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Key Takeaways
- Volkswagen Group reportedly will significantly delay the launch of several electric vehicle models.
- German newspaper Handelsblatt said the biggest delay would be with what was once considered Volkswagen’s flagship EV model, the Trinity compact SUV.
- The paper added that CEO Oliver Blume said holding off on the release of models was aimed at better allocating the company’s investment and to avoid software issues that it faced in the past.
Volkswagen Group will significantly hold off on the release of several electric vehicle (EV) models, according to German newspaper Handelsblatt.
The paper reported that internal memos show the biggest delay will be for what had once been considered the carmaker’s flagship EV model, the Trinity compact SUV. It said Trinity production wouldn’t begin until 2032, when it was expected to hit the market in 2026.
Handelsblatt noted that Chief Executive Officer (CEO) Oliver Blume explained that the decision to wait was part of a larger EV product launch correction. Blume said the aim was to better allocate its investment and avoid software issues that had plagued it in the past.
Volkswagen shares closed 1.5% lower at 100.20 euros in German trading Monday. They are down 15% in 2024 after being up 20% on the year as recently as May 28.