VW Plans Big Spending to Boost Market Share
It will focus on electric and digital efforts, particularly in China and North America.
VW plans to release new BEV models this year and focus growth efforts in China and North America.
IMAGE: Volkswagen
Volkswagen announced plans to invest nearly $200 billion over the next five years, more than two-thirds of that in electrification and digitalization.
Though it turned a profit last year and its battery electric vehicle sales rose 26%, making up a record 7% of total sales, its overall deliveries fell 7% to 8.3 million units.
The auto division’s net cash flow fell, which it blamed on greater working capital resulting from supply chain and logistics issues.
Volkswagen plans to release new BEV models this year and focus growth efforts in China and North America.
"FY22 has impressively demonstrated the robustness of our business model,” said VW Group CFO and COO Arno Antlitz in a statement about its plans.
“Under challenging conditions, we delivered 572,1 00 BEVs and increased our overall revenues and operating profits. FY23 will be no less challenging in view of the overall economic developments. Nevertheless, our strong brands, with their convincing product offerings and the order backlog of around 1.8 million vehicles allow us to look ahead to FY23 with confidence.”
Originally posted on Auto Dealer Today
More Showroom
Focus on Vehicle Cabins
The market for interior materials will grow in coming years as automakers look to meet consumer demand while staying competitive with changeups to sourcing and included features.
Read More →
State Follows Federal Warning on Auto Ads
The Massachusetts attorney general cautioned the state’s automotive dealers to be upfront with the consuming public about their vehicle prices or risk punishment.
Read More →
European EV Market Hits Record
Seven out of the top 10 electric vehicles sold so far in 2026 in Europe are by European brands, and automakers are seeing the power train fill up their order books.
Read More →
Used EVs Outpace New
While North American electric-vehicle sales remain down year-over-year, May sales saw a 3% increase from April’s numbers as used EVs led the market.
Read More →
New Vehicles Down for Most Brands
Healthy May sales cut into inventory as automakers kept a tight reign on supply, though some brands ended the month with excess units on the ground.
Read More →
Auto Prices Ride May Moderation
Flat ATPs and asking prices clocked in below long-term averages for the month, though some segments saw significant price gains, reported Cox Automotive.
Read More →
Mitsubishi Sets Growth Strategy, Structural Transformation
The Japanese automaker aims to 'strengthen products and technologies that embody its brand identity,' focus on its strongest markets and expand value-chain businesses 'that leverage its unique strengths.'
Read More →
Affordable, Safe Cars for Teen Drivers
Families looking to balance affordability and safety in vehicles for their teen drivers can look to the updated list of recommended vehicles by IIHS and Consumer Reports.
Read More →
Auto Dealers Feel Better But Not Great
A second-quarter Cox Automotive poll of franchised retailers and independents found better views of the current market after a good spring but anticipation of third-quarter storminess.
Read More →
Holman Opens Porsche Dealership in Miami
The North Miami store features the brand’s signature Destination Porsche design concept, combining contemporary architecture and technology to create what the auto group calls an ultra-luxury experience.
Read More →