Volkswagen Group to offer electric versions of every model by 2030

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The declared aim is for everyone of VW's roughly 300 models to be globally available in an electric version by that date.

Unlike Volvo, which already pledged to only sell cars with electric motors from 2019, VW isn't putting ICE on ice just yet. Dieter Zetsche, his counterpart at Daimler AG, said he regrets that consumers have lost trust in diesel.

"We need to improve profits considerably in the USA", he said, as the automaker prepares for "the next phase" of electric, connected and autonomous vehicles. Mueller said the company would await firm commitments before reacting.

On Thursday, BMW, which launched its electric auto i3 during 2013, said it was preparing factories to mass produce its electric vehicles before the end of 2020, and it pledged to have 12 100% battery power vehicles available by 2025. As for its driving dynamics and road handling, Volkswagen compares it to the Golf GTI - another reason to feel excited about the coming of this futuristic vehicle VW sees as sitting partway between an SUV and a four-door coupe. Crozz concept at Frankfurt and confirmed the all-electric crossover will go into production in 2020 as part of its Strategy 2025 EV roll-out.

The company will spend $50 billion will be invested in battery production in order to support its ambitions to create a vast range of electric vehicles. The automaker has promised however, that these engines will deliver great performance while meeting emissions standards.

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This latest automotive initiative is one of the biggest in the industry following the announcement of the ban on all combustion-powered cars in the United Kingdom by 2040.

"Financially we're very robust", Mueller said in a Bloomberg TV interview. The transformation will pick up speed after that to reach the 2030 goal as economies of scale and better infrastructure help bring down prices and accelerate sales.

First revealed at the Shanghai Motor Show in April, the electric vehicle concept has been updated to move it closer towards production.

Luxury brand Audi, the group's largest earnings contributor, will start selling its first all-electric SUV in 2018 and add two more purely battery-powered vehicles in the next three years. "We are setting the scene for a final breakthrough in e-mobility". "'Business as usual' is no longer enough".

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