Volkswagen boosts electric vehicle production by 50% with 22 million BEVs by 2029

Likening his company to a “supertanker…picking up speed,” Volkswagen CEO Herbert Diess said Tuesday that the automaker is increasing by 50 percent the number of electric vehicles it plans to produce over the next decade.

The goal is to build 22 million battery electric vehicles, or BEVs, over the next decade, up from a previous target of 15 million, he said. The move is widely expected to put a strain on the German automaker’s bottom line. Profit margins on electrified vehicles are significantly below conventionally powered products with many all-electric models sold at a loss, according to industry analysts.