These two juggernaut automakers are plotting to dethrone Elon Musk

Elon Musk's Tesla has absolutely decimated the competition when it comes to electric vehicles and has since become one of the United States' largest companies despite the number of vehicles it has sold compared to other car manufacturers.

Tesla CEO Elon Musk clearly has been holding the leading spot in the electric vehicle industry, and with the apparent growth of the company, other automobile manufacturers are looking to step into the new energy-efficient market of transportation - Electric Vehicles (EV).

Manufacturing giants such as Volkswagen and Toyota are two of the world's largest automakers, and for context on how big both companies manufacturing is - for every Tesla that Elon Musk sold last year, Volkswagen and Toyota sold around 10 cars. Both Volkswagen and Toyota have outlined a $170 billion spending plan that will be spread out over the coming years to enter the new market and retake an aspect of the car industry that they have lost dominance in.

"When the two biggest car companies in the world decide to go all-in on electric, then there's no longer a question of speculation - the mainstream is going electric. I expect the shift to electric to be faster than everyone expects," said Andy Palmer, the former chief of Aston Martin and ex-Nissan Motor Co. executive.

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