The transition towards the electrification of vehicles is a challenge for car industry and whoever manages it best will succeed, the CEO of German automaker Volkswagen Group told CNBC Tuesday.
div > div.group > p:first-child"> "We are really getting into a transition period of the automotive industry and, reading between the lines of all the communications our competitors are doing, it will be tough times because we have to invest in new technology, not only electric drive trends but autonomous driving, connectivity," Herbert Diess, chief executive of Volkswagen, told CNBC's Annette Weisbach at the Geneva Motor Show.
Volkswagen showcased an all-electric dune buggy at the Swiss car show on Monday and announced last November that it will spend 44 billion euros on new plants, electric cars, autonomous driving and mobility services between 2019 and 2023. VW has also said it is looking to partner with other manufacturers on electric vehicles in a bid to lower development and production costs.
Diess said that all automakers were seeing their shares trading at a discount and said this was because of the transition taking place in the industry. Diess believed VW had the best chance of success in the transition towards electric vehicles but conceded that the group should be more efficient. Commenting on the threat of U.S. sanctions on European car imports, Diess said VW had done everything it could to"convince the U.S. administration that we're really committed to investing further into the U.S."
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