Well well well, it seems another major automaker is hitting the pause button on its full-electric ambitions. This time, it’s Volkswagen Group.
According to Automotive News, VW Group’s chief financial officer and chief operating officer, Arno Antlitz, announced a shift in investment strategy. A significant chunk, one-third of their €180 billion budget, will be directed towards internal combustion engine (ICE) development.
This news comes as a surprise considering VW’s recent electric enthusiasm. The Volkswagen brand itself celebrated selling its 500,000th EV a year ahead of schedule, and its CEO, Thomas Shaefer, publicly dismissed e-fuels as “unnecessary noise”.
This year alone we have heard from Ford, General Motors, and Mercedes-Benz with regard to adjustments to electrification strategies.
As VW’s Antlitz frankly stated, “The future is electric, but the past is not over.”
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