Volkswagen to only produce electric cars in Europe from 2033

The Volkswagen brand will only produce electric cars in Europe from 2033, its boss Thomas Schaefer said on Wednesday, committing to an earlier date than its previous 2033-2035 target, Report informs, citing Reuters.

Schaefer said in the coming decade, the VW brand would narrow down the number of models on offer and raise the profit margin for all volume brands - Volkswagen, SEAT, and Skoda, as well as commercial vehicles - to 8% by 2025.