Volkswagen Group (XETRA:VOW) said its electric vehicle (EV) business was turning a profit much sooner than expected as it held its annual meeting yesterday.
The automaker told the press many of its electric car models, including the Porsche Taycan, had sold out through the end of 2022.
“We see better scale, we see better margins, we see high customer demand," chief financial officer Arno Antlitz told reporters. "Originally we thought it takes two to three years until we see the [profit] parity of ICE (internal combustion engines) and battery-electric vehicles.”
Volkswagen is embarking on an ambitious EV transition with the aim of the cars accounting for half of its global production by 2030.
It is already a leader in EVs in Europe, holding a 25% market share. In the US it is second only to Tesla with a 7.5% market share.
Shares in the Volkswagen were up 2.57% to €154.88 in morning deals