In a recent report, Morgan Stanley released its long-term growth forecast for the electric vehicle market, which predicts that by 2040, electric vehicles will account for 72% of the total global car sales. Referring to last year’s global total sales of about 65.5 million vehicles, and the sales of electric vehicles (including hybrid vehicles) were about 2.2 million, which left a huge space for the future growth of electric vehicles.

Morgan Stanley predicted in its report that by 2040, Volkswagen’s annual sales of electric vehicles will reach 11.2 million, surpassing Tesla to become the world’s largest electric vehicle company. The reasons why the bank is optimistic about VW include its electric alliance with Ford, the production capacity of existing factories, and the huge supply chain base.

Toyota is expected to become the second largest electric vehicle company after Volkswagen, with sales of 6.5 million vehicles in 2040, although this number will be far behind Volkswagen.

Tesla, the current market leader, is expected to sell 4.9 million electric vehicles in 2040, ranking third in the world. In 2019, Tesla’s global sales volume will be about 367500, an increase of about 50% compared with 2018.

GM’s electric vehicle sales in 2040 are expected to reach 4.1 million. Adam Jonas, an analyst at Morgan Stanley, suggested in a conference call at the end of last month that GM CEO Mary Barbara change the company’s name to ultium, the name of a new modular platform and battery system launched by GM to highlight its efforts in electrification.