Volkswagen is planning to sell 1 million EVs in 2021

Volkswagen AG (VOW3.DE) stock surged more than 8 % to a new six-year high during today’s session after the automaker posted better than expected 4Q profit with higher sales revenue.

Meanwhile, fiscal 2020 earnings and vehicles sales were weak amid the coronavirus pandemic. Looking ahead for fiscal 2021, the company expects its business to recover significantly compared with the previous year. Volkswagen is planning to sell 1 million EVs in 2021. If Volkswagen were able to achieve the intended sales target, it would allow the German company to significantly overtake Tesla in terms of sales.