Come 2024, Volkswagen's electric cars might out-sell Tesla's.
👉 Background: Tesla and Volkswagen are both big carmakers with big electric dreams. Tesla sold almost 1 million electric vehicles in 2021. As for Volkswagen, it sold around 450,000.
👉 What happened: That's a big jump for the V-crew, who sold around half that in 2020, but it ain't enough. VW wants to knock Elon off his perch by spending more than $7 billion over five years to boost research, development and manufacturing capabilities.
👉 What else: The move might pay off, given that a new Bloomberg report shows that Volkswagen EVs could outsell Tesla by 2024. But it all comes down to the Chinese and European markets.
💡 With China and Europe so far leading the globe in electric vehicle adoption… the race for the EV crown depends on who can take out market share in these regions.
💡By 2025, EVs are expected to account for 25% of all car sales in China and 20% in Europe. Tesla is way ahead of the curve with 13% of all EV sales in China, while Volkswagen leads Tesla in EV sales in Europe.
💡 Tesla’s push to open new factories in Germany has made things tricky for VW. Regardless which of these two wins out… It looks like they’ll both have a big lead over all other car makers.
Sign up for Flux and join 100,000 members of the Flux family
