Monday, May 16, 2022 1:31:02 PM
A ton of legacy manufacturers have jumped on board the electric mobility train but none have come close to the largest electric vehicle manufacturer Tesla Inc. Although recently during an interview with the Financial Times, Tesla Inc. CEO Elon Musk praised the Volkswagen group’s efforts in the electric vehicle segment. The multi-billionaire stated that he believes apart from Tesla, Volkswagen is the one auto giant that has impressed him a lot in terms of electric vehicles.
The Tesla and SpaceX CEO Musk during the interview was asked which startup does he believes to have made the most strides in terms of EVs, to which he replied, “I think the company making the most progress besides Tesla is actually VW which is not a startup but could be viewed in some ways as a startup from an electric vehicle standpoint. So VW is doing the most on the electric vehicle front.”
Many believe that the praises Musk is singing for the German automaker’s EV progress is out of courtesy of the healthy friendly relationship that he and VW Group CEO Herbert Diess share. The CEOs of both the automotive manufacturing giants have previously acknowledged each other’s achievements on the EV front. Some people also believe that Musk could be returning the compliment to Herbert Diess as the VW CEO also recently complimented Musk’s accomplishment. Diess even invited Elon on a video call to address 200 executives of VW back in October of 2021.
Elon also added to his answer by saying, “I think there will be some very strong companies coming out of China. There’s a lot of super talented, hardworking people in China that strongly believe in manufacturing. They won’t just be burning the midnight oil, they’ll be burning the 3 am oil. They won’t even leave the factory type-of-thing, whereas in America, people are trying to avoid going to work at all.”
Meanwhile, rounding back to VW’s EV progress, the company CEO recently revealed that the German automaker expects its electric vehicle business to be as profitable as its fossil fuel-burning cars sooner than planned. Diess said, “We expect that the e-mobility business will be as profitable as the combustion engine business earlier than planned,” He added, “Through good crisis management, we are financially robust and have strengthened our resilience.”
Elon Musk believes Volkswagen can pass Tesla in electric vehicle development and progress if it continues its massive expansion.
Diess in recent times has been very vocal about the goals of VWs electric mobility segment. The CEO on many occasions has said that he aspires VW to takeover Tesla Inc. as the largest electric vehicle producer by 2025. According to the VW CEO, this can be achieved by offering a slew of products in the premium and luxury segments along with more products in the volume brands.
Volkswagen produced and dispatched 452,000 battery-electric vehicles worldwide last year and plans to make half of its global output all-electric by 2030. Tesla, which manufactured 936,000 vehicles last year, has stated that it hopes to have 20 million vehicles on the road by the end of the decade.
Recent TSLA News
- SolarEdge Stock Falls 13%, Wegovy Approved in China, Grail Nasdaq Debut, Apple Rejects Meta Chatbot • IH Market News • 06/25/2024 10:36:11 AM
- UPS Divests Coyote Logistics in $1.025 Billion Deal with RXO, Under Armour Agrees to $434 million Settlement, and More News • IH Market News • 06/24/2024 11:00:20 AM
- Trump Media Resells Stocks and Warrants; KB Home Exceeds Q2 Expectations, and More News • IH Market News • 06/20/2024 10:55:11 AM
- Fisker Files for Bankruptcy, Chegg Stocks Rise on 23% Workforce Reduction, and More • IH Market News • 06/18/2024 11:02:13 AM
- Goldman Sachs Raises S&P 500 Forecast for 2024; Disney Secures Deadpool & Wolverine in Chinese Cinemas, and More • IH Market News • 06/17/2024 10:49:12 AM
- Adobe Soars 15% Pre-Market; Visa and Mastercard Encounter Hurdles in $30 Billion Agreement, and More • IH Market News • 06/14/2024 11:21:47 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 06/14/2024 10:02:55 AM
- Tesla Releases Results of 2024 Annual Meeting of Stockholders • Business Wire • 06/14/2024 03:10:00 AM
- Form DEFA14A - Additional definitive proxy soliciting materials and Rule 14(a)(12) material • Edgar (US Regulatory) • 06/13/2024 09:24:14 PM
- Form DEFA14A - Additional definitive proxy soliciting materials and Rule 14(a)(12) material • Edgar (US Regulatory) • 06/13/2024 08:22:12 PM
- Tesla Surges 5% in Pre-Market; Virgin Galactic Drops 9% Following Reverse Stock Split, and More News • IH Market News • 06/13/2024 11:24:25 AM
- Form DEFA14A - Additional definitive proxy soliciting materials and Rule 14(a)(12) material • Edgar (US Regulatory) • 06/13/2024 10:02:30 AM
- Form DEFA14A - Additional definitive proxy soliciting materials and Rule 14(a)(12) material • Edgar (US Regulatory) • 06/12/2024 08:50:43 PM
- Paramount Ends Skydance Talks, Oracle Shares Surge 8.7% on New Partnerships, and More News • IH Market News • 06/12/2024 11:19:10 AM
- Form DEFA14A - Additional definitive proxy soliciting materials and Rule 14(a)(12) material • Edgar (US Regulatory) • 06/11/2024 09:16:59 PM
- Form PX14A6G - Notice of exempt solicitation submitted by non-management • Edgar (US Regulatory) • 06/11/2024 08:47:02 PM
- FDA Panel Supports Eli Lilly’s Donanemab, Rio Tinto Expands Stake in Boyne Smelters, and More News • IH Market News • 06/11/2024 11:11:40 AM
- Form DEFA14A - Additional definitive proxy soliciting materials and Rule 14(a)(12) material • Edgar (US Regulatory) • 06/10/2024 09:00:37 PM
- Apple Showcases AI at WWDC 2024, Nvidia Stock Split Starts Today, and More News • IH Market News • 06/10/2024 11:29:44 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/07/2024 10:46:36 PM
- Form DEFA14A - Additional definitive proxy soliciting materials and Rule 14(a)(12) material • Edgar (US Regulatory) • 06/07/2024 09:23:23 PM
- Form DEFA14A - Additional definitive proxy soliciting materials and Rule 14(a)(12) material • Edgar (US Regulatory) • 06/06/2024 09:23:35 PM
- Nvidia Becomes 2nd Most Valuable Company in the USA, ASML Takes 2nd Spot in Europe, and More News • IH Market News • 06/06/2024 11:34:59 AM
- Form DEFA14A - Additional definitive proxy soliciting materials and Rule 14(a)(12) material • Edgar (US Regulatory) • 06/06/2024 01:51:51 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/05/2024 11:16:39 PM
Bantec's Howco Short Term Department of Defense Contract Wins Will Exceed $1,100,000 for the current Quarter • BANT • Jun 25, 2024 10:00 AM
ECGI Holdings Targets $9.7 Billion Equestrian Apparel Market with Allon Brand Launch • ECGI • Jun 25, 2024 8:36 AM
Avant Technologies Addresses Progress on AI Supercomputer-Driven Data Centers • AVAI • Jun 25, 2024 8:00 AM
Green Leaf Innovations, Inc. Expands International Presence with New Partnership in Dubai • GRLF • Jun 24, 2024 8:30 AM
Bemax Inc. Positions to Capitalize on Industry Growth with New Improved Quality of Mother's Touch® Disposable Diapers • BMXC • Jun 24, 2024 8:00 AM
Last Shot Hydration Drink Announced as Official Sponsor of Red River Athletic Conference • EQLB • Jun 20, 2024 2:38 PM