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VOLKSWAGEN AG

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Volkswagen : Skoda aims for at least half its European car sales by 2030 to be electric

06/24/2021 | 12:10pm EDT
A technician walks past the Skoda Octavia Green Line electric car during a media visit to the Skoda Auto Technological Center in Mlada Boleslav

PRAGUE (Reuters) - Skoda Auto, part of Germany's Volkswagen Group, wants electric cars to make up at least half of its sales in Europe by 2030 as it transitions from motor engines in the coming decade, the Czech carmaker said on Thursday.

As part of its strategy, Skoda will unveil at least three more all-electric models, adding to two models currently. The new models will be positioned below its Enyaq iV electric SUV.

Skoda has not set a date on when it will fully transition away from motor engines but aims to have 50-70% of its fleet in Europe with electric drive by 2030. Less than 5% of its current car sales are electric.

Fleet emissions should fall 50% in that time, Skoda said as part of its 2030 strategy goals announced on Thursday.

Skoda, the Czech Republic's biggest exporter, delivered 1.005 million cars globally in 2020, a 19% year-on-year fall amid the coronavirus pandemic but above the 1 million mark for the seventh straight year.

(Reporting by Robert Muller, writing by Jason Hovet; editing by Emelia Sithole-Matarise)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
VOLKSWAGEN AG 0.12% 205.75 Delayed Quote.34.99%
VOLKSWAGEN AG 1.07% 283 Delayed Quote.66.37%
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Financials
Sales 2021 253 B 300 B 300 B
Net income 2021 14 617 M 17 351 M 17 351 M
Net cash 2021 34 213 M 40 614 M 40 614 M
P/E ratio 2021 7,09x
Yield 2021 3,58%
Capitalization 126 B 150 B 149 B
EV / Sales 2021 0,36x
EV / Sales 2022 0,31x
Nbr of Employees 632 825
Free-Float 56,8%
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Mean consensus BUY
Number of Analysts 25
Last Close Price 205,75 €
Average target price 279,86 €
Spread / Average Target 36,0%
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Managers and Directors
Herbert Diess Chairman-Management Board
Arno Antlitz Head-Finance & Information Technology
Hans Dieter P÷tsch Chairman-Supervisory Board
Thomas Schmall-von Westerholt Head-Technology
Kurt Michels Chief Compliance Officer
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