Volkswagen is accelerating the transition to the electric car, the German automaker announced on Friday.

Volkswagen wants 70 percent of cars sold in Europe to be electric by 2030.

Previously, the world's second-largest automaker aimed for 35 percent.

By accelerating the transition of the world-renowned automaker, Volkswagen hopes to become "the world's most sought-after brand for sustainable mobility," said Ralf Brandstätter, head of the Volkswagen brand.

To make that transition possible, the German automaker is investing 16 billion euros.

“In the coming years, Volkswagen will change faster than ever,” Brandstätter promises.

By accelerating the transition, Volkswagen wants to ensure that seven out of ten cars sold in Europe are electric by 2030.

Outside our continent, the target is slightly lower: in the United States and China, half of the cars sold by 2030 must consist of electric variants.

“Of all the major car manufacturers, Volkswagen is in the best position to win the race. Where competitors are still halfway through the electric transition, we are taking steps towards a complete digital transformation,” said the Volkswagen head.