Tesla may be dethroned: according to a report by Bloomberg Intelligence, the American company, even despite the construction of new Gigafactories, will lose the title of the world’s largest manufacturer of electric vehicles in 2024. And the main rival of Tesla in the global market of electric vehicles in Bloomberg is called the German concern Volkswagen, which a few years ago set a course for electrification.
Another rival of Tesla in the electric car market is the Chinese company BYD, which is gaining momentum. Bloomberg suggests that by the end of 2022, it will be able to become the third in the world in the production of electric vehicles and will retain its position in the next few years, overtaking such industry giants as Ford, General Motors, Stellantis, Mercedes-Benz, Toyota, etc. At the same time, the main demand for BYD will be in China. But it is this market that will be extremely important for electric car manufacturers in the future, because, according to forecasts, by 2025 the share of electric cars in sales in China may grow to 25% (in Europe this figure will be 20%).
“China’s approach to stimulating sales of electric vehicles on the principle of carrot and stick can lead to the fact that by 2025 electric cars will account for 25% of all purchases of passenger cars. Sales in China have risen sharply since the launch of the country’s new energy vehicle lending program, despite unstable component supplies,” said Steven Meng, senior analyst at Bloomberg Intelligence.