Volkswagen wants to keep the pace of e-mobility high despite the current lull in e-cars. “We see electromobility as the future of the automotive industry,” said CEO Oliver Blume (55) on Wednesday at the online general meeting in Wolfsburg. When it comes to developing new vehicles, they want to increase the pace even further. The group wants to bring a new entry-level electric model onto the road for around 20,000 euros within three years. This will show: “Volkswagen is able to develop quickly. Efficient and effective – with Europe Speed.”
Blume’s phrase “Europe Speed” alludes to the phrase “China Speed” that has been used frequently in recent months. This is primarily used in connection with the rapid development cycles of domestic car companies in China – the largest and most important car market in the world, including for German manufacturers. VW can’t keep up here at the moment and needs an average of five years to develop new models. This is partly due to this Software chaos surrounding the Cariad subsidiary
, which repeatedly delays the market launch of new models.
The new pace is part of Blume’s plan to make the group fit for the future and prepare it for the time after the combustion engine, with which the Wolfsburg-based company has so far earned most of its money. But the first quarter also went well in the end more than disappointing
.
Cheap car should be produced in Europe
Blume is now advertising his new cheap car all the more. “The 20,000 euro VW will set standards in terms of design, quality, equipment and technology at an attractive price,” said the CEO, referring to the new model with the working title ID.1, for which the board of directors had given the green light the day before. And VW will build it in Europe. Last but not least, works council boss Daniela Cavallo (49) made sure of this, who was concerned about the underutilized plants in Europe.
However, VW still left it open where exactly the car would be produced. Germany “But that’s not an option,” Blume added. VW had already sold the ID.2all planned for 2026 for 25,000 euros to its subsidiary Seat for cost reasons Spain forgive.
Blume called for more support from politicians for the electrical course. “It is important that the ramp-up of e-mobility is supported from all sides. Politicians also need a clear stance.” Above all, manufacturers now need planning security. There have recently been calls in the EU to move away from the goal of no longer allowing cars with combustion engines in the EU from 2035.
Annual general meeting only digital – hardly any protests possible
This time, Blume did not have to fear protests in the hall like a year ago in Berlin. As a precautionary measure, the group only invited its shareholders to the online general meeting digitally. There were still protests by climate activists in Wolfsburg – but only on a small scale: Some activists occupied a roof at the gate, hung banners and invited people to a rally with a few participants in front of the plant. Last year, climate and human rights activists severely disrupted the in-person meeting in the Berlin CityCube, and VW supervisory board member Wolfgang Porsche (80) was only narrowly missed on the podium by a cake being thrown.
Campaign representatives criticize the decision to now hold meetings purely virtually again. “In Berlin you had to duck away from the cake flying at you, and today – in virtual space – you duck away from your shareholders,” said Ingo Speich from DekaBank. “This is very unfortunate and not only damages the corporate culture, but especially the shareholder culture in Germany.” The format introduced during the corona pandemic should not become the norm, demanded Marc Liebscher from the investor protection association.
Blume wants to keep a dual role
Another cause for concern for shareholder representatives is the dual role of Blume, who has been with both for almost two years Porsche as well as at VW is at the top. “Even for a top manager, the day only has 24 hours,” said Janne Werning from Union Investment. “Your predecessor was already more than fully occupied with a group and was unable to overcome the enormous challenges,” added Ingo Speich from DekaBank, referring to the former VW boss Herbert Diess (65) added. Blume rejected the criticism: He was aware of the double burden, but was convinced that the functions complemented each other and that both companies benefited from it. He therefore has no plans to change anything.
There was criticism of the re-candidacy
Porsche’s grandson Hans-Michel Piëch for the VW supervisory board, who at 82 has long since exceeded the standard age limit of 75. His re-election is still considered certain. The majority at Volkswagen is clearly distributed: around 90 percent of the voting rights belong to the main shareholders Porsche SE, the state of Lower Saxony and the sovereign wealth fund from Qatar. The preferred shareholders – and therefore the majority of small investors – have the right to ask questions and speak at the general meeting, but do not have a vote.