Volkswagen set new targets in the EVs segment

The German auto giant, Volkswagen has set yet another new target for itself – manufacturing 22 million electric vehicles in the next decade.

We are not too far away from entering the electric vehicles era due to the ever-increasing carbon footprint. All the auto manufacturers have set their eyes on outdoing their competitors in the electric vehicles production.

The German auto manufacturing company recently redefined their new plans regarding the production of electric vehicles. The no emission vehicles are the most popular trend these days and Volkswagen doesn’t want to lag behind in the race. In a recent announcement, the company has set rather an ambitious target of producing 22 million vehicles in the next ten years. Note here that the Volkswagen group had earlier revealed to increase the EVs production to 15 million.

However, the auto manufacturer is currently looking towards a declining trend of carbon footprint by 30% with a strategy of sticking to rolling out more electric vehicles in the future. It would certainly be a milestone if the auto-giant get to achieve the specified number. The announcement seems an over-ambitious one considering the company has only managed to produce 50,000 units of EVs in 2018.

Volkswagen is a huge group that owns 12 other brands including Audi, Bentley, and Porsche. Volkswagen’s core group has observed a recent drop in its operating profits last year on the back of the new carbon emission tests. The new regulations regarding emissions have certainly created an impact on the company’s profits as it is struggling to get its vehicles certified. However, the overall sales of the company have seen a steep growth by 2.7% as it touches the 235.8 billion Euro mark. Having said this, the overall profits of Volkswagen rose to 17.1 billion which is an increase of 0.4%.

Herbert Diess, the CEO of Volkswagen group revealed that the company has achieved an operating profit margin of 7.3%. In the future plans of the 12-brand group, there are as many as 70 fully electric vehicles lined up for the next 10-year time span. It’s certainly an exciting prospect to see Volkswagen emerging as an electric automaker but it all depends on how the company reinvents itself under the sky-rocketing targets. There are at least six new cars set to be released in 2019.

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Apart from being an Electrical Engineer by profession, he is an automotive content writer at PakWheels, a web designer and a photographer.