The industry of electric vehicles is growing rapidly by the day, and thus there are countless companies battling to gain position for the head honcho spot. Tesla has always held a firm hold over its competitors in this field, but there’s another company that experts are predicting will surprise everyone: Volkswagen.
EV companies such as Nio and XPeng have been garnering a lot of buzz recently, but Swiss bank UBS predicts that they’ll be a non-factor in comparison to Tesla and Volkswagen. According to them, “If Tesla is the Apple of electric vehicles, then VW is the Samsung.”
This is pretty high praise, but what is their basis for such claims? Well, there are a few things that UBS may be thinking about. First of all, Volkswagen Group owns Audi, Bentley, Bugatti, Porsche, and Lamborghini. Second of all, their sales of EV vehicles have risen dramatically over the last year, especially in Europe. In fact, Volkwagen controls between 20 to 25 percent of the European market at this point.
Volkswagen is showing the world that they’re both willing and capable of changing with the times, and influencing other legacy car-makers to do the same.
As UBS analyst Patrick Hummel put, “We think now is the time to be all-in as a car maker. It is about gaining scale as fast as possible, because scale is going to be a driver of profitability.”
