Tesla’s position as the top producer of electric vehicles in the world could soon be threatened by Volkswagen Group in the near future as the German automaker ramps up the production of several EV models under its subsidiaries. Volkswagen has considered Tesla Inc. (NASDAQ: TSLA) a rival for years, announcing its intention to surpass Tesla in sales and become a major electric vehicle manufacturer on a global scale.
A new report from Bloomberg Intelligence has revealed that Volkswagen’s plans could come to fruition in 2024, just less than two years from now. The analysis shows that Tesla and Volkswagen will become significant players in the EV sector and leave other automotive companies in the dust as they battle for global electric vehicle supremacy.
Unlike Tesla, which has a limited line-up of electric vehicle models, Volkswagen has a whopping 10 EV brands under its umbrella. From Bentley and Audi to Porsche, Volkswagen, and Lamborghini, Volkswagen Group will soon be selling a suite of vastly different electric cars under different brands.
This includes high-performance luxury EVs such as the Porsche Taycan, Audi e-Tron and Volkswagen ID.3 compact and ID.4 SUV. The Bloomberg analysis revealed that China and Europe, which are currently the largest EV markets in the world, will play an important role in determining the leader of the nascent EV sector.
At the moment, Tesla accounts for 14% of the worldwide EV market with Volkswagen closely following at 11%. In China, however, Volkswagen accounted for only 3.5% of electric vehicle sales last year compared to Tesla’s 13%. The two markets are expected to account for a significant chunk of EV demand, with EVs making up 25% of car sales in the Asian country and 20% of total car sales in Europe.
Tesla is currently battling for the top position in China with Chinese automaker BYD Auto, which is responsible for 16% of all the electric vehicles sold in China. Smaller local carmakers account for the remaining 55% of EVs sold in the country.
Despite Tesla’s dominance in the Chinese electric market, Volkswagen is sure to catch up as Tesla only produces the Model Y SUV and the Model 3 Sedan in China, leaving plenty of room for other electrified options from Volkswagen and local carmakers, the Bloomberg analysis shows.
Tesla could bolster its sales numbers when it releases the Cybertruck, but the California-based EV maker is bound to face competition from well-established truck makers such as Ford and General Motors in the electric pickup truck segment.
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