Volkswagen Could Overtake Tesla As Biggest EV Company By 2024
German car manufacturer Volkswagen is predicted to overtake Tesla as the top electric vehicle company globally by 2024. The VW CEO Herbert Diess told CNBC in May that the company was aiming to overtake Tesla in EV sales by 2025. That's a bold statement for a company that still sells internal combustion vehicles, and its electric lineup includes hybrids. Its BEV (battery electric vehicle) business saw a 95 percent increase year-over-year, so the company could be on the right track. It's growing faster than Tesla, but it was producing fewer electric vehicles to begin with.
Tesla reported solid quarter-one earnings but expected supply chain issues to impact its production for the rest of the year. The company delivered over 310,000 in quarter one and produced more than 305,000. On the other hand, VW delivered only 99,064 globally in the first quarter, which was 65 percent more than 2021's first quarter. If the German car brand keeps up this trend, it may catch up and overtake Tesla, but the EV company is also ramping up production to meet demand. Just this week, Elon Musk said it was increasing production for Model Y because of the length of delivery times in Australia.
Related: Musk's 'Super Bad Feeling' Could Result In Huge Job Losses At Tesla
A study by Bloomberg Intelligence predicts that Volkswagen will take Tesla's crown as the largest EV company by 2024. The "Battery Electric Vehicles Report – Automakers Race to the Top" found that most traditional car makers didn't have the means or incentive to overtake Tesla but found that VW did. The Bloomberg report predicts that VW will "double production to more than 2 million battery-powered vehicles in 2024." This will surpass Tesla if it can ramp up production that much. VW
Read more on screenrant.com
