Europen carmaker Volkswagen expects 50pc of its global vehicles sales to be battery-powered by 2030, according to a company release. The announcement comes ahead of EU’s new climate policy to be unveiled soon. These policies could include a de facto ban on petrol-based vehicles from 2035.
Volkswagen aims to overtake Tesla as the world’s largest electric vehicle (EV) maker by 2025, contributing 3pc to total EVs produced, globally. The automaker reported strong H1 earnings and has planned EUR150bn ($178bn) investment in the battery and software sectors by 2025, according to its earnings release. The statement added that increasing cooperation between technologies and brands gives the company the confidence to increase its 2025 sales target to 8-9pc from 7-8pc.
By 2030, the German automaker plans to build six large battery factories in Europe for which it has partnered with China’s Gotion High Tech. One factory is planned at Salzgitter, Germany and another in Spain.
Several carmakers have set various goals for an electric future recently. Stellantis said it aimed for low-emission vehicles to have a sale of more than 70pc in Europe and above 40pc in the US by 2030.