Volkswagen CEO says Joe Biden victory would better suit carmaker's strategy

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

"A Democratic programme 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 United States 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 added that Volkswagen had established a trustful relationship with the administration of U.S. President Donald Trump and that the prospect of trade tensions between the United States 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 United States, Diess explained.

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