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In a profile of VW CEO Herbert Diess, the Financial Times reports today that the German automaker has enough supply of EV batteries for 1 million EVs through 2023.

He said profitability will begin with its first electric SUV. Despite headwinds, the Volkswagen chief says it’s prepared to deliver on its EV promises to become a “fast-follower” behind Tesla’s lead.

In a case of David being better equipped than Goliath, VW’s Diess suggested that Tesla has more capital than the world’s biggest car company. FT reports that Tesla can raise more than $2 billion overnight by issuing new shares, but VW would have to sell 2.5 million cars to raise those funds, according to an investor.


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