Volkswagen Is The Latest Automaker To Admit The Superiority Of Tesla's Charging Technology
Following Ford Motor (NYSE: F) and General Motor (NYSE: GM), Volkswagen AG (OTC: VLKAF) is the latest automaker to admit the charging superiority of EV king, Tesla Inc (NASDAQ: TSLA), leaving only Stellantis N.V. (NYSE: STLA) as the only last real holdout. On December 19th, Volkswagen Group announced that they will be adopting Tesla’s EV standard. As of 2025, Volkswagen EVs will be rolling off the assembly line with installed Tesla charging port.
Volkswagen Is Making Significant Effort To Save Costs
Volkswagen also announced it aims to save $4.37 billion next year by cutting its admin staff costs at its flagship brand by 20%. Reducing the size of its workforce is part of a wider restructuring strategy that aims to slash group costs by 10 billion euros by 2026. Volkswagen announced that staff reductions will kick off in January. Under its master plan, Volkswagen is also planning to shorten new car development time to three years, along with cutting the number of test vehicles it builds in half. As its CEO Thomas Schäfer admitted, Volkswagen is no longer competitive and is therefore, taking measures at all levels to get back on track, along with admitting the EV charging superiority of Tesla.
GM Is Also Slashing More Than 900 Jobs
After recalling robotaxis early last month, General Motors announced it will be cutting about a quarter of its Cruise unit workforce. General Motors already absorbed big losses while developing its driverless service that was supposed to bring in revenue of $1 billion by 2025. GM also announced it will be slowing down its spending in Cruise.
Creating A More Sustainable Future Of Transportation Goes Beyond EVs, Which Is Where Green Tech Comes In
Worksport Ltd (NASDAQ: WKSP)(NASDAQ: WKSPW) is developing two revolutionary products that promise a lot more than just increasing the range of electric pickups. Back in November, Worksport geared up for the initial Alpha release of its portable battery system, COR. Together with its solar powered tonneau cover, SOLIS, Worksport is bringing a power duo to the clean energy automotive accessories market. Worksport recently announced it completed its second assembly line for its innovative hard-folding tonneau covers, which marks a big step in the company's expansion strategy.
Stellantis Is The Last Automaker Standing Outside Tesla's Charging Network...
Although quite late with BMW, Mini, and Mercedes-Benz adopting Tesla’s charging standard a while back, Volkswagen drivers gained access to 15,000 Superchargers across North America. Stellantis, with Jeep, Chrysler, Ram, Dodge, Peugeot and Fiat brands under its umbrella, remains the last who did not enter the supercharging network of Tesla.
DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice.
This article is from an external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.
"ACTIVE INVESTORS' SECRET WEAPON" Supercharge Your Stock Market Game with the #1 "news & everything else" trading tool: Benzinga Pro - Click here to start Your 14-Day Trial Now!
Get the latest stock analysis from Benzinga?
This article Volkswagen Is The Latest Automaker To Admit The Superiority Of Tesla's Charging Technology originally appeared on Benzinga.com
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
