Volkswagen Is Coming for Tesla in the EV Charging Space
Volkswagen Bets on EV Charging Stations
Volkswagen (VWAPY) is hoping to give Tesla (TSLA) a run for its money in the EV charging station market. Volkswagen is going on a hiring spree, rolling out new technology to support EVs, and inking partnerships in the EV charging market.
The company is aiming to build out an infrastructure of charging stations that will rival Tesla’s. Volkwagen is betting that if the number of charging stations can support the electric vehicles it is aiming to sell, customers will feel more comfortable buying EVs because they won’t be worried about a lack of charging infrastructure.
Volkswagen Boosts EV Staff
Volkswagen currently has about 150 employees in its charging and energy division and is aiming to double that by next year. The vehicle manufacturer is ahead of some rivals when it comes to investments in EVs and batteries, committing to spend about $39 billion on EV batteries through 2025.
Still, Volkswagen believes that if EVs are going to become mainstream, charging infrastructure needs to be dramatically ramped up. Tesla already has a global network of around 30,000 fast chargers which can give a vehicle a 125-mile charge in 15 minutes. Volkswagen expects to have a network of about 45,000 fast-charging stations by 2025 spread out across Europe, China, and North America.
Volkswagen’s Strategy
While Volkswagen and Tesla are both trying to control the EV market by churning out cars, building charging networks, and selling power, Volkswagen is taking a slightly different approach from Tesla. Volkswagen plans to make its charging stations available to all EVs, not just Volkswagen vehicles. In contrast, almost all of Tesla’s charging stations only work with Tesla vehicles.
The electric vehicle market is heating up as more vehicle manufacturers strive to go green. Volkwagen is hoping that its investments in EVs, charging stations, and power will pay off.
Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
Communication of SoFi Wealth LLC an SEC Registered Investment Adviser
SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.
SOSS21111803
All your finances.
All in one app.
App Store rating
