Main Volkswagen brand speeds up shift to electric

Main Volkswagen brand speeds up shift to electric

News: Main Volkswagen brand speeds up shift to electric.

FRANKFURT (Reuters) – Volkswagen wants electric vehicles to make up the majority of European sales of its core brand by 2030, said the youngest carmaker on Friday, which is supposed to accelerate the switch to battery-powered models.

All-electric vehicles are expected to account for more than 70% of total European vehicle sales by 2030, compared to an earlier target of 35%, the world’s second largest automaker said when it unveiled its “Accelerate” strategy.

“With Accelerate we are accelerating the path to a digital future,” says Ralf Brandstaetter, who heads the Volkswagen brand and is also a member of the Group’s board of directors.

“In the coming years we will change Volkswagen like never before,” he added, saying that integrating data and software functions into cars would open up new sources of revenue.

According to its own information, Volkswagen had earmarked around 16 billion euros for investments in the future trends of electric mobility, hybridization and digitization by 2025.

The group had lagged behind on electrification until 2015 admitting cheating on US diesel emissions tests and grappling with new Chinese electric vehicle quotas.

This resulted in a strategic move to zero-emission and self-driving technology and now has one of the most ambitious programs in the industry.

Automakers are also looking to develop electric vehicles to meet Europe’s stricter CO2 emissions targets. This week, Volvo joined a growing number of automakers aiming for an all-electric lineup by 2030.

Stellantis, the product of the merger between Fiat Chrysler and PSA, plans to have fully electric or hybrid versions of all of its vehicles in Europe by 2025.

In China and the United States, Volkswagen expects the proportion of all-electric vehicles sold to rise to 50% by 2030 in order to evade competitors like Tesla and become a global leader in the production of electric vehicles.

“Of all the major manufacturers, Volkswagen has the best chance of winning the race. While the competitors are still in the middle of the electrical transformation, we are taking big steps towards digital transformation, ”said Brandstaetter.

($ 1 = 0.8377 euros)

Reporting by Christoph Steitz and Jan Schwartz. Letter from Keith Weir. Adaptation by Riham Alkousaa and Mark Potter

Original Source © Reuters

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