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Home / Business / VW says it will be able to do something Tesla has struggled to do: Make profits to produce electric cars

VW says it will be able to do something Tesla has struggled to do: Make profits to produce electric cars



Volkswagen is optimistic when it comes to doing what its competitors have struggled to do: make a profit while making electric vehicles.

VW boss Herbert Diess says his company has a plan not to lose money.

"Our approach is different," Diess said. "We come with high volumes, we have a dedicated platform that is only for electric cars, and we generate a lot of scale because we invest simultaneously in China, Europe and the US."

Electric car manufacturer Tesla has not yet made a profit on an annual basis, although it has had a handful of profitable quarters.

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VW has an electric car on display at the Frankfurt Motor Show in Germany. ID.3 is priced at under $ 33,000.

If Volkswagen has its way, two out of every five cars the company sells will be electric by 2030.

Check out the hottest cars at the IAA Auto Show in Frankfurt, Germany.

The new Volkswagen ID.3 appears at the IAA Auto Show in Frankfurt, Germany, Monday, September 9, 201

9. (AP Photo / Michael Probst)

VW also unveiled a new logo, mainly updates the one it has had since World War II.

CLICK HERE TO READ MORE ON FOX BUSINESS [1 9659002] The Associated Press contributed to this report.


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