Volkswagen in talks with Waymo about mobility services partnership

Volkswagen Chief Executive Herbert Diess wants to spend 12 billion euros ($13.70 billion) for a 10 percent stake in Waymo, the robotaxi company owned by Alphabet but Diess lacks the backing from the supervisory board to spend such an amount, Manager Magazin said.

VW needs four Gigafactories to make enough batteries for electric cars, the magazine said.

Diess wants the VW brand to have a return on sales of 8 percent by 2025, Manager Magazin further said.

Volkswagen declined to comment on the report.