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Wednesday September 18th, 2019 10:38PM

The Latest: VW says it has scale to make electrics succeed

By The Associated Press

FRANKFURT, Germany (AP) — The Latest on the Frankfurt auto show (all times local):

11:50 a.m.

Volkswagen CEO Herbert Diess says his company's massive scale will enable it to make profits on large numbers of affordable electric cars it aims to sell in the next several years.

Electric competitor Tesla has not yet turned a profit while analysts say fellow German automaker BMW has lost money on its i3 electric.

Diess told The Associated Press on Tuesday: "Our approach is different. We come with high volumes, we come with a dedicated platform that is only for electric cars, and we generate a lot of scale because we are investing at the same time in China, in Europe, and in the US."

Volkswagen is showing off the ID.3 at the Frankfurt Motor Show, a battery-powered compact with a base price under 30,000 euros ($33,000). Volkswagen aims to have 40% of its sales as electrics by 2030 even though such cars are currently less than 2% of the market in Europe.

___

7:01 a.m.

The headwinds buffeting the auto industry are making themselves felt at the Frankfurt Motor Show, with companies confronting a slowdown in sales due to global trade uncertainty and pressure from governments to lower emissions of air pollutants and greenhouse gases.

Signs of the times at this year's show include a slew of new, market-ready electric cars led by Volkswagen's ID.3 compact that aim to reduce greenhouse gas emissions. There will also be protests from cyclists, environmentalists and industry critics who want a more pedestrian- and bicycle-friendly transportation policy, and efforts by the auto executives to engage those critics in discussion.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Corporate News, AP Business - Industries, AP Business - Utilities
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