Volkswagen ruled out investment opportunity in Tesla

Volkswagen ruled out investment opportunity in Tesla

September 11, 2019 0 By autotimesnews

The top manager of the German brand said that Tesla has nothing that Volkswagen could not do.

We recently reported that the Volkswagen Group intends to buy back a stake in the American company Tesla. However, the head of the concern, Herbert Diss, said that he would not consider this issue.

Speaking at the Frankfurt Motor Show, where the company introduced the ID 3 serial electric hatchback, Diss utterly denied rumors of a stake in Tesla.

 “No, I would not consider a stake in Tesla. I really admire what he did, which is also good for us, because it really pushes us forward [in electrification]. Cars are good, and I love to drive them. I would not buy a share, because I think that everything they do, we can do, ”said the top manager.

Diss also noted that, in his opinion, VW will have an advantage over Tesla. This can be achieved thanks to the scale of production – Volkswagen has many automated conveyors around the world, while Tesla still uses manual assembly.

When asked whether the German concern would consider buying Tesla in the event of bankruptcy, he replied: “I do not believe that [bankruptcy] will happen. I really like Elon, and I wish him all the best. Tesla is close to profitability. ”