volkswagen is financially ready for electrification, says cfo

Volkswagen CFO Arno Antlitz said that the auto group is in an excellent financial position to fund electrification.

According to Reuters, the Volkswagen CFO clarified that he believes the auto group is financially ready for electrification. From the auto group’s Porsche IPO today and Volkswagen’s relatively high operating profit margin, continued investment into electrifying their offerings will be possible. But the CFO has plans to get more liquidity to fund electrification.

From the CFO’s comments to Reuters, Volkswagen has acquired roughly €9.6 billion from their Porsche IPO today, while the brand’s operating profit margin of 7-8.5% will aid in funding electrification. But Volkswagen is now considering offering an IPO for its battery division to continue raising funds. The CFO did not clarify a timeline for such an IPO.

While the Porsche IPO was a success story for Volkswagen’s financials, the CFO stated that other than the battery division, no other IPOs were expected, such as from other VW luxury brand Audi.

Many who are invested in the Auto industry have been worried that ongoing supply chain issues would mean that many legacy brands would have trouble securing desperately needed capital for electrification. Still, Volkswagen has shown that they are resilient despite these challenges.

The next big concern for Volkswagen Group might not be securing capital today but selling EVs into the future. Volkswagen’s electric vehicle offerings across its numerous brands are relatively sparse, especially in the US, where the company hasn’t exactly found success in selling its Volkswagen ID.4.

Perhaps this situation will change as the auto group moves forward with its electrification plans. Despite losing its EV-focused CEO, Herbert Diess, the brand continues its electrification plans and growing EV sales in many markets. This is “make or break” territory for the legacy brand.

What do you think of the article? Do you have any comments, questions, or concerns? Shoot me an email at william@teslarati.com. You can also reach me on Twitter @WilliamWritin. If you have news tips, email us at tips@teslarati.com!

TECH NEWS RELATED

Boeing 747 ends production after 54 years as an aviation legend

Boeing has closed a significant chapter in aviation history. The firm announced that it built the final 747 in its Everett, Washington, facility. Production of the 747 started in 1967, and the two-story plane had a major impact on air travel. It stood out as the first twin-aisle aircraft, ...

View more: Boeing 747 ends production after 54 years as an aviation legend

Shocker! Amazon & Hyundai are Giving Away an Ioniq 5

One lucky winner will drive away in the hottest new EV on the market; enter before midnight on December 31.

View more: Shocker! Amazon & Hyundai are Giving Away an Ioniq 5

This Harley-Davidson Electra Glide Is Electrified, Goes For A Test Ride

Rich's Rebuilds finds out how their latest project does on public roads.

View more: This Harley-Davidson Electra Glide Is Electrified, Goes For A Test Ride

Elon Musk loses crown as Forbes’ Richest Person

Elon Musk has officially lost his position as the richest person in the world. Musk’s net worth officially dropped to $185.7 billion today, forcing him to relinquish his spot as the wealthiest person in the world. Musk was overtaken by Bernard Arnault and Family, responsible for Moet Hennessy Louis ...

View more: Elon Musk loses crown as Forbes’ Richest Person

Volkswagen invests €460 million in Wolfsburg plant

Volkswagen is investing around 460 million euros in the transformation of its main plant in Wolfsburg as a first step until the beginning of 2025. The investments will mainly go towards preparations for the recently confirmed production of the new ID.3 – but also a possible ID.3 X compact ...

View more: Volkswagen invests €460 million in Wolfsburg plant

Introducing the Px8 McLaren Edition headphone

LONDON: British premium audio brand Bowers & Wilkins has launched a McLaren Edition of its newest flagship wireless headphone, the Px8 with McLaren Automotive. The Px8 McLaren Edition is built on the reference-standard sound quality of the new Px8, while the premium design honours the partnership with the luxury ...

View more: Introducing the Px8 McLaren Edition headphone

Mercedes' most powerful S-Class ever can hit 100kph in 3.3 seconds

BERLIN: Even the luxury saloon talked up as the “best car in the world” can still use some extra muscle, Mercedes believes, and has announced an AMG-badged version of its S-Class with 802hp and breakneck acceleration. When Mercedes-AMG launches the S 63 E PERFORMANCE hybrid in 2023, it will ...

View more: Mercedes' most powerful S-Class ever can hit 100kph in 3.3 seconds

Formula E secures IndyCar venue as New York replacement

Formula E will race at Portland Raceway next June as the IndyCar road course venue becomes a replacement for the New York City E-Prix. The Race can reveal that a modified version of the 1.967-mile circuit in Oregon will be used with some of the re-profiling work for the ...

View more: Formula E secures IndyCar venue as New York replacement

The 2023 Vancouver Auto Show Has Been Cancelled

Drive too fast and we will seize your car, say Austrian police

Racing gamers driving up auction prices of Japanese classic cars

NHTSA opens investigation into Hondas over reported loss of power

ABF lands in Arizona for its first LFP Gigafactory in the U.S.

F3 runner-up Maloney joins Red Bull junior team

Ram Revolution electric concept previewed ahead of CES reveal

Drivers paid more for insurance in 2022, and 2023 is looking even worse

Volvo receives the largest order for electric trucks in Australia

VW Group Announces MEB+ Platform For EVs With 435 Miles Of Range

STMicroelectronics boosts EV performance and driving range with new silicon-carbide power modules

GM advances Dealer Community Charging Program

OTHER TECH NEWS

Top Car News Car News