Hyperdrive
Volkswagen Looks to US EV Incentives to Capture Buyers
- Carmaker’s top US executive says there’s ‘great opportunity’
- Auto expert says VW’s goals will be difficult to achieve
A charging plug on a Volkswagen AG GTE Golf hybrid automobile.
Photographer: Luke MacGregor/BloombergThis article is for subscribers only.
Volkswagen AG believes that electric-vehicle incentives put in place by President Joe Biden’s Inflation Reduction Act will help the company more than double its share of the US market.
The German carmaker plans to sell 25 EV models in the US by 2030, all of which should qualify for the maximum $7,500 in tax credits provided by the Biden policy, said Pablo Di Si, Chief Executive Officer of Volkswagen Group of America. That broad availability will help the automaker attract more customers as the company aims to account for 10% of US auto market by 2030 compared to about 4% today, he said.