VW, currently entangled in a global engine-rigging pollution scandal, said in a statement that it plans to launch “more than 30 fully electric models” by 2025, which would account for annual sales of between two and three million vehicles or 20-25 percent of the group’s global sales.
Presenting what he described as the “key building blocks in the new group strategy,” chief executive Matthias Mueller said VW aimed to “transform its core automotive business or, to put it another way, make a fundamental realignment in readiness for the new age of mobility.”
Mr Muller’s plan, dubbed “Strategy 2025”, aims to fix some of the company’s sluggish businesses, such as the namesake Volkswagen brand, which generates a tiny profit, and try to squeeze cost-savings from the broader group by capitalising on the company’s scale and product range.
Volkswagen has begun implementing some of the strategy goals that will be outlined in more detail in the plan, Mr Muller has said, such as accelerating development of digital technology, self-driving cars and electric powertrains to confront the challenges posed by tech rivals such as ride-hailing service Uber Technologies and Alphabet’s Google, which is developing self-driving cars.
Müller also addressed VW’s ongoing diesel emissions issue, saying it gave the company a “thorough shakeup and we need time to fully overcome it.” His comments come after a US judge on Wednesday extended the deadline for VW to reach a final diesel settlement with federal regulators, according to Reuters. Both parties reached a tentative settlement in April and US District Judge gave them until June 21 to publicly file it. Now, that deadline has been extended until June 28.