Volkswagen could dethrone Tesla as the top EV seller by 2024, according to a Bloomberg Intelligence report.
While Volkswagen Group will use its ten brands to sell EVs in global markets, ranging a wide variety of models, Tesla has a limited offering leaving Elon Musk’s company in a vulnerable position against the German manufacturer’s extended capacity.
According to the report over the next few years both manufacturers will face each other to control the EV global market, leaving the rest of the industry far behind.
Besides Volkswagen, the Group owns commercial brands like Skoda, Seat and Cupra, and also high luxury brands like Lamborghini, Bentley, Porsche and Audi.
Volkswagen EV’s current offering includes the Audi e-Tron, the Volkswagen ID.3, the Volkswagen ID.4 SUV and the Porsche Taycan. More models are expected over the next few years.
The report says China and Europe will be especially important to deciding growth over the next few years, since regulations in both places favor electric vehicles.
By 2025, EVs are expected to account for 25% of all car sales in China and 20% in Europe. Volkswagen has multiple factories throughout Europe and already leads in sales there.
In China however Volkswagen had only 3.5% of the EV market last year, while Tesla accounted for 13% tied with China’s manufacturer BYD.