Mubasher: Giant car manufacturer Volkswagen on Tuesday reaffirmed its 2018 forecasts and revealed plans to expand investments in electric vehicle (EV) production during the coming period.

The German company maintained its previous estimates for revenue growth at 5% in 2018 and for a rise in operating return on sales ranging between 6.5% and 7.5%, compared with an actual 7.4% growth in 2017.

Volkswagen also set plans to allocate 16 production sites to produce and develop EVs by 2022, unveiling intentions to export EVs manufactured in China to Southeast Asian markets.

The carmaker further announced it has agreed to future partnerships with battery manufacturers in Europe and China to ensure progress in these expansion plans.

The German carmaker has also unveiled plans to overtake Elon Musk’s US-based Tesla in the EV segment over the coming five years.

The scheme will be supported by Volkswagen’s rollout of battery and hybrid models, the company said.

With sales of 10.7 million vehicles in 2017, Volkswagen is seen as the world’s largest worldwide.