In the first seven months of this year, Volkswagen sold about 202,000 pure electric vehicles, which was only 34% of its target of 600,000 vehicles for the current fiscal year. After being given high hopes by various subjects from institutions to the market, Volkswagen’s electric cars seem to have not achieved the so-called “glorious turn”.
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Volkswagen’s new energy vehicle suffered a rout
In the first seven months of this year, Volkswagen sold approximately 202,000 BEVs, which is only 34% of its target of 600,000 vehicles for the current fiscal year.
Among them, 89,000 are the sales of ID series, and 73% of the products are sold in Europe.
Today, the average monthly sales volume of Volkswagen BEV needs to reach 80,000 vehicles to achieve its annual sales target.
As for the Chinese market, Volkswagen has encountered Waterloo.
Chinese consumers have a high degree of brand awareness of Volkswagen. As China’s highest-selling joint venture brand, Volkswagen harvests more than 4 million sales in China each year at its peak, and it is an absolute dominant presence.
But by 2021, Volkswagen’s performance in China’s new energy market can be said to be far below expectations.
In the first half of the year, Volkswagen delivered a total of 18,200 new energy vehicles in China, accounting for only about 10.7% of Volkswagen’s global new energy sales. As the Chinese market where Volkswagen Group’s vehicle sales account for more than 50%, the high expectations of new energy vehicles are less than 10% of the delivered volume, which makes Volkswagen CEO Herbert Dess very distressed.
ID.4 has sold less than 4 digits within 3 months of its launch. It wasn’t until June that the total sales of Volkswagen’s electric car ID family jumped to 4,976 units, of which ID.4 series were 3,291 units and ID.6 series were 1,685 units.
In contrast, the month when Tesla launched the Model Y, sales reached 4,630, and sales exceeded 10,000 in the second month, and continued to be high. Let’s compare the BMW ix3, which is also from Germany, which is 200,000 higher than the ID.4, and the sales volume has exceeded 2,000.
Media to investment bank to market enthusiasm
On March 15 this year, Herbert Deiss, the former CEO of Volkswagen, held a press conference imitating Tesla’s “Battery Day”, which Deiss called “Power Day.”
He announced that the only way to quickly reduce vehicle exhaust emissions is electric vehicles.
Volkswagen became the largest car manufacturer in Europe last year. Due to strict carbon dioxide emissions restrictions, sales of electric vehicles have surged.
After the launch of ID.3 in 2020, ID.4-the first model based on Volkswagen’s electric platform-began to appear in showrooms from Shanghai to Chicago.
This year, Volkswagen plans to deliver 1 million plug-in hybrid and all-electric vehicles.Diss’ goal is to surpass Tesla in electric vehicle sales by 2025.Some analysts predict that this goal will be achieved sooner.
Like Musk, Diss is also vigorously developing batteries and charging stations. By 2025, Volkswagen and its partners plan to have more than 35,000 public charging stations worldwide.
Volkswagen also said that by 2025, it will sell more than 2 million electric vehicles, build its own huge battery factory network, hire 6,500 IT experts in the next five years, launch its own operating system, and become second only to SAP. The second largest software company in Europe.
The largest European car manufacturer is investing 35 billion euros (about 42 billion U.S. dollars) in electric vehicles.If Tesla’s leading position ends, it will be a huge milestone for Volkswagen to become an electric car giant.
According to CNN, Diss stated:
Tesla is not only an electric car, but also powerful in software. They operate the car as a real device or device.
They have made good progress in autonomous driving, but we will challenge Tesla.
Scott Keogh, CEO of Volkswagen Americas, has appeared in the German media and publicly challenged Tesla.
Keogh said that in a certain area of the automobile, no company has ever controlled more than 85% of the market share. Currently Tesla has done it in the United States, but there will always be a balance in the industry. Keogh also believes thatVolkswagen will benefit from its strong global dealer network. From the perspective of infrastructure construction, Tesla may not be able to reach it.
Prior to this, Deutsche Bank was strongly optimistic about Volkswagen’s deployment in electric vehicles and believed that the value of its electric vehicle business could be as high as 230 billion U.S. dollars.
The bank’s analyst Tim Rokossa raised Volkswagen’s target stock price by 46% to 270 euros, which separately analyzed the valuation of Volkswagen’s BEV and MEB platforms, and referenced Tesla and future valuation models, and also ignored Valuation of Volkswagen’s PPE platform and luxury car J1 platform.
Rokossa said that with the global launch of the ID.4 compact SUV,Volkswagen’s EV deliveries may surpass Tesla in the short term.
He also pointed out that the cost reduction of items such as batteries will be the main driving force for the rise of Volkswagen’s stock price.
Investment banks continue to support the market before the strong reaction
UBS analysts said that Tesla has been the undisputed king of electric vehicles for many years.But Volkswagen may achieve sales comparable to Tesla as early as 2022.
They predict that by 2025, the largest European automaker will sell 300,000 more electric vehicles than Tesla. Investors did not realize how fast Volkswagen was catching up with Tesla.
UBS believes that Volkswagen’s first pure electric vehicle ID.3 does not lose to Tesla in several key aspects, and has raised Volkswagen’s target stock price by 50% to 300 euros (approximately 358 US dollars).
UBS analyst Patrick Hummel’s team dismantled a Volkswagen ID.3 and found that its platform is cost-competitive with Tesla, and it has the best battery energy density and energy efficiency in its class.
According to UBS, this car is “the most credible of all electric car products launched by traditional car companies so far.”
Hummel said:
Volkswagen may not be Apple, but Samsung in the electric car industry, with strong profitability and large sales.
He estimated that the gross profit margin of ID.3 is about 15%, which is almost the same as the golf model launched by Volkswagen in the golden age.
Wall Street reports previously mentioned that in April this year, CNBC and other media reported that Volkswagen America “accidentally” issued a draft version of the “press release” on its official website, which announced that “Volkswagen America” (Volkswagen of America) changed its name to “Voltswagen of America” (Voltswagen of America), demonstrating the company’s determination to electrify cars.
The “press release” mentioned that this name change will take effect in May, meaning the company’s “public announcement” of its forward-looking investment in electric mobility.
Affected by this news, Volkswagen’s US ADR rose continuously, with an increase of 16% in two trading days.
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