The Volkswagen brand (VOWG_p.DE) 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.
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, and commercial vehicles - to 8% by 2025.
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