}
| 2:07 PM EST

VW: No Interest in Buying Tesla Stake

Volkswagen AG denies a report earlier today that says the German carmaker wants to buy a stake in Tesla Inc.
#Tesla #europe #Daimler

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Volkswagen AG says there is “no merit” in a report by Manager Magazin​​​​ earlier today that claims the German carmaker wants to buy a stake in Tesla Inc.

 

Unnamed VW sources tell the German magazine that CEO Herbert Diess would move forward with such plans “right away if he could.” Purported benefits include access to Tesla’s software and battery expertise.

Analysts note that it wouldn’t be feasible for VW to acquire all of Tesla, which would cost as much as $30 billion. Another challenge: convincing the Piech and Porsche families, which control VW’s ownership, to make such a deal.

Daimler AG owned a minority interest in Tesla from 2009 to 2014.

Volkswagen Group plans to launch 70 new electric vehicles across its various brands within the next 10 years. The carmaker expects combined sales of the new EVs will total 22 million units over the decade.

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