In 2024, Tesla is threatened with losing the throne of electric cars because of the Germans
Despite its name’s association with electric cars, Tesla faces losing its title as the world’s largest electric car maker by 2024, according to a new study.
A bloomberg intelligence study predicts that German giant Volkswagen will double its production to more than 2 million battery-powered vehicles in 2024, surpassing Tesla.
The report said high battery costs and limited production capacity meant that most other competitors, including Ford and General Motors, lacked the incentive to catch up quickly with Volkswagen. Tesla is therefore likely to remain the largest seller of electric vehicles in the United States for some time.
Volkswagen’s production and sales are focused on Europe, and Bloomberg expects the company to expand further in China rather than America.
U.S. sales accounted for less than 10 percent of Volkswagen’s total last year, according to its annual report.
Bloomberg said Tesla’s sales in China, where it now manufactures two models, are likely to suffer as a result of the German company’s expansion in China.
Tesla was one of the first participants in the electric car revolution, accounting for 75 percent of all electric cars sold in the United States in the first quarter of 2022, business insider reported.