Herbert Diess, CEO of VW, the world’s second-largest automaker, unveiled on March 15 his ambitious plans to dominate the electric vehicle (EV) market by 2025, surpassing Tesla. VW is serious about this push, according to analysts, and its strategy encompasses the entire EV ecosystem—from developing a standard platform to support the production of dozens of EV models to building six gigafactories to manufacture batteries for these vehicles by 2030, as well as deploying tens of thousands of fast-charging stations for EVs in Europe, the U.S., and China. Will VW be able to carry out its plans to displace Tesla? Analysts believe so, although that doesn’t mean Elon Musk’s iconic company will lose its leadership position. Tesla, with its technological innovations and compelling brand power, can aspire to be the “Apple of EVs,” with VW taking on a role similar to that of Samsung in the world of electronic gadgets, experts note.

GS projects that 40 million EVs will be sold in 2035, accounting for 35% of vehicle sales. (See attached table.)

Electric vehicle adoption is accelerating in Europe and the U.S.