Within a couple of years, the German Volkswagen Group is expected to become the world’s largest manufacturer of electric cars.
Electric cars competition from manufacturers is intensifying and US Tesla will have to relinquish its market leadership position earlier than previously estimated.
This is stated in a recent report by the Bloomberg Intelligence Research Institute that Tesla will remain the world’s largest manufacturer of electric cars for another year and a half.
After that, the German Volkswagen Group, whose brands include Audi, Škoda, Seat and Porsche, are rising to the top of production volumes.
According to the report, the German Group’s electric cars will be sold more than Tesla’s cars as early as 2024. To date, the VW Group’s is forecast to rise to the US level only in 2025.
Volkswagen is already there the most popular electric car manufacturer in Europe, with 310,000 of the Group ‘s electric cars sold in 2021.
Led by Elon Musk, Tesla has been by far the largest manufacturer of electric cars for many years.
Tesla has grown rapidly, with about 936,000 units sold worldwide last year.
Despite record sales, other car giants have caught up with the pioneer of electric cars. Tesla will continue to be one of the world’s largest manufacturers of electric cars in 2025, but will be followed by several Chinese companies such as Geely and Changan.
According to a Bloomberg Intelligence report, Chinese BYD will rise past General Motors this year to rank third among electric car manufacturers. However, GM will remain in the competition by launching a full line of new electric cars in 2025.
Of the other U.S. companies, Ford is forecast to increase sales with a full-electric version of its traditional F150 flatbed Lightning, which hit the market this spring.
As a whole, the market share of electric cars in total car sales is expected to increase from 6% to 15% by 2025.
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