Volkswagen set to overtake Tesla in global EV sales by 2024
A report by Bloomberg Intelligence suggests that Tesla will no longer be the world's biggest EV manufacturer by 2024. Volkswagen is expected to take the title through increased sales in Europe and China, with its BEV production doubling.
The research company noted that Volkswagen is already the largest EV maker in Europe, and new cars are in the works to support the company's growth. The car manufacturer recently announced Scout electric pickup vehicles, due to land in 2026. The ID. Buzz, another electric vehicle from the brand, will launch shortly in Europe; the cars will be available in the UK from October, starting from £57,115 (~US$69,876). Volkswagen claims the vehicle has a 258-mile (~415 km) range and can charge from 5 to 80% in around 30 minutes.
However, Tesla remains dominant in the US; around 75% of all-electric vehicles sold in the country from January to March this year were from the brand. The company will likely keep its US top spot while production capacity and battery costs inhibit key competitors like Ford and General Motors.
In 2025, Chinese company BYD is expected to rank third after Volkswagen and Tesla, both forecast to hit around 2.5 million sales at this point. Other car manufacturers from the US and Japan are predicted to struggle to compete for the top spots until closer to 2030. You can find the research in full on Bloomberg Intelligence's website.