Volkswagen brand's EV sales will rise this year as its new strategy starts to deliver results, CEO Ralf Brandstaetter said.
The brand will deliver more than 450,000 electrified cars this year, more than double the number of previous year, Brandstaetter said in a statement on Wednesday.
The figure comprises 300,000 battery-electric cars based on the MEB platform and 150,000 hybrids.
The brand is rolling out its ID4 electric crossover globally this year after it launched the Europe-only ID3 compact electric hatchback in September.
The first ID4 vehicles deliveries in Europe will start this month, VW said. By the end of February, 23,500 orders had already been received for the model across Europe. The ID4 will arrive in U.S. and Chinese dealerships by the end of March, Brandstaetter said.
This year, the brand will launch the four-wheel drive ID4 GTX, the ID5 coupe and, in China, the ID6 X/Crozz. The seven-seat SUV will debut at the Shanghai auto show in April.
VW brand unveiled its 'Accelerate' strategy on March 5, saying it expected fully electric vehicles to account for more than 70 percent of total European vehicle sales by 2030, compared with a previous target of 35 percent. In the U.S. and China, the brand is targeting a market share of over 50 percent for full-electric vehicles by 2030.
The brand aims to invest 16 billion euros ($19 billion) in electrification and digitalization by 2025.
To help finance the investment, it aims to reduce fixed costs by 5 percent by 2023, freeze headcount at January 2021 levels, boost productivity at its plants by 5 percent a year and reduce raw material costs by 7 percent.
The new strategy, which includes over-the-air updates for the ID models, will generate hundreds of millions of euros in revenue in the coming years, it said.
Reuters contributed to this report
