Volkswagen expects to double electric vehicle deliveries and increase profits for its core brand this year after the world's second-largest carmaker stepped up its switch to fully electric vehicles.
The brand will deliver more than 450,000 electric cars this year, the company said on Wednesday. Volkswagen is targeting 1 million electric vehicle deliveries for the wider group.The core brand is aiming for a significant year-on-year increase in sales revenue and an increase in profits, VW said. Volkswagen earlier this month unveiled its 'Accelerate' strategy for its main brand, saying it expected fully electric vehicles to account for more than 70per cent of total European vehicle sales by 2030, compared with a previous target of 35per cent.AdvertisementTo help finance the investment, it aims to reduce fixed costs by 5per cent by 2023, freeze headcount at January 2021 levels, boost productivity at its plants by 5per cent a year and reduce raw material costs by 7per cent.
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