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A new report picks Volkswagen as the first incumbent global carmaker to make money selling electric vehicles, with profits expected to arrive by 2022 — the same year VW Chattanooga in Tennessee begins building EVs.

Forbes magazine, citing a report by Swiss investment bank UBS, said the number of Volkswagen battery-powered vehicles sold will hit more than 15% of its global sales within five years. Tesla, now the No. 1 electric vehicle maker, is expected to come under pressure from VW, said Forbes.

VW’s Chattanooga plant is undertaking an $800 million expansion to assemble the all-electric SUV, which Volkswagen said will be called the ID.4. The new battery-powered SUV will undergo assembly at a German plant for two years before production starts.

“A winning EV is a combination of an acceptable range — 280 to 310 miles (451 to 499 km) — at a price point roughly on par with equivalent conventional cars, as proven by Tesla’s success,” the UBS report said.

“We think VW is the first global [manufacturer] to deliver such product and thereby climb the scale curve fast.”

“Consequently, VW should be the first [manufacturer] to make money with BEVs. Premium [manufacturers] lack scale in BEVs and are unlikely to close the technology/performance gap to Tesla soon, which bears the risk of unprofitable EVs and the loss of market share,” the report concluded.