VW CEO Says His Firm Can Topple Tesla as Electric King by 2025

Motley Fool2022-06-29

Volkswagen CEO Herbert Diess thinks his firm can become the world's largest electric vehicle (EV) manufacturer in three years, putting industry leader Tesla in the backseat."Tesla is weakening," the ...

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Comments

B3GON
2022-06-30
B3GON
abit late uhh.. but better late than never. hope it isnt a flop
YKEN
2022-06-29
YKEN
Ok
J1000
2022-06-29
J1000
K
J1000
2022-06-29
J1000
K
ValuInvestor
2022-06-29
ValuInvestor
Quite possible

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But with that friendly environment in the rearview mirror, Musk's firm is down 41% this year. And while its $725 billion market cap still dwarfs Volkswagen's $82 billion (down 22%), the more established Volkswagen made $296 billion in revenue last year, up 16%, to Tesla's $53 billion, up 71%.The combination of VW's establishment advantage and Tesla's sudden growing pains is the key reason Diess thinks his company can round into first place:VW has invested over €52 billion to develop battery-powered EVs, and doubled the number of all-electric vehicles it sold to 369,000 last year -- Tesla delivered 936,000. This year, VW plans to sell 700,000 EVs, while Musk has suggested his firm will deliver 1.5 million.But while VW's EV plant in Saxony is running at full capacity and its factories in China are back online, Tesla is still struggling with supply chain backlogs -- last week, Musk called the company's German and US plants \"gigantic money furnaces\" that are \"losing billions of dollars.\" Musk also began laying off 10% of Tesla's workforce earlier this month, which has already earned the company a class action lawsuit.\"Elon must simultaneously ramp up two highly complex factories in Austin and Grünheide and expand production in Shanghai,\" Diess said, according to German newspaper Handesblatt. \"That will cost him strength.\"Troll Wars: Diess included a meme in his presentation to employees that he tweeted earlier this month, in which actor Jason Momoa, representing VW, is seen sneaking up on Henry Cavill, representing Tesla. One may be German and the other South African, but Diess sure knows how to speak Elon's language.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":9045351872,"gmtCreate":1656564919196,"gmtModify":1676535855266,"author":{"id":"3584595151386482","authorId":"3584595151386482","name":"B3GON","avatar":"https://community-static.tradeup.com/news/816ccc112c7aa5ec374a714848f66192","vip":1,"hat":"https://static.tigerbbs.com/b073a07f77dbe6b3bec6b12311fde6bd","crmLevel":2,"crmLevelSwitch":1},"htmlText":"abit late uhh.. but better late than never. hope it isnt a flop","listText":"abit late uhh.. but better late than never. hope it isnt a flop","text":"abit late uhh.. but better late than never. hope it isnt a flop","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9045351872","repostId":2247906391,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9042555844,"gmtCreate":1656504742288,"gmtModify":1676535841704,"author":{"id":"4116481213217782","authorId":"4116481213217782","name":"YKEN","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":7,"crmLevelSwitch":0},"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9042555844","repostId":2247906391,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9042560994,"gmtCreate":1656500040718,"gmtModify":1676535841025,"author":{"id":"3563859164285775","authorId":"3563859164285775","name":"J1000","avatar":"https://static.tigerbbs.com/58eb627eb6216a78e97316abffb5a391","vip":1,"crmLevel":6,"crmLevelSwitch":0},"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9042560994","repostId":2247906391,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9042587755,"gmtCreate":1656500029877,"gmtModify":1676535841034,"author":{"id":"3563859164285775","authorId":"3563859164285775","name":"J1000","avatar":"https://static.tigerbbs.com/58eb627eb6216a78e97316abffb5a391","vip":1,"crmLevel":6,"crmLevelSwitch":0},"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9042587755","repostId":2247906391,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9042513233,"gmtCreate":1656496933022,"gmtModify":1676535840598,"author":{"id":"4087361572396550","authorId":"4087361572396550","name":"ValuInvestor","avatar":"https://static.tigerbbs.com/5a962911d3cd0763a9f0cb01392cacd9","vip":1,"crmLevel":4,"crmLevelSwitch":0},"htmlText":"Quite possible","listText":"Quite possible","text":"Quite possible","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9042513233","repostId":2247906391,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":64,"commentSize":5,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.24.2","shortVersion":"4.24.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2247906391"}