VW CEO says Biden victory would better suit automaker's strategy

FRANKFURT -- Volkswagen Group CEO Herbert Diess on Thursday said a victory by Democrat Joe Biden in the U.S. presidential race would better suit the German automaker's efforts to mass produce electric cars across the globe.

"A Democrat program would be more aligned with our worldwide strategy to fight climate change to go electric," Diess said on a Bloomberg webcast on Thursday.

Presidential candidate Joe Biden moved closer to victory in the U.S. election as officials continued to tally votes in the handful of key battleground states that will determine the outcome.

VW is in the midst of a global push to launch electric vehicles in China, the U.S. and Europe, and is betting on economies of scale to make battery-driven cars more affordable.

"The United States, when it comes to market share, is the weakest region in the world," Diess said.

Diess said VW had established a trustful relationship with the administration of President Donald Trump and that the prospect of trade tensions between the U.S. and other parts of the world would remain even if Biden won.

Policymakers from all parties are determined to rebalance trade relations, in an effort to bring investment and jobs back to the U.S, Diess explained.

"The discussions would remain - you always have trade balances, which are a concern for some nations," he said.