The announcement follows Tesla becoming the world’s most valued automaker last year by market cap.
Volkswagen is pushing ahead with plans for all-electric vehicles (EVs) in a bid to become “the world’s most desirable brand for sustainable mobility,” a statement that clearly expresses its desire to challenge the current EV market leader, Tesla.
The German automaker said Friday that more than 70% of its Volkswagen brand’s European sales will be EVs by 2030, up from a previous target of 35%. In the U.S. and China, the company expects half of its sales to be EVs by the same deadline.
“We are stepping up the pace,” Ralf Brandstaetter, who leads the Volkswagen brand, said in a statement. “In the coming years, we will change Volkswagen as never before.”
The company also owns Audi, Lamborghini, Porsche and other luxury brands, but Friday’s announcement applies exclusively to VW-branded vehicles, which include the Passat and Jetta.