Volkswagen CEO Oliver Blume is set to develop a new strategy for the company's North American business.
"Just as we are doing for China, we are also creating a target vision for North America. With a clear action plan and defined responsibilities," Blume said on Friday during the company's virtual annual general meeting. Volkswagen sees significant potential in this region, despite the well-known current trade policy challenges. "We want to grow in the region. With products that are consistently aligned with the expectations of American customers," he added.
U.S. President Donald Trump has imposed import tariffs of 25 percent on vehicles, a move that has particularly affected VW subsidiaries Audi and Porsche, as they do not have their own manufacturing plants in the United States. Audi CEO Gernot Döllner announced in February that a decision regarding U.S. production would be made later this year. Volkswagen currently operates a plant in Chattanooga, Tennessee, where SUV models and the electric ID.4 are produced. The company is also building a facility in South Carolina for its new SUV brand, Scout.
(Reporting by Christina Amann, edited by Sabine Wollrab. For inquiries, please contact our editorial teams at Berlin.Newsroom@thomsonreuters.com (for politics and economy) or Frankfurt.Newsroom@thomsonreuters.com (for companies and markets))
