Shares of Volkswagen (VWAGY) , the world’s biggest automaker, rose Friday after the company said it was accelerating production targets for its electric vehicles.
The iconic German car company predicted it would make 1 million electric autos by 2023, two years earlier than it previously estimated. It forecast production of 1.5 million units by 2025.
“[Next year] will be a key year for the transformation of Volkswagen,” Thomas Ulbrich, who oversees electric-auto efforts for the Volkswagen brand, said in a statement.
“With the market launch of the ID.3 and other attractive models in the ID family, our electric offensive will also become visible on the roads.”
The ID.3 is scheduled to debut next summer.
Volkswagen will invest 33 billion euros ($39 billion) in electric autos across all its brands by 2024, including 11 billion euros ($13 billion) for the Volkswagen brand, the company said.
The ID.3, based on Volkswagen’s modular electric drive toolkit, can travel 330 to 550 kilometers (205 to 342 miles) on a single charge, according to the company.
The basic version of the model will cost less than 30,000 euros ($34,000). So far, 37,000 customers have put down deposits on the vehicle.
Tesla delivered a record 97,000 vehicles globally in the third quarter. General Motors (GM) - Get General Motors Company (GM) Report is another top player, and VW is licensing its toolkit technology to Ford (F) - Get Ford Motor Company Report.
Volkswagen shares at last check traded at $19.44, up 0.8%.