German based car manufacturer Volkswagen Group (ETR: VOW3) is expecting its electric vehicle (EV) business to turn out profitable just as its combustion engine business sooner than planned. This was revealed by the company’s chief executive officer, Herbert Diess, during a shareholders meeting held on May 11.
“We expect that the e-mobility business will be as profitable as the combustion engine business earlier than planned. Through good crisis management, we are financially robust and have strengthened our resilience,” said the CEO.
The company had previously announced that it wants its profit margins from combustion engine business with those from electric vehicle sales to match within a period of two to three years despite a challenging economic environment.
The CEO says VW aims to overtake leading EV maker Tesla Inc. (TSLA) and become the world’s leading electric vehicle manufacturer by 2025 by leveraging on its bigger product offering covering luxury and premium cars as well as volume brands.