VW vows to build 22-million electric cars over next decade

Volkswagen vows to build 22 million e-cars over next decade

The German auto giant said between 5,000 and 7,000 jobs in its core VW brand will be replaced by automation.

A technician works on a Volkswagen Tiguan with TDI diesel engine during its final assembly at the Wolfsburg Volkswagen plant.

German automaker Volkswagen is saying it plans to ramp up its production of electric vehicles over the next ten years to 22-million and reduce its carbon footprint over vehicle life cycles by 30%.

The carmaker's Audi and Porsche brands made up the lion's share of VW Group's operating profit.

At the VW brand, executives aim to lift their profit margin to 6.0 percent by 2022, compared with 3.8 percent previous year.

Arno Antlitz, Volkswagen's chief financial officer, said that the measures are expected boost profits by 6 percent by 2022.

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The new cost cutting drive is a continuation of Volkswagen's 3 billion euros Zukunftspakt savings plan.

It said that, at the same time, it will create some 2,000 new jobs in technical development.

VW says the move will help ensure profitability as the company transitions to the electric and autonomous vehicle era.

The 5.9 billion euro target for 2023 comes on top of the 2020 target, the company said.

"Given the interest in the I.D. family shown by our dealers, I think it is possible that the launch edition will already have sold out before we unveil the I.D.in September", stated Jürgen Stackmann, Volkswagen's board representative for sales, in the conference.

Volkswagen states that first adopters of the I.D. will receive special, launch-edition cars, but has not specified how these will stand out from subsequent models.

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