Volkswagen Group boosted development of electrified vehicles, announcing that the company will develop 70 battery-electric models by 2025. Previously, Volkswagen had said it would produce 50 battery-electric vehicles by 2023.

Volkswagen will roll out the EVs across its 12 brands, which also include Audi, Porsche, and Bentley.

CEO Herbert Diess pledged Volkswagen to a "fully CO2-neutral balance" in all areas by 2050.

"Volkswagen will change radically," Diess said in a statement. "We are taking on responsibility with regard to the key trends of the future — particularly in connection with climate protection."

VW hopes to reduce average CO2 emissions from its new vehicles by 30% by 2025 and 40% by 2030, when compared to 2025 levels, Diess said.

This year marks the beginning of VW's EV rollout with the 2019 Audi E-tron, which has started selling in Europe. The 2020 Taycan will launch in the fall as Porsche's first fully electric vehicle. Next year, Volkswagen will begin selling its I.D. hatchback and I.D. Crozz electric crossover.

At the 2018 Los Angeles Auto Show, Volkswagen showed a concept battery-electric cargo van.