VW accelerates electric push as margin at core brand slips

Robert Hradil | Getty Images News | Getty Images

Volkswagen ID Buggy is displayed during the first press day at the 89th Geneva International Motor Show on March 5, 2019.

Volkswagen on Tuesday said it will launch 70 new electric models by 2028, accelerating its roll out of zero-emission cars as earnings revealed the operating margin at its core brand had taken a hit from new emissions tests.

The profit margin at its core VW brand slipped to 3.8 percent last year, down from 4.2 percent, as higher investments into electric cars and challenges getting combustion-engined vehicles certified ate into profits, VW said.

Volkswagen released full earnings on Tuesday after pre-releasing earnings in February, when it said its 2018 group operating profit came in at 13.92 billion euros ($15.8 billion), 0.7 percent higher than the prior year and below 14.53 billion euros forecast in a poll.