VW Accelerates Shift to Electric Vehicles

VW Accelerates Shift to Electric Vehicles

Volkswagen (OTCMKTS: VWAGY) is set to become “the world’s most desirable brand for sustainable mobility,” as it moves towards all-electric vehicles. The automaker expects over 70% of it’s Volkswagen brand’s sales to be EVs by 2030.

“We are stepping up the pace,” Ralf Brandstaetter, leader of the Volkswagen brand, said in a statement. “In the coming years, we will change Volkswagen as never before.”

The company is also owner to Audi, Lamborghini, Porsche as well as several other luxury brands. However, Friday’s statement only pertains to its VW branded cars.

“With Accelerate we are increasing the speed on our path to a digital future,” said Brandstaetter.

Similar to others within its industry, Volkswagen aims to steer away from traditional vehicles with internal combustion engines. Furthermore, the company plans to manufacture self-driving vehicles and independently produce operating systems to take advantage of the data-based business models.

“If you place that into the hands of a third party you can no longer develop these business models yourself,” Brandstaetter said.

Amid the ongoing battle for environmentally friendly technology, automakers have started the transition to EVs. Government incentives as well as stricter CO2 emission goals are causing the release of EVs faster than customers are demanding them. 

According to IHS Markit, EVs make up 3.3% of the 76.5 million vehicles sold within 2020.