After announcing plans to launch a battery making gigafactory, Volkswagen CEO, Herbert Diess didn’t expect the dramatic rise in the company’s stocks. No one did! Its stocks rose by over 50% this year alone on the stock market.
Volkswagen had earlier announced plans to sell over 2 million electric vehicles by 2025 by employing 6500 programming experts to help build its own operating system over the course of the next five years to become Europe’s second-biggest company.
Thus far, the automobile company has invested $42 billion in gearing towards electric driven vehicles and analysts have speculated that by 2022, Volkswagen could be in the running with Tesla or even supersede it with 300,000 or more electric cars by 2025.
As a ripple effect, shares in General Motors and Ford have also seen some decent spikes over plans to switch to electric cars.
