Volkswagen to make electric versions of all models by 2030

Volkswagen announced Monday that all of its 300 models will be available in electric versions by 2030. The company, the world's largest automaker, is investing nearly $23 billion in the effort.

The German carmaker will also roll out 80 new electric cars across its brands, which include Audi, Bentley, and Bugatti, by 2025. Previously, Volkswagen had hoped to make just 30 new electric cars by then.

Earlier Monday, Mercedes-Benz announced it would make its entire line of cars electric by 2022, joining BMW and Jaguar Land Rover in similar efforts.

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Volkswagen's announcement comes two years after its diesel-emissions crisis surfaced, and just after China's weekend announcement that it will eventually ban gasoline engines as it continues to battle pollution. "We have got the message and we will deliver," Volkswagen AG Chief Executive Officer Matthias Mueller said Monday. "The transformation in our industry is unstoppable. And we will lead that transformation."