Lots to do: Volkswagen boss Oliver Blume at the annual press conference in Berlin
Image: Reuters
The Wolfsburg group is investing many billions of euros in battery cells and electric cars to prepare for the future. But the offensive carries great risks.
Volkswagen boss Oliver Blume works at full capacity. On Monday he presented the figures for the Porsche sports car brand in Stuttgart, which he manages in a personal union. A day later, the gaunt manager is standing in the VW representative office in Berlin and is presenting the forward strategy of the Wolfsburg parent company. He has been managing VW for six months. Now he wants to show that he has the car giant’s countless construction sites under control and is increasing the pace. You have a “good foundation”, but the group needs “a renovation and some conversion work”, he admits frankly.
Never before has Volkswagen tied down such a large budget in its planning for the current five-year period. The group wants to invest 180 billion euros in its business by 2027, announced Blume at the annual press conference. Two thirds flow into future technologies that are intended to make the car company digital and electric, a record figure. The Wolfsburg-based company reserves 15 billion euros for battery-related transactions alone. These include cell factories in Salzgitter, Lower Saxony, in Valencia, Spain, and in St. Thomas, Canada, a project that has just been decided upon. The current year has a key role to play, according to the 54-year-old manager. 2023 is crucial “to implement strategic goals and accelerate the progress of the group”.