Car envy

12 March 2021 By Christopher Thompson Follow @CGAThompson

Boss Herbert Diess wants to steer the $128 bln German automaker into the thick of the fast-growing market for in-car software. Closing the gap on Elon Musk’s outfit will be tough. But even a podium finish behind the leader would jump-start Volkswagen’s analogue valuation.

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Volkswagen requires about 300 gigawatt hours’ worth of battery cells a year by the end of the decade for its ambitious rollout of electric vehicles in Europe, according to a Reuters report on March 10 citing two people familiar with the matter.

The supply-chain update is part of the world’s second-largest carmaker’s strategy to raise the share of fully electric vehicles in Europe to more than 70% by 2030 at its flagship brand.

The German automaker is expected to announce more details regarding its battery technology at a “Power Day” on March 15.

Volkswagen previously announced that its ID model electric vehicles will receive so-called over-the-air updates every 12 weeks starting in summer 2021 as part of a company-wide push into selling software. These will enable the vehicles “to remain up to date throughout its life cycle and become better and better with new functions”, according to a statement on March 5.

Shares in Volkswagen were down 1.4% at 0920 GMT on March 12.

Context News

The supply-chain update is part of the world’s second-largest carmaker’s strategy to raise the share of fully electric vehicles in Europe to more than 70% by 2030 at its flagship brand.

The German automaker is expected to announce more details regarding its battery technology at a “Power Day” on March 15.

Shares in Volkswagen were down 1.4% at 0920 GMT on March 12.

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