Tuesday, 31 May 2022 10:24

Volkswagen CEO Confident His Company will Overtake Tesla in Market Share

Written by Can Emir, Interesting Engineering
Volkswagen dealership in the Czech Republic. Volkswagen dealership in the Czech Republic. josefkubes/iStock


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German carmaker Volkswagen’s CEO Herbert Diess said he is adamant the company could overtake Tesla’s position as the biggest electric vehicle seller by 2025.

Diess is self-confident in his claim as VW's electric vehicles are already sold out for the year in the U.S. and Europe. VW, the world’s second-largest electric vehicle manufacturer, has sold more than 99,000 electric models from its various brands, such as Porsche, Audi and Škoda, in the first quarter of 2022.


Speaking to CNBC’s "Squawk Box Europe" at the World Economic Forum in Davos, Switzerland, Diess said alleviating supply chain issues would likely help create some momentum for Volkswagen over the next months.


Tesla is the current global leader in EVs, even managing to secure its position amid factory shutdowns and supply chain constraints. 


VW closely follows Tesla in the global market share. The German carmaker's market share is 11.28%, while Tesla’s market share is 13.84%. 


Diess said "markets are always about the future," thus, consumers are more excited about Telsa's offerings than traditional carmakers', but he still claimed his company will catch up and ultimately surpass its competitor by 2025.


Volkswagen's CEO praised Tesla’s business model, which lets it reap high returns and good results, but he warned expanding a business is challenging. 


Tesla was already well-established before opening any new factories, though opening two factories at a time during a global crisis proves to be a monumental challenge.


"I think for Tesla, also, ramping up now will probably be a bit more challenging. They are opening up new plants, and we are trying to...

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