Last week at the Geneva motor show, VW announced plans to break into the expanding electric vehicle market. The German carmaker attended the auto show along with every other major industry player, each of which were showcasing a new hybrid or electric model.
Chief executive for the new project, Martin Winterkorn, said that the automaker was hoping the car would expand from zero to three percent in the cars’ share portfolio by the year 2018. Along with the electric vehicle announcement, VW also used the show to exhibit several new models including the Seat brand’s sporty, all-electric model, the IBE.
Other carmakers which showcased electric or hybrid vehicles, included Porsche’s new 918 Spyder which is a petrol-electric hybrid concept vehicle. The new Porsche model can achieve up to 78 miles per gallon switching from petrol on the highway to electric in the city.
By far the highlights of this year’s car show in Geneva were the electric or hybrid vehicles. The competitive market is clearly moving towards these types of vehicle as petrol prices soar and the trends move closer towards eco-friendly products.
However, most industry analysts are still estimating that these types of vehicles, including plug-in vehicles, will still only garner small sales in the auto industry. While many say there will be a long term shift to electric vehicles the shift will be slower in coming than the market is gearing up. Namely due to steep initial costs and lack of recharging infrastructures.
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