Can Volkswagen Overtake Tesla To Become Top EV Company By 2025?
Volkswagen CEO Herbert Diess recently claimed that the company can overtake Tesla to become the top EV manufacturer by 2025, but is the goal realistic? The Volkswagen group is one of the biggest automobile manufacturers in the world, with sales of more than 8.6 million vehicles per year and revenues of over $267 billion in 2021. The company owns a number of automotive brands, including Volkswagen itself, as well as Skoda, Seat, Cupra, Audi, Lamborghini, Bentley, Porsche, and Ducati. The company also has a thriving commercial vehicles business under the VW brand.
Tesla is currently the world's largest EV manufacturer both in terms of market share and revenue. The company is, however, facing increasing competition not only from traditional automotive brands like Toyota and Volkswagen, but also from EV upstarts like Rivian and Lucid Motors that have been launching new products to take on the market leader. Under pressure from all quarters, Tesla is moving full steam ahead with its expansion plans, setting up new factories to churn out more vehicles as demand soars amidst increasing gas prices. The increased demand is also allowing the company to raise its prices across the board without worrying about a negative impact on sales.
Related: Volkswagen's ID Buzz Is The Retro EV Tesla Wishes It Could Make
Speaking to CNBC at the World Economic Forum in Davos, Switzerland, Diess said that Volkswagen is aiming to overtake Tesla by 2025 to become the largest EV manufacturer in the world. Diess, however, praised Tesla for its successful business model, saying that the company's new-age digital structure gives it some obvious advantages in the EV market. He also claimed that the ongoing chip shortage will begin to abate in the coming
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