Volkswagen AG has contacted other carmakers for “minor” deals to help the automaker meet emission requirements in the US and China, according to Bloomberg. CEO Herbert Diess is confident of meeting the fleet targets despite its electric vehicle sales in the US and China not being robust.
Diess says VW credit purchasing deals for the US and China are declining following the ramp-up of its EV strategy and expects them to fall to zero in 2-3 years.
Despite VW’s progress towards EVs, its reliance on combustion-engine automobiles is seen as a challenge to emission reduction goals.
VW also relies heavily on Europe for its EV expansion, with at least 70% of EVs sold in Q1 being to the continent.
Volkswagen stock is currently declining. VOW3 is down 2.64%.
