VW Denies Reports Saying It Wants To Acquire A Stake In Tesla

VW denied a report saying that the company was interested in acquiring a stake in Tesla, rendering it as “completely unfounded”.

“The speculation about buying a stake in Tesla made by Manager Magazin is without merit,” a Volkswagen spokesman said in a written statement to Reuters of the report published by the German business publication.

According to that report, VW boss Herbert Diess is interested in acquiring a stake in Tesla as he believes Volkswagen could profit from the EV maker’s expertise in batteries and software.

Also Read: Volkswagen’s (Officially) Changing Its Logo, Goes For A More Modern Approach

The report said that Diess meets with Tesla CEO Elon Musk on a regular basis, but Tesla has so far rebuffed VW’s efforts at striking an alliance. “Diess would go in right away if he could,” said one of Diess’ top managers, who remains unnamed.

Acquiring a stake in Tesla for a start would be sufficient for VW, which has enough money for a move like this, the report went on. However, the biggest obstacle Diess has to face in this case is getting the consent of VW’s owner families, namely the Piechs and the Porsches.

A banker close to VW also reportedly said that while Diess would love to have Tesla’s software developers, he knows that it’s almost impossible to justify spending $30 billion to buy the entire company.

Tesla has been rumored to be seeking a new factory site in Germany where it can launch its planned European Gigafactory. The EV maker wants its new facility to be up and running by 2021.

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  • LJ

    I believe them, because VW would never lie…

  • Maisch

    VAG is extremely profit focused, i have a hard time seeing they would invest in the big loss machine. A very inefficient way of increasing RD knowledge, which isn’t that unique anyway.

  • EyalN

    VW can use Tesla against dieselgate, to show that they are clean but Tesla are losing so much money the VW will go out of business because of Tesla

  • filetx

    why would they want to buy tesla? I get it if they wanted it a couple of years ago, bit VW has pretty much catched up to tesla by now

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