Volkswagen's EV Win Over Tesla In Europe May Be 'Short Lived'

German motor vehicle manufacturer Volkswagen reported it had a 26% market share in the first half of this year, making it the electric vehicle leader in Europe.

The company also announced its plans to increase staff and introduce new payment technology next year as it competes with rival EV manufacturer Tesla.

As the EV market is rapidly expanding, experts say Volkswagen has an edge over other manufacturers due to its luxury brands, such as Audi and Porsche.

Worldwide, however, Volkswagen still falls behind Tesla. Furthermore, as Elon Musk prepares to start production at the Berlin Gigafactory by the end of this year, Volkswagen’s victory could be short-lived.

Volkswagen is looking to spend 35 billion euros on battery EVs by 2025.