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.
About Green Car Stocks
Green Car Stocks (GCS) is a specialized communications platform with a focus on electric vehicles (EV), as well as other emerging market opportunities in the green sector. The company provides (1) access to a network of wire services via NetworkWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets (3), enhanced press release services to ensure maximum impact, (4) social media distribution via the Investor Brand Network (IBN) to nearly 2 million followers, and (5) a full array of corporate communications solutions. As a multifaceted organization with an extensive team of contributing journalists and writers, GCS is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, GCS brings its clients unparalleled visibility, recognition and brand awareness. GCS is where news, content and information converge.
To receive SMS text alerts from Green Car Stocks, text “Green” to 888-902-4192 (U.S. Mobile Phones Only)
For more information, please visit https://www.greencarstocks.com
Please see full terms of use and disclaimers on the Green Car Stocks website applicable to all content provided by GCS, wherever published or re-published: https://www.greencarstocks.com/Disclaimer
Green Car Stocks
Los Angeles, CA
www.greencarstocks.com
415.949.5050 Office
Editor@GreenCarStocks.com
Green Car Stocks is part of the InvestorBrandNetwork.
Maruti Suzuki, the Indian subsidiary of Japanese carmaker Suzuki Motor, has cut electric vehicle production…
Norway’s world-leading efforts to transition from petrol and diesel-powered cars to battery electric vehicles (BEVs)…
A Japanese startup has developed a tiny electric car that is rapidly becoming a threat…
Recent innovations in electric vehicle batteries could allow automakers to build electric cars that can…
Electric vehicle adoption is accelerating globally thanks to the growing affordability of electric cars. A…
Analysis published by Wards Intelligence has revealed that hybrid vehicle sales in the U.S. have…