Volkswagen sticks to electric car output target and pricing despite slackening demand

High interest rates are derailing the shift to EVs across the globe

Volkswagen confirmed it made €79bn in third-quarter sales, with operating profit rising 14% to €5bn. Picture: AP/Jens Meyer

Volkswagen is working to cut costs and sticking with its electric vehicle prices despite reductions at some rivals, as the German automaker aims to rebuild margins after quarterly profits were hit by bad bets on raw material prices.

A programme targeting €10bn in savings at its main passenger cars brand is delayed, but some measures have already been implemented, CFO Arno Antlitz said, confirming a Reuters report.