Volkswagen CEO admits electric car push will cost more than expected

Herbert Diess, the CEO of the Volkswagen Group, has admitted developing a broad electric car range is more expensive than the company first thought. “The burden for our company, such as the cost of bringing to market electric cars, will be higher than expected,” Diess said in an interview published in Volkswagen's internal company newsletter and seen by Bloomberg. Diess stated this partially down to “some of our competitors ... making more progress".