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The German carmaker said on Wednesday it will eliminate at least 7,000 positions - with measures including early retirement and not filling vacant positions - for an annual profit gain of €5.9 billion ($6.7 billion), starting 2023.

The VW brand accounts for about half of VW Group's global deliveries. VW has been pushing to rein in bloated expenses to lift profitability that's trailing rivals. Last year, the brand's operating margin fell to 3.8 percent, lagging peers such as Peugeot which delivered a margin of 8.4 percent. Volkswagen's chief executive officer, Herbert Diess, explained during the recently held Capital Market's Day that building fully-cars as opposed to electric and combustion drivetrains is a much more efficient approach.

The company plans to become the world's biggest producer of electric cars by 2025, with the VW brand alone aiming to build more than 20 models on the group's electric vehicles platform.

The company said operating results for the group in 2018 rose 0.4 per cent to 17.1 billion euros on sales that rose 2.7 per cent to 235.8 billion euros.

Cardinal Pell gets 6 years for abusing 2 choirboys
He was convicted of one charge of sexually penetrating a child and four of committing indecent acts with a child. Kidd also addressed the relationship of trust between Pell and the victims, and the context of power imbalance.

As part of its 2017 Roadmap E plan, Volkswagen set an initial aim of 50 electric vehicles by 2030 and hopes that by 2025 the company's fleet Carbon dioxide footprint will be approximately 30% lower than in 2015. It will boost investment in future technology to 19 billion euros through 2023, an increase of 8 billion euros. The company confirmed that it will start taking European orders on its I.D. Hatchback model this coming May 08.

MAMMOTH German carmaker Volkswagen (VW) massively expanded on Tuesday its plans for electric vehicle sales in the coming decade, as its scramble to meet tougher greenhouse emissions targets has already begun weighing on profitability.

To generate the funds needed for the electric-car development, VW will introduce more SUVs such as the compact T-Cross this year as well as the Tharu and Tayron models in China.