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Tesla and VW made it public for EV domination

McDonald’s vs Burger King. Apple vs. Microsoft. Coca-Cola vs. Pepsi. The business world is full of competition. New things may be being shaped as Volkswagen is trying to seize Tesla’s position as a leading manufacturer of electric vehicles.

VW Behind it is in a “good second position” Tesla EV and progress battery CEO Herbert Dies spoke at a technical conference in Berlin on Wednesday about production, charging infrastructure and software. “I think we can close the gap a bit in the next few months,” he said. Bloomberg Intelligence analysts last week predicted that Europe’s largest automaker could overtake its US rivals in 2024.

Elon Musk He disagreed with the forecast, telling Bloomberg News editor-in-chief John Micklethwaite, disagreeing at the Qatar Economic Forum this Tuesday. Instead, he praised the Chinese automaker before saying in Tesla, “I don’t think much about other competitors.”

I’m not sure about that. Many of Tesla’s competitors have long laughed before electric cars as a precursor to a weak financial base, so it feels good to stay miles ahead when it comes to selling battery-powered cars. There is no difference. However, Mask himself admits that VW is being electrified rapidly and praises Dís for doing so. He is clearly paying close attention.

Last year, Tesla delivered more than 936,000 EVs worldwide, while VW fully sold about 453,000. Electric car.. Musk has named new factories this year near Austin, Texas and Berlin. The latter is basically in VW’s backyard, and Tesla plans to produce more than 1.5 million vehicles this year.

Still, the Germans are pushing hard to catch up. By 2026, VW has allocated approximately € 52 billion ($ 55 billion) to the development and production of electric vehicles. This includes the establishment of a new EV plant of € 2 billion in Germany, with plans to build six battery plants throughout Europe, some of which involve partnerships. It’s also taking a bold move to gain market share in the United States, reviving the obsolete brand Scouts with its rugged electric SUVs and pickup models.

It’s worth noting that Tesla’s Austin and Berlin factories are experiencing tooth-growth problems and are losing “billions of dollars” when trying to increase, Musk said Wednesday. Said in a video interview. At an event in Qatar, Musk elaborated on his decision to cut costs by dismissing about 10% of Tesla’s office workers, or about 3.5% of the world’s workforce, over the next three months. VW and Tesla are also suffering from Covid-related blockades at their next plant. ChinaHowever, recent remarks from Musk and Dies suggest that the situation is improving.

Tesla still beats VW on Wall Street. Even after the recent rout, US automakers are valued at around $ 734 billion. This is more than eight times the market capitalization of VW.Germans have an ace to smooth the sleeves sports car..

VW sticks to its listing plans Porsche CFO Arno Antlitz told his colleague Elisabeth Behrmann at a Bloomberg-sponsored financial conference on Wednesday in Frankfurt. Porsche’s list is ready to become one of Germany’s largest IPOs in history and has the potential to value € 90 billion in business. Porsche is a very profitable brand and its electrical transformation is far more advanced. Taycan EV has already surpassed the legendary 911.

Given the dramatic global slowdown in IPOs this year, it’s a bold move to move forward with the sale of shares. Investors are avoiding risk due to the war in Ukraine, rising interest rates and runaway inflation. Swiss company ABB postponed the $ 750 million listing of its EV charging business on Monday until the market improved.

Antrits touts Porsche as a safe haven for investors eager to avoid tech and EV inventories, claiming that the brand has proven resilient in the face of turmoil. Did.

“There is still capital, and there is a lot of skepticism about investing in technology companies and new ventures,” he said. Porsche, on the other hand, is “very solid.”

Tesla and VW made it public for EV domination

Source link Tesla and VW made it public for EV domination

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