Announced as part of the ‘Together – Strategy 2025’ initiative, proposed by the Board of Management and approved by the Supervisory Board, the Group will invest ‘double digit billions’ of Euros in sustainable mobility solutions over the next decade. These include autonomous vehicle technologies, flexible transport such as ride sharing, with battery technology to become a core competency.

The carmaker will also amalgamate all of its 26 components-making businesses to increase efficiency.

Speaking at the presentation in Wolfsburg, CEO Matthias Müller said: “Together – Strategy 2025” provides the framework and compass for the Volkswagen Group's envisioned evolution from car manufacturer into a world-leading provider of sustainable mobility. It will be fleshed out with corresponding strategies for the Group brands to be gradually elaborated over the coming months. Volkswagen will present the detailed strategic program, broken down into brands and functions and backed up with specific measures and financial targets, before the end of the year.

“We will be a technology leader and role model when it comes to environment, safety and integrity. The Group will achieve competitive profitability, and so remain both an attractive investment and an excellent, reliable and secure employer. In short, Volkswagen will be an enterprise we can all be proud of.”

VW added that electric vehicles will constitute 20-25% of total sales by 2025.