Volkswagen shows confidence in the electric future with a higher margin target

Volkswagen achieved long-term profitability on Tuesday, a sign of growing confidence in German manufacturers to switch to electric vehicles and car driving.

Presenting its strategy by 2030, even the largest automaker in Europe expected half of global vehicle sales to be expected to be a battery by that date – rivals had come together to set ambitious targets for the era of combustion engines.

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The targets come ahead of a huge package of climate policies the European Union wants to announce on Wednesday, likely including a de facto ban on petrol-based vehicles from 2035 onwards.

(Read also | Volkswagen, BMW fined US $ 1 billion for pollution poster)

At 2025, when Volkswagen aims to become the world’s largest manufacturer of electric (EV) electric vehicles, EV batteries accounted for just 3% of global sales last year.

“We have set ourselves a strategic goal to become the market leader in the world of electric vehicles – and we are on the right track. We are now setting parameters,” said CEO Herbert Diess.

Volkswagen ID.4 electric SUV
Volkswagen ID.4 electric SUV

Following last week’s earnings in the first half of the Blow-out, Volkswagen expected to receive a solid result from its business by 2025 billion euros ($ 178 billion) to finance investments in areas such as batteries and software.

(Read also | Volkswagen to sell stake in Electrify America cargo unit)

He added synergies between technology and brands so that the budgets for Seats and Skodas could be high for Audis and Porsches. It also gave him the confidence to increase his goal of achieving operational sales profitability by 2025 from 8-9% to 7-8% by 2025.

The automakers have set many goals for an electric future. Last week, Stellantis said it wanted more than 70% of sales in Europe and more than 40% in the United States to be low-emission vehicles by 2030. This includes hybrid vehicles and cars with all electric batteries.

Volkswagen said last month that it would stop selling gas dealers in Europe by 2035 and later in China and the United States on the road to electric vehicles.

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