Audi has become the latest automaker to pledge a zero-emission future, announcing that it will stop manufacturing gas and diesel engines by 2026.
According to a statement by Audi board chairman Markus Duesmann to the carmaker’s executives and labour representatives and later viewed by the The Drive, Audi has has revealed that it will phase out combustion engines across all of its models before the end of 2026. Audi, which is owned by parent company Volkswagen Auto Group, has recently tightened its competition with contender Tesla, in an effort to gain even more market share in the EV space.
According to Bloomberg, the parent company has entered a significant realignment phase, to better coincide with the Biden administration’s latest pledge to subsidize EV infrastructure and production. Indeed, Volkswagen is allegedly “gearing up to make and sell considerably more electric vehicles in North America after U.S. President Joe Biden mapped out a $174 billion plan to accelerate the move to electric cars.”
Volkswagen Auto Group plans to debut approximately 70 battery-powered models before the end of the decade, which will utilize eight of its factories around the globe by 2022 to produce the EVs.
Information for this briefing was found via Volkswagen. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.