Volkswagen Vows to Build 22 Million Electric Cars Over Next Decade

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 per cent. Previously the company said it would aim for 15 million. That's ambitious considering it made fewer than 50,000 battery-only vehicles last year.

The company is pivoting to electric vehicles as it seeks to comply with new limits on carbon dioxide emissions in Europe and a push by China for more low-emission vehicles. The company also disclosed that operating profit at its core Volkswagen brand, one of 12, fell to 3.2 billion euros ($3.6 billion) from 3.3 billion last year as the company faced bottlenecks certifying vehicles under new emissions tests.