#Volkswagen, the company that was declared as the largest automaker in the world last year, is now planning to expand its portfolio and challenge the electric #Vehicle Market head on. The company recently revealed that it is planning to release several new fully-#Electric Vehicles in the coming years to challenge the current top dog, Tesla, Inc.
Flexing its muscles
A report from Bloomberg reveals that the Volkswagen Group, or Volkswagen AG, is preparing to take on Tesla with the release of four new affordable electric vehicles in the next few years.
With the company's near-limitless resources at their disposal, Volkswagen is expected to be a formidable contender in the electric-vehicle market very soon.
Official announcement of new products
The current head of the company's electric-car project, Christian Senger, mentioned that they are actually making "huge progress" is fine-tuning their production process, which will translate to an overall lowered cost for manufacturing their new electric products.
Segner, who spoke at the launch of their first fully-electric crossover in Shanghai this week, also mentioned that the new models will be sold under its ID sub-brand. Manufacturing and development of the new vehicles will also be mostly done in china, where the company has been enjoying a steady sales growth over the past few years.
Together in electric dreams
To prepare consumers for its new electric products, Volkswagen has announced its plans to put in a $2 billion investment for a project called "Electrify America." $300 million out of the total investment will reportedly go to a network of plug-in electric chargers similar to Tesla's Supercharger network.
Volkswagen plans to build a total of 450 charging station across 39 states. While the number of stations sounds like quite a feat, it really pales in comparison to the 828, and counting, Supercharger stations that Tesla currently has installed.
Tesla will be a tough competitor to beat
While Volkswagen is busy developing its slew of brand new electric products, Tesla is also preparing to shake up the market with a number of ambitious new offerings. Elon Musk previously revealed that their company is planning to release the world's first fully-electric semi-truck within this year. The billionaire inventor also revealed on Twitter that they are also developing a new electric pickup truck.
Tesla Semi truck unveil set for September. Team has done an amazing job. Seriously next level.— Elon Musk (@elonmusk) April 13, 2017