Volkswagen aims for electric cars to make up 70% of sales in Europe by 2030

Carmaker unveils its Accelerate strategy to speed up shift to zero-emissions vehicles

 

Volkswagen wants electric vehicles (EVs) to make up the majority of European sales for its core brand by 2030, it said on Friday, the latest carmaker to accelerate the shift towards battery-powered models.

Fully electric vehicles are expected to account for more than 70 per cent of its total European vehicle sales by 2030, compared with a previous target of 35 per cent, the world’s second-largest carmaker said as it unveiled its Accelerate strategy.

“With Accelerate we are increasing the speed on our path to a digital future,” said Ralf Brandstätter, who heads the Volkswagen brand and also sits on the group’s management board.

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

Volkswagen said it had earmarked about €16 billion for investment in the future trends of e-mobility, hybridisation and digitalisation up to 2025.

The group had been a laggard on electrification until it admitted in 2015 to cheating on US diesel emissions tests and had to deal with new Chinese quotas for electric vehicles.

Ambitious

This prompted a strategic shift to zero-emission and self-driving technology, and it now has one of the most ambitious programmes in the industry.

Automakers are also racing to develop electric vehicles to meet tighter CO2 rules, and a number of carmakers are aiming for a fully electric line-up by 2030.

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

In China and the US Volkswagen expects the share of fully-electric vehicles it sells to rise to 50 per cent by 2030, the brand said, aiming to head off rivals including Tesla to become the world’s leader in electric vehicle production.

“Of all the major manufacturers, Volkswagen has the best chance of winning the race. While competitors are still in the middle of the electric transformation, we are taking big steps toward digital transformation,” Mr Brandstätter said. – Reuters