Volkswagen can overtake Tesla to become the world’s largest seller of electric vehicles by 2025, according to Herbert Diess, Chairman of the board of the car manufacturer.
Speaking at the World Economic Forum in Davos, Diess said alleviating supply chain issues would likely help create some momentum for the German auto giant over the coming months.
“Tesla currently is in the lead when it comes to EVs, probably also it is the most digital car company already and they have some advantages,” he said. “We are still aiming at keeping up and probably overtaking by 2025 when it comes to sales.”
When asked why investors valued Tesla at such a premium to other traditional carmakers, Diess noted that “markets are always about the future.”
Volkswagen expects to build 1.2 million EVs per year as a result of its reconfigured production capability.
Days after the Davos Forum Deiss also warned that a shortage of components sourced from Ukraine could prove its biggest supply issue in 2022.
The car maker had already halted production at two EV plants in Germany after Russia’s invasion, a move that impacted VW, Audi and Cupra production.
Diess said there are some positive signs on the horizon. He expects to see some relief from the semiconductor supply market from the middle of the year.