Volkswagen cars exceeds European CO2 fleet targets for 2021

German automaker Volkswagen said on Monday its core passenger cars division has exceeded its European CO2 fleet targets for 2021, citing preliminary figures, reported dpa.

Average CO2 emissions for the passenger car fleet of new vehicles in Europe was around 5.5 million grams below the legal target, the company noted.

"We are thus making an important contribution to meeting the Paris climate goals. This year, we [are] adding to the momentum with our new models," said chief executive Ralf Brandstätter.

The company stated that it delivered more electric vehicles worldwide than ever before last year, handing over more than 369,000 electric cars, up 73 per cent from 2020.

The Volkswagen Group doubled its deliveries of battery electric vehicles year-on-year.

VW said it will again increase investments in the future over the next five years, to around 18 billion euros. Of this, almost 14 billion euros will be spent on e-mobility.

Also, there will be more than 1 billion euros for hybridization.

Volkswagen plans to be net carbon neutral by 2050. The interim target is to cut CO2 emissions per vehicle by 40 per cent in Europe by 2030.