Volkswagen's generation of cars scheduled to start arriving around 2026 will likely be the brand's last to be fitted with internal combustion engines in most major markets.
Volkswagen has pursued a radical shift to electrification in the last couple of years, as it attempts to enter a new era post-Dieselgate.
Jost also predicted that the last vehicle with a combustion engine would be sold around 2040, which is when the United Kingdom is set to introduce a ban on the sale on new petrol and diesel cars.
Jost pointed to recent strategic decisions by Volkswagen as being fully in line with the plans to migrate to electric vehicles.
Even though VW won't continue to develop new combustion engines past the next decade, that doesn't mean gas-powered vehicles will disappear altogether. VW expects to be nearly entirely electric by 2050, with the company only producing a very small number of gas and diesel vehicles for regions where electric infrastructure is lacking.
Problems with diesel pollution in cities can be resolved with cleaner engines, but the much bigger threat in the long run is carbon dioxide emissions, which contribute to global warming, the VW executive said.
Based on Volkswagen's typical seven-year model cycles, the last newly-developed petrol and diesel engines will be made available on the mk9 Golf, which will be due for launch around 2026.
"By 2020 we will achieve 3 billion euros in cost savings, and now aim for a further 3 billion euros by 2023", Arno Antlitz, the board member responsible for finance at the VW brand, told a press conference in Wolfsburg, Germany.