• 3 minutes 2nd Annual Great Oil Price Prediction Challenge of 2019
  • 6 minutes "Leaked" request by some Democrats that they were asking Nancy to coordinate censure instead of impeachment.
  • 11 minutes Trump's China Strategy: Death By a Thousand Paper Cuts
  • 14 minutes Democrats through impeachment process helped Trump go out of China deal conundrum. Now Trump can safely postpone deal till after November 2020 elections
  • 3 mins Shale Oil Fiasco
  • 57 mins USA v China. Which is 'best'?
  • 2 hours Everything you think you know about economics is WRONG!
  • 42 mins Wallstreet's "acid test" for Democrat Presidential candidate to receive their financial support . . . Support "Carried Interest"
  • 1 day Tesla Launches Faster Third Generation Supercharger
  • 12 hours Quotes from the Widowmaker
  • 43 mins Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 1 day Judiciary impeachment: Congressman says Sean Misko, Abigail Grace and unnamed 3rd (Ciaramella) need to testify.
  • 1 day Offshore is changing
  • 17 hours True Confessions of a Billionaire
How Much Crude Oil Do You Unknowingly Eat?

How Much Crude Oil Do You Unknowingly Eat?

It’s no secret that crude…

VW CEO Rejects Tesla Acquisition Rumors

Autostadt

“I wouldn’t consider a stake in Tesla,” the chief executive of Volkswagen told The Observer at the Frankfurt Motor Show. “I wouldn’t buy a stake because I think all they are doing, we can do.”

Herbert Diess was responding to reports that Europe’s largest carmaker was considering taking over Tesla, which surfaced in August, based on information from unnamed sources from Volkswagen.

While an acquisition could make sense, given VW’s attitude to Tesla—succinctly summed up by its CEO—it is rather unlikely. Taking the luxury EV maker head on in the market is far more plausible for the German major.

Indeed, Diess sounds like he can’t wait for the race to begin. “In the long run, I think we might have a bit of an advantage because of scale,” he said, adding “On the hardware side, there is probably not so big a difference because they also have a dedicated electric platform and they’re quite big already for an EV manufacturer.”

VW showcased one own-brand EV at the FMS this week, and one electric Porsche. According to The Observer’s Sissi Cao, the two models can be seen as a direct challenge to two of Tesla’s flagships, the affordable Model 3 and the Model S. How the ID3 and the Porsche Taycan will square against Tesla’s models remains to be seen.

In any case, the rollout of more electric cars is likely to put additional pressure on Tesla, even though it already has a fan base that most other carmakers can only dream about. So far, the luxury carmaker has been alone in its segment. Now, it has entered the affordable EV segment at a time when its potential rivals are becoming actual rivals with their own EV lines. While a VW acquisition of Tesla will likely remain a rumor only, the race between the two would be interesting to watch.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play