Volkswagen expects that by 2030 half of all cars sold by the car group will be fully electric. Ten years later, virtually all cars in the major markets should be, and by 2050, Volkswagen wants to be completely CO2 neutral.
Those goals would mean a faster turnaround than VW previously expected, the German company announced in an update of its strategy.
Volkswagen sees Spain as an important place for its electric ambitions. The company wants to start producing smaller electric vehicles there. Volkswagen also wants to build a battery factory there.
Spain has put in place an economic plan to play an important role in the switch to electric vehicles. Volkswagen previously announced its intention to build battery factories in Sweden and Germany.
Making those batteries itself is one of the ways Volkswagen wants to increase profits. The company also wants to reduce material costs and fixed costs further must be reduced. By 2025, there must be between 8 and 9 percent of every car sold.
Volkswagen previously assumed such a profit margin of between 7 and 8 percent.