Wolfsburg - Volkswagen is was targeting sales growth of five to seven percent annually until 2027, as the group bets heavily on electric cars and growth in China and the United States.
"While most revenues are still generated in Europe, the growth engines of the future will be China and North America," CEO Oliver Blume told reporters in a call ahead of an investor meeting at the Hockenheimring racing circuit.
"We want to grow our sales by on average five to seven percent per year until 2027," Blume said.
Last year, the 10-brand group - which includes Porsche, Audi and Skoda - reported revenues of nearly 280 billion euros (R5.6 trillion).
VW is also aiming for a higher return on sales of between nine and 11 percent by 2030, compared with a profit margin of eight percent in 2022.
A wide-ranging cost-cutting plan and a "value over volume" strategy handing the group's individual brands more autonomy, are expected to help achieve the new goals.
But the main focus will be on the electric transition, as the global battle for dominance in the EV market heats up.
The German behemoth announced in March that it planned to invest more than 120 billion euros in electrification and digitisation projects over the coming five years.
Catching up in China
In China, VW has already fallen behind local manufacturers of electric cars like BYD.
Blume acknowledged the "dramatic speed and change of technology and innovations" in China where "a lot of new competitors" have sprung up.
But he said VW was determined to remain "the most successful international car manufacturer in China".
China is VW's most important market, accounting for around 40 percent of the group's overall sales.
Blume said VW currently had a market share of 14-15 percent in China, and intended to hold onto it -- partly by developing products "in China, for China".
The company's "very, very strong" internal combustion engine business in China would help generate the cash flow for "new investments for the intelligent, smart car approach and the technologies of battery electric cars", Blume said.
Addressing investor concerns about allegations of human rights abuses at VW's factory in Xinjiang, Blume said VW planned to commission "a transparent and external independent audit" as quickly as possible to "show that everything is going right over there".
Electrifying America
North America also has a leading role in the group's plans for the coming years, where VW wants to "significantly expand" its market share.
VW said it had all the ingredients needed to grow in the region, including through investments in new electric vehicles and a planned factory for battery cells in Canada.
"We have the technology, we have the will and the finances," Volkswagen CFO Arno Antlitz told reporters, adding that VW could "play a key role in electrifying America".
The group has previously said it expects that one in every five vehicles sold worldwide will be electric by 2025.
VW delivered around 8.3 million vehicles globally in 2022, of which just over 572 000 were all-electric.
Agence France-Presse