Audi CEO: Electric Car Shift Could Drive Up Vehicle Prices by Thousands

"We are investing a lot in electric cars, but the profit made on these cars is much lower than on fossil-fueled cars," said Bram Schot, before adding that the sector will have to switch to electric by 2030 under really difficult conditions. He is concerned about the profitability of this type of car, since currently, their production is paid for with the profits made on gasoline and diesel cars, reports De Telegraaf.

He also fears that the situation will lead to the disappearance of a number of car brands, due to a lack of major cooperation partners. In the 18 years he has been at the head of Audi, Bram Schot has reduced costs by 17.7 billion euros, which will ultimately cost 9,500 jobs.