Volkswagen CEO: Tesla will become No. 1 in the world

At the beginning of the 2020 summer season, Tesla surpassed Toyota in terms of capitalization in the stock market. Thanks to this, it was included in the list of one of the most expensive car companies in the world. Analysts attribute this success to the fact that, despite measures against the coronavirus, Tesla has been generating revenue for three quarters in a row.

The electric vehicle maker is currently valued at $ 274 billion. in the financial market. According to the CEO of Volkswagen Group, Herbert Diess, this is not the limit of the company from California.

“Elon Musk has achieved unexpected results, proving that the production of electric vehicles can be profitable. Tesla is one of the few manufacturers, as well as Porsche, that has kept the pandemic from hurting them. For me, this is confirmation that after 5-10 years, Tesla shares will become the leading stock in the securities market, ”

explained Diss.

Currently, the company with the largest market cap is Apple, which is valued at $ 1,62 trillion. To get around these numbers, Tesla must triple its share price. As for Volkswagen, the Wolfsburg-based manufacturer is valued at $ 6 billion.

At the same time, Hyundai Motor announced that they did not properly assess the potential of electric vehicles and therefore did not predict Tesla's success. The group is deeply concerned about the success of the Model 3, which has become the best-selling electric vehicle in South Korea, overtaking the Hyundai Kona. In addition, Tesla itself is now 10 times more expensive than Hyundai, which greatly worries the shareholders of the Korean auto giant.

According to Reuters, the company was not worried as long as Tesla produced premium electric vehicles. The launch of the Model 3 and the success it has achieved have prompted Hyundai executives to radically change their minds about the future of electric vehicles.

To try and catch up, Hyundai is preparing two new electric models that are built from the ground up and are not versions of petrol models like the Kona Electric. The first of them will be released next year, and the second - in 2024. These will be entire families of electric vehicles that will be sold under the Kia brand.