The German automaker announced a plan to accelerate its transition to battery-powered vehicles and bolster operations in China and North America.
Herbert Diess, who angered workers by mentioning the possibility of job cuts, will hand over some authority to a deputy.
Herbert Diess, the chief executive, seeks to cast VW as a dynamic, modern company, but his style risks the ire of its powerful works council.
In the aftermath of a diesel scandal five years ago, executives made a commitment to electric vehicles that now is paying off.
The German carmaker outlined ambitious goals to build battery factories as it ties its fate to electric cars.