EVs are becoming the new norm in the transport industry, which is no surprise since the transition to clean energy has been running for a few years. Tesla is the electric vehicle pioneer since Elon Musk was the first person to produce an electric car. And for years, the company has dominated the EV business with few competitors such as XPeng and NIO from China. However, the latest report shows that many traditional carmakers are moving to the electric vehicle fields. In the last few months, many auto companies have been going public about electrifying their cars.

Swiss Bank, UBS latest report forecasts that the battle for electric vehicle automakers dominance will heat up in the next few years.  From the information, a new company is rising rapidly to join Tesla to become the top two companies for worldwide EV sales. You probably think it is NIO, XPeng, or other companies with flashy cars, but the auto giant Volkswagen will be competing with Tesla for the top position.

For anyone who has used the Volkswagen fuel-powered car, this detail doesn’t come as a surprise since they are aware of how amazing the carmaker is and its excellent products. Recently, the Swiss Bank raised its forecast for the rate at which drivers will adopt the EVs. Their latest report claim that the globe will have 100% electric vehicles in the market by 2040. With this information, you can tell that the battle to dominate the electric vehicle business is worth hundreds of billion dollars.

In an interview with the media, analysts from UBS claim that Volkswagen will catch up with Tesla in the next few years, and the two will battle for the top position. The company predicts that Volkswagen’s total sales will catch up with Tesla by the end of next year. Volkswagen is a giant global automobile company with brands such as Bugatti, Porsche, Audi, Lamborghini, and Bentley.

Last year, the company dominated Europe, intending to beat Tesla as the leading EV group. Currently, it has control over 20% to 25% of the EV market in Europe. Its branch in Germany, Wolfsburg, is also working hard to become the country’s leading EV producer. Patrick Hummel, a UBS analyst, stated that this period is critical for carmakers, and it’s their time to focus on EVs.

UBS also forecasts that there ought to be a manufacturing parity between nonelectric vehicles and electric vehicles in the next five years compared to the current $5000 difference. This year the average operating margin of electric vehicles should grow to 7%. Volkswagen. Tesla beats Volkswagen when it comes to high-class engineering and features, but the latter leads to the EV platform’s scalability.


By Adam

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