As many firms’ race, Swiss Bank UBS predicts that only two companies are left to rule the market in four years. One predicted company is Tesla, owned by Elon Musk, and another upcoming company that is yet to give Tesla tough competition in the EV market. Volkswagen is the automotive giant trying to compete fiercely with Tesla in the electric vehicle market globally. Recently, the Swiss Bank made an update concerning the rate at which many would embrace electric vehicles worldwide. They have a project where 100 percent of the vehicles would be electric in two decades to come. In other words, the race of the most dominating automaker in the market would spread than before.
UBS analysts state that Tesla and Volkswagen would be the only leaders in the world of electric vehicles. Volkswagen plans to surpass Tesla in the number of cars sold by next year. Both automakers can manufacture approximately 1.2 million vehicles each. Brands owned by Volkswagen include Lamborghini, Porsche, Audi, Bentley, and Bugatti. In 2020, Volkswagen surpassed Tesla, making it Europe’s leading market after China produces electric vehicles. Currently, Volkswagen leads in a range of 20-25% of the market in main areas.
UBS rated Volkswagen as the best electric vehicle evolution record ever made in the world of the automotive market. In the4 four coming years, the cost of production of both electric and non-electric vehicles would be all the same. The cost would only differ by $5000 recorded in 2020 between the most expensive vehicles. Like Samsung, an international brand entrusted by its quality hardware manufactured to scale, Volkswagen appears to be well-positioned for an important proposition. Volkswagen would not be dragged into evaluating Tesla’s spheres because it already shows significant offers from the word go.
In some crucial areas, Tesla still takes the lead in the electric vehicle market. The long-term advantage of Tesla as an electric vehicle manufacturer is the software where it outperforms the German car manufacturer in its integrated electric powertrain. Other driving features include; modern technology used and autonomous driving features.
The speed at which Tesla makes its innovations is more like Google or Amazon and more than an automaker. Tesla shows a clear soaring market, an indication that poses a challenge to other automakers to manufacture more business models for future survival in the EV market.
Tesla does its things in a unique way that makes it unique from other automakers. They include;
- Developing its vehicles as it would a software product.
- It places the customer in control by simplifying the buying process.
- It attaches itself to the leading trend in the market.