Could Volkswagen Be a Top EV Stock?
Last month, Volkswagen (OTC: VWAGY) revealed its plan to be a major player in the electric vehicles market. Investors took note, sending the shares higher. The stock is up 63% in the last three months, while Tesla (NASDAQ: TSLA) stock fell 15% during this timeframe. But, as Volkswagen itself puts it, can this "old auto" company really beat "new auto" players to grab a slot at the top? Let's find out.
Let's begin with Volkswagen's plans in the EV market. The company sold 231,600 all-electric vehicles in 2020. It expects this number to more than double in 2021. Furthermore, Volkswagen aims to increase its all-electric vehicle sales to 20% of its total sales volume by 2025. That would be around 2 million electric vehicles. By 2030, the automaker plans to launch 70 electric vehicle models, in addition to 60 hybrid models.
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Source Fool.com
