Volkswagen denies interest in buying Tesla stake

Volkswagen denies interest in buying Tesla stake

Volkswagen denies interest in buying Tesla stake

According to a recent report by Automotive News Europe, Volkswagen CEO Herbert Diess may be considering acquiring Tesla outright or at least acquiring a stake.

According to the Manager Magazin report, Tesla is still too expensive for VW to buy outright, even though the German auto giant has the funds.

The magazine also reported the Diess has attempted to explore a partnership with Tesla, but that Tesla had declined to discuss the issue.

The report cited company sources who told the magazine that Diess thinks Volkswagen could stand to benefit from Tesla's expertise in batteries and software.

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According to Manager Magazin, Volkswagen boss, Herbert Diess meets with Tesla chief executive officer, Elon Musk, on a regular basis because of the USA carmaker's expertise in software and battery cell design, and that Tesla had so far rebuffed Volkswagen's efforts at striking an alliance.

Reuters also noted that a banker close to VW said that Deiss believes it is nearly impossible to justify paying $30 billion to buy Tesla as a whole.

Volkswagen, for its part, is betting big on electric vehicles and e-mobility with a war chest of around US$50 billion to challenge Tesla, which, for the time being seems unfazed by the increasingly crowded EV market.

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