According to Sina Finance, Volkswagen has abandoned plans to go all out to develop electric vehicles.
Volkswagen Group of Germany owns multiple brands such as Volkswagen, Porsche, Audi, and Skoda.
Volkswagen has been leading the way for many years and is currently the brand with the highest cumulative sales volume in the group.
Volkswagen’s eponymous brand has positioned its ID series of electric vehicles as the core of the future, but the brand admitted last week that it will need more plug-in hybrids as sales of electric vehicles slow.
, This is just the latest adjustment made by Volkswagen to its electrification strategy.
Previously, the company released several models and fell behind in the Chinese market.
In China, local brands currently dominate.
Volkswagen also shelved efforts to seek outside investors for its battery unit and scrapped plans to invest 2 billion euros ($2.
2 billion) in an electric vehicle factory in Germany.
, 
, in fact, the automaker sells so many internal combustion locomotives that emissions will exceed the limit next year that CEO Oliver Blume has had to ask European regulators for clemency.
This is a huge shift from three years ago, when Volkswagen actively lobbied for electric vehicles in the European Union, leading to a rift between the company and some of its counterparts in the region.
, However, Volkswagen has not completely abandoned electric vehicles.
Bloom is building partnerships with companies such as Xiaopeng Motors and is preparing to launch a new electric vehicle brand in China that will provide models equipped with in-car avatars and other devices to win back young consumers who were robbed by BYD (002594) and Tesla.
Volkswagen has also been discussing with European counterparts such as Renault to develop cheaper electric vehicles to win over mass-market car buyers.
, Volkswagen is not the only company that has had to recalibrate its strategy due to slowing electric vehicle sales.
Countries including Germany and Sweden have stopped or cut subsidies for electric vehicles, which are often more expensive than gas-fired vehicles, hurting entire industries.
Gaps in public charging networks also continue to deter potential buyers.
, Strantiis said on Tuesday that it will sell cars jointly developed with Chinese partners in Europe starting in September to reduce the cost of its electric vehicles.
Mercedes-Benz Group has stopped developing infrastructure for new luxury electric cars to save money and plans to sell gasoline cars for longer than expected.
BMW Motor Company warned this week that the EU’s plan to effectively ban the sale of new internal-combustion-engine vehicles by 2035 will hurt the industry.
European regulators will review the policy in 2026.
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