Volkswagen is seeking to further bolster its commitment to electric vehicles, forecasting that the share of battery-electric vehicles (BEVs) in its European sales will reach 80% by 2030.
The German auto giant, which has already vowed to invest $86 billion into electric and autonomous vehicles, is aiming to have 1 million electric cars on European roads by 2025.
In addition to its existing electric models, Volkswagen has announced plans to roll out several new BEVs in the coming years. Among them is the ID.4, a mid-size SUV set to launch this year. Its current lineup of electric cars includes the all-electric ID.3 hatchback and the ID. Crozz electric SUV.
The company is also investing heavily in charging infrastructure, aiming to install 18,000 fast-charging stations by 2025.
Analysts have lauded Volkswagen’s ambitious plans, noting that they will likely put pressure on other major players in the auto industry to ramp up their own EV production.
“Volkswagen’s move to focus on electric vehicles is a testament to the changing landscape of the auto industry,” said Max Warburton, an analyst with Bernstein Research. “It’s becoming increasingly clear that other automakers will need to shift their strategies if they want to stay competitive.”
The move comes as the auto industry is increasingly looking to electric vehicles as a way to reduce emissions and meet increasingly strict environmental regulations.
Volkswagen’s plan to achieve an 80% BEV share in Europe by 2030 is seen as an effort to gain a competitive edge in the EV market.
“This is an aggressive goal, but it’s also an important signal that Volkswagen is serious about its commitment to electric vehicles,” said Warburton. “It’s a clear indication that the company is taking the necessary steps to remain competitive in the rapidly changing auto market.”
Volkswagen’s move to prioritize electric vehicles is part of a larger shift in the industry towards electrification, with more automakers expected to follow suit in the coming years.