Volkswagen accelerates shift towards electric vehicles

In a significant development, the Volkswagen Group intends to more than double the market share of the VW brand in the fully electric vehicles market in Europe by 2030.

The development marks an acceleration in the carmaker’s shift towards battery-powered cars.

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

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

The market share of electric powered vehicles are set to rise by 50% by 2030 in the United States and China, said Volkswagen while taking aim at 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,” said Brandstaetter.

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