Page 19 - Thomas Schaefer News Today : Breaking News, Live Updates & Top Stories | Vimarsana

By Victoria Waldersee BERLIN (Reuters) - Volkswagen is running behind schedule in defining key measures of a planned 10 billion euro ($10.5 billion) c...

Volkswagen is running behind schedule in defining key measures of a planned 10 billion euro cost-cutting drive for its namesake brand, two people familiar with the matter said, as talks with powerful...

After a decade of being trounced by Tesla, this was supposed to be the year that traditional automakers finally put up a fight for electric cars. Things haven’t turned out

Legacy automakers, such as General Motors and Ford, are struggling to catch up with Tesla in the electric vehicle (EV) market. Tesla's dominance is evident as it accounts for 61% of fully electric cars sold in the US, and its price cuts have reset customer expectations across the industry. Ford and GM have faced setbacks, including delays in battery manufacturing and production targets. China's BYD has successfully transitioned to profitable EVs by focusing solely on electric vehicles, showing that traditional automakers may need to make significant changes to succeed in the EV market.

Volkswagen's $2.1 billion plan to launch a dedicated electric-vehicle factory in Wolfsburg, Germany is kaput. The automaker instead reportedly plans to modify its existing plants in Zwickau and Wolfsburg to handle production of a new flagship EV — the postponed Project Trinity — and an all-electric Golf hatchback. This tracks with an earlier statement from VW passenger cars boss Thomas Schaefer, who said last year that an additional factory might not be necessary as VW produces fewer combustion-engine vehicles over time.