My Top EV Stock to Buy in July
In the first half of this year, Volkswagen (OTC: VWAGY) sold 217,100 battery electric vehicles (EVs). By comparison, Tesla (NASDAQ: TSLA) sold 564,743 -- about 2.6 times as many. Volkswagen management has said its goal is for 20% of its sales to be electric by 2025, which it believes will make it one of the top three EV makers in the world. But can it surge past Tesla to become the largest EV maker in the world?
By 2030, Volkswagen aims for half of its sales to be EVs. It is also investing heavily to target sales of up to 3 million electric vehicles annually by 2025. Management expects to spend 35 billion euros on electric mobility by 2025. According to a study by Bloomberg Intelligence, Volkswagen's EV sales may exceed Tesla's by 2024.
Whether it meets that goal or not, Volkswagen will give Tesla a run for its money in jockeying for the top position. The company has several advantages including an established dealer network and a strong brand. In addition to the Volkswagen brand's ID models, it counts the Audi e-tron, Audi Q4 e-tron, Skoda Enyaq, and Porsche Taycan among its top-selling EVs. That wide selection of models catering to customers at all price points is contributing to the rapid growth of Volkswagen Group's EV sales.
Source Fool.com
