Volkswagen pauses electric Golf development amid record losses

Summarised from 2 outlets · Updated 1 Nov, 21:02 · Archive

Volkswagen has indefinitely paused development of the ID. Golf electric hatchback due to financial pressures.

Volkswagen has indefinitely paused development of the ID. Golf, a small electric hatchback based on the company's next-generation EV platform. Thomas Schäfer, head of the Volkswagen brand, told employees in an internal message that the company 'simply cannot afford this work at present', though he emphasised the work is 'pausing, not cancelling'.

The pause reflects severe financial pressure. The Volkswagen Group announced a €5.9 billion quarterly loss, its largest since 2015 when the Dieselgate emissions scandal surfaced. The loss was driven by €8.7 billion in one-off charges, most of which was a €6.4 billion write-down on its majority stake in Porsche. Finance chief David Powels said the company needed to maintain 'investment discipline' as the market is 'extremely challenging'.

The pause is part of a broader restructuring announced in July. Volkswagen plans to cut 100,000 staff, close four factories in Germany, and halve its model range by the early 2030s. When the electric Golf will eventually appear remains unclear.

How it is being reported

• Volkswagen pauses Golf EV development amid record lossesVolkswagen may be the world's second-largest automaker, but continuing losses mean work on the Golf EV has been paused indefinitely.Perth Now · 1 Nov, 20:47
• Volkswagen pauses Golf EV development amid record lossesVolkswagen may be the world's second-largest automaker, but continuing losses mean work on the Golf EV has been paused indefinitely.The West Australian · 1 Nov, 20:47

In this story: Volkswagen · Thomas Schäfer · David Powels · Porsche · Germany

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