Volkswagen to Compete with Tesla in the Electric Vehicle Space

German automobile manufacturer Volkswagen looks to provide stiff competition to Tesla in the electric vehicle sector.

Volkswagen Doubles Down on EV Efforts

Volkswagen, the number one automobile manufacturer in Europe, is working to double its staff at its charging and energy division and also roll out new payment technology by next year. The automobile company intends to provide stiff competition to Tesla, which remains the dominant player in the electric vehicle space.

The company wants to ensure that there are enough fast-charging plugs and power for the electric vehicles it intends to sell. With those attributes, Volkswagen hopes to convince customers worried about battery ranges that they can switch to electric vehicles.

Volkswagen has hired power industry veteran Elke Temme to lead this charge and compete with Tesla in the power infrastructure aspect of electric vehicles. To achieve this, Temme intends to double the number of staff in the power infrastructure unit over the coming year.

She stated that “We’re investing in huge growth areas that don’t always have to be profitable right away. We always see these investments in the overall context of our group strategy. That’s why building up a comprehensive infrastructure is key.”

Tesla Remains the Dominant Player in the EV Space

Tesla remains the dominant player in the electric vehicle space and continues to grow. However, in recent weeks, the company’s stock has taken a big hit. TSLA’s stock price experienced a massive dip over the past few trading sessions after CEO Elon Musk sold some of his stake in the company.

However, TSLA has started to recover and is up by more than 5% since the US market opened a few hours ago. At press time, TSLA is trading at $1,105. TSLA could rally higher over the coming days and recover some of its lost positions.

Year-to-date, TSLA remains one of the top-performing stocks in the automobile sector, adding more than 55% to its value during that period.