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VW CEO Says Existential Electric Race Awaits After Pandemic

  • A second lockdown would be ‘difficult to manage,’ Diess says
  • Volkswagen chief discusses strategy during Bloomberg web event
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WATCH: VW has a “healthy order bank,” CEO Herbert Diess says.
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Volkswagen AG Chief Executive Officer Herbert Diess vowed to pursue a sweeping transition to electric cars, declaring it a matter of survival even as the coronavirus risks upending business in the near term.

While the world’s largest carmaker has a “healthy order bank,” its development in the coming months hinges on major economies controlling the disease and averting restrictions that would hurt demand and operations, Diess said Thursday. Despite the uncertainties, VW will press ahead with aggressive investment in new technology to avoid falling behind as the auto industry fundamentally changes.