Volkswagen looks to electric vehicles, cost cuts for profit recovery


Volkswagen is confident that cost cuts will help it raise profit margins in the coming years, the world's second-largest carmaker said on Tuesday, a day after outlining an ambitious electric mobility expansion.

"Our good performance in 2020, a year dominated by crisis, will give us momentum for accelerating our transformation," Chief Executive Herbert Diess said in a statement. Preferred shares in the company rose as much as 5% to their highest level since July 16, 2015, given the carmaker a market valuation of more.....

This article is no longer available in our repository.

There could be multiple reasons for this.