Fossil fuels are still the future. VW invests 60 billion Euros in internal combustion engines! – Watts Up with that?
Via P Gosselin
In a surprising move, Volkswagen announced plans to invest 60 billion euros in developing new combustion engines as confidence in electric mobility plummets in Germany and elsewhere.
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Adjust strategy
“This change in strategy shows that the transition to electric mobility is progressing more slowly than expected,” the German report said. Power outage news here. “Just last year, Volkswagen assumed that electric cars would account for 80% of annual sales in Europe by the end of the decade. However, the warm reception to its own ID models is forcing the company to adjust its strategy.” Also see (motorbike1: 07.06.24).
As German electric vehicle sales fall short of government targets due to unpopularity and high costs, manufacturers are seeing the writing on the wall: Electric mobility still has a long way to go front.
Reality check
Initially, Wolfsburg-Germany-based VW planned to invest only 180 billion euros for the next generation of electric vehicles, but now it also plans to invest 60 billion euros to develop internal combustion engines.
“The future is electric, but the past is not over yet. It was a third and it will remain a third.” Arno Antlitz, Chief Financial Officer and CEO of the Volkswagen Group.
Electric mobility postponed
The announcement emphasizes the importance of internal combustion engines in the future, despite claims from the media and government that they will disappear in the next decade or two.
Volkswagen said in 2022 it would only sell electric cars by 2033. Apparently this is no longer the case.
Other VW luxury brands such as Bugatti, Lamborghini and Bentley are also focusing on continuing to use internal combustion engines but moving towards alternative, synthetic fuels.
Power outage news also report“Ford no longer believes it will be all-electric in Europe by 2030. Aston Martin has also decided to produce cars using internal combustion engines in the next decade.”
What’s behind the sudden return of the internal combustion engine and the growing aversion to electric cars?
As the recent European election results clearly show, customers are tired of what to buy and what rules to follow. Germany’s Green Party lost almost half of its voters in last Sunday’s EU elections. Furthermore, China’s ability to produce cheap electric cars is increasingly seen as a threat.
“China’s electric attack is worrying established automakers” comments Power outage news. “Automakers must react flexibly and invest in both electric and conventional technologies. This is the only way they can meet market and regulatory requirements.”
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