VOW Volkswagen AG

By Kim Richters

Volkswagen AG said Friday that its namesake brand plans to increase the share of fully-electric-vehicle sales in Europe to more than 70% by 2030.

Up till now, the VW brand has been aiming for 35% in the same time frame.

In China and the U.S., the car brand is targeting a sales share of fully electric vehicles of more than 50% by 2030.

At the same time, VW also plans to further develop its combustion engine fleet.

"We still need the combustion engine for a certain time, but as efficiently as possible," said Ralf Brandstaetter, who heads the core brand.

Additionally, the VW brand confirmed that it plans to achieve an operating margin of at least 6% by 2023 and maintain it beyond that point. Its fixed costs should be reduced by 5% by 2023 and plant productivity should rise by 5% per year, it said.

Write to Kim Richters at kim.richters@wsj.com

(END) Dow Jones Newswires

March 05, 2021 05:23 ET (10:23 GMT)

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