Volkswagen Golf Mk8 launch pushed back to 2020 say German press

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"We will significantly step up the pace of our transformation so as to make Volkswagen fit for the electric and digital era", said Ralf Brandstätter, Chief Operating Officer of the Volkswagen brand.

Despite the company's grand electrification plan, Diess did admit that battery cost continues to be a problem and will particularly be so when it comes to smaller cars. The German automaker has confirmed part of its plan will include city cars smaller than the upcoming ID hatchback EV.

"The Group is planning to launch nearly 70 new electric models in the next ten years - instead of the 50 previously planned", it said in its release, adding that the number of vehicles built using its electric platforms would increase from 15 million to 22 million. Diess also added that they will not be following other companies who are building hybrid vehicles as going the fully-electric route will be the most efficient way for them cut their Carbon dioxide emissions. For the time being the company has not put any electric cars in high volume mass-production. With most electric cars being produced on the MEB platform, it should be a streamlined process to get more electric cars on the road within the next decade.

Volkswagen, on the other hand, is planning to completely retool a large number of its production plants to specifically manufacture brand new electric platforms. The world's biggest carmaker needs its gamble to pay off, with its key three brands already showing the strain from higher spending on electric-vehicle technology, alongside trade disputes and weakening markets. To cut down on cost, the company is reportedly in negotiations with Ford Motor Corp for a collaborative effort to develop technologies for commercial electric vehicles and autonomous driving systems. Even then, we will have to wait to see if they can create/convert 70 electric models within these 10 years. VW will reportedly invest more than US$49 billion in the next few years to develop electric and connected vehicles.

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