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Skoda plans big investment into electric cars as part of rebound effort

PRAGUE — Czech carmaker Skoda, part of the Volkswagen Group, said on Wednesday it would invest around 2.5 billion euros over the next five years on future technologies, with more than half going to electric vehicle investment. The Czech Republic's largest exporter is hoping for a rebound in 2021 from a global car sales drop but faces uncertainty over the coronavirus pandemic and a semiconductor shortage rattling the industry. "This year is likely to be another big challenge," finance director Klaus-Dieter Schuermann said. "We expect Skoda Auto's group performance to improve, with sales revenue significantly above the level of last year." Skoda reported on Wednesday a 54.5% drop in 2020 operating to 756 million euros ($894 million). Sales revenue dropped 13.8% to 17.1 billion euros. Global deliveries remained above 1 million cars for a seventh straight year despite a 19% drop after production outages at the outset of the pandemic and a fall in China, its biggest single market. Chief Executive Thomas Shaefer said the car company was managing the semiconductor shortage "but it will follow us for awhile" and the impact was not visible yet. Skoda's core market in Europe would be electric in the future, Shaefer said, although it was still not time to completely switch away from traditional models, which include the launch last year of a new generation of its flagship Octavia model. It has also started production of the all-electric Enyaq iV model, which is a version of Volkswagen's ID.4. Skoda plans investments of 1.4 billion euros into electromobility development as part of its five-year investment plan. Investments will also go into digitalization activities and plant modernization. Related video: Green Volkswagen Skoda Electric

VW planning 20 new plug-in models for China

With just about everything getting super-sized for China, Volkswagen is following suit with its plug-in vehicle plans for the world's most populous country. VW, Europe's largest carmaker, is looking to sell more than 20 different plug-in models in China within the next four years, Reuters says, citing comments Volkswagen Group China head Jochem Heizmann made in Shanghai. The company is hoping that translates to sales of more than 100,000 plug-ins in China by the end of the decade. Go big or go home, right? There's a huge plug-in vehicle opportunity in China, especially given the bad pollution situation in cities like Beijing and Shanghai and the Chinese government's incentives for plug-in vehicle buyers. Volkswagen CEO Martin Winterkorn said at the Beijing Motor Show this spring that the company would spend $25 billion on at least a half-dozen plug-in models for China by 2018. VW will start selling the e-Golf in China this year and the Golf GTE plug-in hybrid in 2015. VW said in August that it would start selling the e-Golf in the US for about $35,500 in November. That's a $6,500 price hike from the base Nissan Leaf.

Volkswagen Group previews its wares on eve of Geneva show

The Volkswagen Group is comprised of 11 brands producing 240 vehicles across 49 factories throughout the world. So the best way to show off the range of the VW family is to cram a few thousand journalists and VIPs into a massive makeshift stand to outline the Group's goals, what's in the pipeline and what you'll be able to buy later this year.
To that end, VW pulled out all the stops on the eve of the 2012 Geneva Motor Show, bringing along 10 vehicles from across the range. We'll be delving into the details of each over the next two days of show coverage, but before that happens, you can read all about what we saw tonight from the cheap seats after the break.