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.
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.
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