VW to speed up electric shift in five-year plan

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Volkswagen will speed up its shift to electric cars and revamp its software strategy in a five-year investment plan presented by management to the supervisory board on Friday, the automaker said in a statement.

The board was also due to discuss which new models could be produced at Volkswagen's Hannover plant after production of the VW Bus 6.1 comes to an end, and its Osnabrueck plant, which could be assigned a new Porsche model, according to German business paper Handelsblatt, citing unidentified sources.

Employees fear 1,000 jobs could be at risk in Hannover if the plant is not allocated a new model, the paper said, citing sources close to the workforce. A spokesperson for the works council denied the Handelsblatt report, saying jobs in Hannover were guaranteed under an agreement with the company until 2029. "There will be a viable solution for Hannover," the spokesperson said.CEO Oliver Blume took the helm of the company last autumn and postponed the meeting from its original planned date in November.

The CEO has swept through the carmaker's strategic plans since taking over to streamline its operations, a marked contrast from Diess, who was known for ambitious plans but criticised by some, including the works council, for

 

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