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VW knows it has to be a technology company to keep up with Tesla




The German brand and the world's largest automobile manufacturer, Volkswagen (VW), appear to be holding their own this week in the changing landscape of the automotive world.

At a meeting with more than 100 managing directors in Berlin, VW boss Herbert Diess said the company had to "slaughter some holy cows" and transform itself into a technology company in order to survive, reports the FT. In other words, VW will have to pull out beloved vehicles for more environmentally friendly alternatives.

It seems that VW is becoming increasingly aware of how companies like Tesla are shaking the automotive industry.

"We are valued like an automotive company, while Tesla is valued like a technology company," said Diess.

As vehicles switch to electric drives via internal combustion engines, the focus also shifts from technical skills to software development. A trend that Diess reportedly emphasized during his lecture.

This is also extremely unfortunate about how long it takes for VW to wake up to reality, what modern drivers want and what modern car companies should do.

Beatings, the switch to electric vehicles requires a "radical change of direction".

"The storm is only just beginning … the time of the classic car manufacturers is over"

But it is not all mouth and no pants from the VW boss. In his speech, he alluded to a possible restructuring of the Volkswagen Group, one of the largest automobile manufacturer conglomerates in the world. The VW group owns 1

2 brands, including Skoda, Audi, Porsche, Seat and Bentley.

It is not clear what this will look like, but Diess emphasized the desire to prioritize profit margins instead of delivery quantities and to focus fully on the "breakthrough in electromobility".

Given the fact that VW's first fully electric car will hit the stores this year, it's not a surprising story.

His sister brand Porsche also recently launched the all-electric Taycan, an impressive traditional driving press. Due to its somewhat weak reach and its premium price, it is not so well received in the technical community.

At least VW is heading in the right direction, even if it will require dramatic changes to its business model.

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