Volkswagen Strengthens Hold in US Vehicle Market with EV Push
After establishing a confident market share in Europe and commanding over 20% of the market in China, Volkswagen is hoping to finally make a splash in the one market it can’t quite seem to get a hold on – the US. Its strategy? Placing even more confidence in its EV future. That confidence is coming…
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After establishing a confident market share in Europe and commanding over 20% of the market in China, Volkswagen is hoping to finally make a splash in the one market it can’t quite seem to get a hold on – the US. Its strategy? Placing even more confidence in its EV future.
That confidence is coming from an incredibly successful first half for 2021. Volkswagen reported close to $13 billion in operating profits, beating pre-pandemic numbers. And, with the money, Volkswagen aims to expand its EV batteries and software, as well speed up its transition away from internal combustion engines.
This also plays into Volkswagen’s strategy for its market share showdown with Tesla, its main EV competitor and currently the world’s largest EV maker. Volkswagen believes with its renewed vision for an electric future, it can overtake Tesla by 2025.
CEO Herbert Diess echoed the company’s confidence, adding that most automakers are working out of the same playbook.
“Everyone is starting with a white sheet of paper. … We start from scratch. We have new competitors, Tesla probably being the most serious and the most successful, and it will depend a lot on the electrification strategy of the other market participants,” Diess said. “We feel strongly we are early, we have a strong platform, and we have a wide range of cars.”
The automaker plans to stop selling gasoline-powered vehicles by 2035 in Europe, and shortly after in China and the U.S.
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