Volkswagen’s EV business as profitable as combustion engines sooner than planned – CEO

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Reuters UK

BERLIN (Reuters) – Volkswagen expects its electric vehicle business to be as profitable as its fossil fuel-burning cars sooner than planned, its chief executive Herbert Diess said on Thursday at the carmaker’s annual shareholder meeting. Volkswagen previously expected to match its profit margins from combustion engine vehicles with electric vehicle sales in two to three years, but the carmaker was in a robust financial position, Diess said, despite a challenging economic environment. “We expect that the e-mobility business will be as profitable as the combustion engine business earlier than pl…

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