Volkswagen vows to construct 22 million e-cars over subsequent decade

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FRANKFURT, Germany (AP) — German automaker Volkswagen stated Tuesday it plans to ramp up its manufacturing of electrical automobiles over the following ten years to 22 million and cut back its carbon footprint over automobile life cycles by 30 p.c.

Beforehand, the corporate stated it could goal for 15 million. That was bold in itself on condition that it made fewer than 50,000 battery-only automobiles final yr.

The corporate is pivoting to electrical automobiles because it seeks to adjust to new limits on carbon dioxide emissions in Europe, and a push by China for extra low-emission automobiles.

The corporate additionally disclosed that working revenue at its core Volkswagen model, considered one of 12, fell to three.2 billion euros ($3.6 billion) from 3.Three billion final yr as the corporate confronted bottlenecks certifying automobiles below new emissions exams.

The corporate stated working outcomes for the group in 2018 rose 0.four p.c to 17.1 billion euros on gross sales that rose 2.7 p.c to 235.eight billion euros. Web revenue for the yr rose 6 p.c to 12.2 billion euros.

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CEO Herbert Diess stated on the firm’s annual information convention that the corporate met its revenue objective with an working margin of seven.Three p.c.

The Related Press contributed to this report.

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