VW says it will be able to do something Tesla has struggled to do: Make a profit producing electric cars
Volkswagen is optimistic about doing something that its competitors have struggled to do: turn a profit while making electric vehicles.
VW CEO Herbert Diess says his company has a plan not to lose money.
"Our approach is different," Diess said. "We come with high volumes, we come with a dedicated platform that is only for electric cars, and we generate a lot of scale because we are investing at the same time in China, in Europe, and in the US.”
Electric automaker Tesla has not yet turned a profit on an annual basis, though it has had a handful of profitable quarters.
VW has an electric car on display at the Frankfurt Motor Show in Germany. The ID.3 is priced at under $33,000.
If Volkswagen has its way, two out of every five cars the company sells will be electric by 2030.
Check out the hottest cars at the IAA Auto Show in Frankfurt, Germany.
The new Volkswagen ID.3 is displayed at the IAA Auto Show in Frankfurt, Germany, Monday, Sept. 9, 2019. (AP Photo/Michael Probst)
VW also rolled out a new logo, updating the one it has had essentially since World War II.
CLICK HERE TO READ MORE ON FOX BUSINESS
The Associated Press contributed to this report.