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Automakers face reality of EVs' cost — to jobs, and their bottom line

Related: We obsessively covered the Frankfurt Motor Show — here's our complete coverage FRANKFURT, Germany — European car bosses gathering for the Frankfurt auto show are beginning to address the realities of mass vehicle electrification, and its consequences for jobs and profit, their minds focused by government pledges to outlaw the combustion engine. As the latest such announcement by China added momentum to a push for zero-emissions motoring, Daimler, Volkswagen and PSA Group gave details about their electric programs that could give policymakers some pause. Planned electric Mercedes models will initially be just half as profitable as conventional alternatives, Daimler warned — forcing the group to find savings by outsourcing more component manufacturing, which may in turn threaten German jobs. "In-house production is almost irrelevant to the consumer," Daimler boss Dieter Zetsche told reporters on the eve of the Frankfurt Motor Show, in the midst of a German election campaign in which automotive jobs have loomed large. The company set a target of saving 4 billion euros ($4.8 billion) by 2025 to help fund the cost of its electric cars. "Daimler is the first company to state explicitly how much electric vehicles are going to hurt margins," said Bernstein analyst Max Warburton. "It was brave to go first — but of course it won't be the last." Volkswagen, for its part, said it was seeking new global supplier contracts to source 50 billion euros ($60 billion) of electric car content including batteries, which are not yet manufactured competitively in Europe. "A company like Volkswagen must lead, not follow," Chief Executive Matthias Mueller told reporters. VW diesel emissions-cheating exposed by U.S. regulators in 2015 triggered global public outrage, dozens more investigations into test-rigging by the wider industry and a push by some lawmakers to ban diesel and eventually all engines. TIGHTENING NOOSE Tesla shares jumped nearly 6 percent on Monday after a Chinese minister said it was a question of when, not if, Beijing bans fossil-fuel cars, tightening the noose around the combustion engine. France and Britain have promised its outright abolition by 2040. But PSA, the maker of Peugeots and Citroens, said it was concerned about the risks if consumers were left behind in the rush, and a new generation of battery cars does not sell.

VW CEO talks up 20 new plug-in models in Frankfurt

For years now, Volkswagen has dreamed big, forming plans to become the world's largest automaker. That trajectory includes a big plug-in vehicle push, and the CEO of Volkswagen, Martin Winterkorn, said that his group of companies will bring out 20 more EVs and plug-in hybrids by 2020. The list includes the next Phaeton and the Audi A8. "No commitment to electro-mobility can be any clearer than that," Winterkorn said, according to a VW press release. "Our Group already has the largest connected vehicle fleet on the road. By 2020 we will have transformed all of our new cars into smartphones on wheels." Perhaps most illustrative, Winterkorn admitted that the auto industry has turned a corner. "Technological leadership is no longer solely defined in terms of horsepower and torque," he said. "We are taking the precision, enduring value and quality of our cars into the new, digital world." The VW group is also showing off new plug-in concepts in Frankfurt this week, like the Tiguan GTE and the Porsche Mission E. Winterkorn's prepared remarks do not give out the details of these vehicles, but we'll have all the info from the show floor in short order. Stay tuned. PROF. DR. MARTIN WINTERKORN: "THE REINVENTION OF VOLKSWAGEN" 14/09/15 from Volkswagen Group 20 more electric cars and plug-in hybrids by 2020 announced Group not only has broadest electric fleet, but also largest connected vehicle fleet on the road Customers should benefit from automated driving technologies as quickly as possible Volkswagen taking precision, enduring value and quality of its cars into the digital world Wolfsburg/Frankfurt am Main, September 14, 2015 – In the Volkswagen Group, there is a sense that a new era is dawning. On the eve of the 66th International Motor Show (IAA) in Frankfurt am Main the CEO of Volkswagen Aktiengesellschaft, Prof. Dr. Martin Winterkorn, said on Monday evening: "We are in the process of reinventing Europe's largest automaker, laying the technological, economic and structural foundations." The Group Chairman announced there would be 20 more electric cars and plug-in hybrids by 2020 – from compact cars to the next Phaeton and Audi A8: "No commitment to electro-mobility can be any clearer than that." He said the Group already had the broadest electric fleet in the automobile world, and added that Volkswagen was also at the forefront when it came to the future-oriented field of digitisation: "Our Group already has the largest connected vehicle fleet on the road.

Audi CEO says brand's EVs are almost as profitable as its other cars

After, oh, a hundred years or so of building vehicles primarily powered by internal combustion engines, automakers around the world have been and still are pumping billions of dollars into the development of electric vehicle technology. Everything from platforms and batteries to motors and the software to control it all requires untold hours of development, and that takes time and money. Fortunately, it's not going to take long for that massive investment to start paying off, at least according to Audi CEO Markus Duesmann, who told Reuters in an interview that "The point where we earn as much money with electric cars as with combustion engine cars is now, or ... next year, 2023. They are very even now, the prices." As a brand, Audi contributed more than a quarter of overall profit for the massive Volkswagen Group, which has such powerhouse brands as Volkswagen and Porsche among others. Under the Audi umbrella are Lamborghini, Bentley and Ducati, and it seems those high-end branches aren't going anywhere, at least for now. "These brands ... are very valuable very profitable brands, where we can even expand the synergy level in the future," Duesmann said in the interview. "There are no plans whatsoever to get rid of them." Despite the overall profitability of the brand, the ongoing global chip crisis is causing headaches. "We had a very strong first half in 2021. We do expect a much weaker second half," said Duesmann, who added, "We really have trouble." In fact, so serious is the trouble that the brand is forced into "a day-to-day troubleshooting process" to limit the chip-shortage damage. The good news for the automaker is that Audi has been able to boost its profit margin from 8% prior to the pandemic in 2019 to 10.7% in the first half of 2021. The bad news is that various chip shortages aren't expected to get a whole lot better over the rest of the year. Related video: