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VW's Flagship Brand Vows Faster Turnaround With Electric Cars

  • Carmaker raises profit goal as margins start to improve
  • VW expects to sell 100,000 hybrid, all-electric cars in 2020
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Why Electric Cars Aren't Taking Over Yet

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Volkswagen AG’s main car brand pledged to speed up turnaround efforts and accelerate a push into electric cars as cost cuts and an expanding lineup of sport-utility vehicles help boost profit.

The namesake VW brand will initially develop five all-electric models, taking on Tesla Inc. with its coming I.D. vehicle range, it said Thursday at a press conference at its headquarters in Wolfsburg. The push will be aided by rising profit margins, which are now targeted to reach between 4 percent and 5 percent of sales in 2020, up from a previous estimate of at least 4 percent.