Photo: Volkswagen
As we’ve previously reported on The News Wheel, Volkswagen is making an extremely aggressive and virtually unparalleled push into the all-electric vehicle market. Yesterday, the automaker’s CEO, Dr. Herbert Diess, reinforced the company’s position in an interview with Reuters. In his statement, he stated that VW is planning to reroute funds additionally intended for hydrogen fuel cells in favor of all-electric batteries.
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The biggest difference between the two power sources is that a battery stores previously charged energy, while a fuel-cell creates power by converting fuel into storable energy.
In describing the necessity for the change, Diess was blunt about the challenges the company and the world are facing as the market shifts towards environmentally progressive options. He also projected that hydrogen fuel cells wouldn’t be as appealing to consumers as batteries for at least a decade.
Despite the brand’s industry-leading momentum into the EV segment, Diess began by saying, “The big question is: Are we fast enough? If we continue at our current speed, it is going to be very tough.”
He followed up by evoking a comparison from the early days of the handheld phone market. After years of status as a leading member of the mobile device industry, Nokia eventually crumbled beneath the weight and momentum of competitors like Apple.
In tandem with its ambitious manufacturing plans, Volkswagen wants to use its intended segment dominance to raise its market value to $223.10 billion by investing heavily in EV, self-driving, and connected vehicle technology.
Even though VW is one of the largest automakers in the world, its leadership is extremely aware of the fact that the industry is headed into uncharted territory. “In summary, this is probably the most difficult challenge Volkswagen has ever faced,” Diess stated while discussing the company’s commitment to adhering to global emission reduction goals while increasing profits and customer satisfaction.
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