficient volume, I do believe that we can achieve two to three percent [market share] within VW Group. So, hitting a million EVs by 2020 is reachable. With the e-Golf and the e-Up off to excellent sales starts, we're willing to be confident as well.

Volkswagen decides to keep Lamborghini and Ducati, transfers Bentley to Audi

Investors in the market for a high-end Italian manufacturer that peddles performance will need to keep looking. Volkswagen announced it will hang on to Lamborghini and Ducati in the foreseeable future. Executives in Wolfsburg, Germany, are making far-reaching changes to the Volkswagen Group to reboot it with a big focus on technology. Credible rumors claimed that the people in charge of the carmaker wanted to carve out Lamborghini — which owns Ducati — and ultimately list it, or at least a chunk of it, on the stock market in order to fast-track the group's electrification strategy. Going electric is expensive, so selling Lamborghini would have helped fund the expansion, and high-octane supercars don't easily go hand-in-hand with zero-emissions cars. "Volkswagen needs to change from a collection of valuable brands and fascinating combustion-engine products that thrill customers with superb engineering to a digital company that reliably operates millions of mobility devices worldwide," summed up Herbert Diess, the group's boss, during a September 2020 meeting. His team ultimately decided not to fully divest both brands. It's too early to tell whether part of Lamborghini will be listed on the stock market, as some insiders have suggested, or if those plans are off the table, too. Changes are coming to Bentley as well. While it's not being spun off either, it will fall under the Audi umbrella starting on March 1, 2021. Volkswagen explained linking the two companies will "allow for synergies to be achieved as part of the electrification strategy of the two premium brands," a statement which suggests they will share a growing number of components during the 2020s. Unverified rumors claim that Bentley will notably get its own version of an ultra-luxurious electric SUV code-named Landjet that Audi is currently developing. We've reached out to Bentley for more details, and we'll update this story if we learn more. Bugatti's future wasn't mentioned in the release; unconfirmed reports suggest it will be traded for a stake in Croatian start-up Rimac. Volkswagen's supervisory board also reaffirmed its support for Diess, who was appointed CEO in 2018 and who has played a significant role in the company's transformation. Finally, the board approved the development of what a statement refers to a future leading electric vehicle sold by the Volkswagen brand that will be developed and manufactured in Wolfsburg.

VW to pay $1B in settlement with US government over V6 diesels

Volkswagen and the US government have come to a settlement for the civil claims against the automaker's 3.0-liter, diesel V6s. Over 83,000 V6 TDI-powered models are currently prowling US roads in violation of emissions laws. The settlement allows VW to recall over 75 percent of its cheating V6 diesels – about 63,000 units – and bring them into compliance. These represent newer VW Touaregs, Audi A6, A7, A8, Q5, and Q7s, and Porsche Cayennes built between 2013 and 2016. According to the company, the recall will bring these so-called Generation Two engines up to emissions specs, provided the EPA and CARB okay the modifications. Should the regulators say no to VW's tweaks, the company will buy back or terminate leases with the affected owners. For older V6 TDIs built between 2009 and 2012, Volkswagen will do broadly the same thing, only in reverse. It will lead with buy backs of older Touaregs and Q7s – the only vehicles the company sold with the earlier engines – but could offer fixes if EPA/CARB give the okay. As part of its agreement over the emissions-cheating V6s, Volkswagen will contribute $225 million to the "environmental remediation trust" it established as part of its settlement over cheating 2.0-liter TDIs. VW is also on the hook for $25 million with CARB, bringing the total for the six-cylinder part of its emissions cheating scandal to around $1 billion, Automotive News reports. This initial agreement still needs approval from US District Court Judge Charles Breyer. Related Video: