Volkswagen says tale of interest in investing in Tesla is ‘entirely unfounded’

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Volkswagen says tale of interest in investing in Tesla is ‘entirely unfounded’

Herbert Diess, original CEO of Volkswagen

Sean Gallup | Getty

Volkswagen denied a tale Thursday that it has any interest in taking a stake in U.S. electrical car maker Tesla.

“It’s entirely unfounded. It’s pure hypothesis,” Volkswagen spokesman Pietro Zollino said of a tale in German magazine Supervisor Magazin that said VW CEO Herbert Diess become eyeing Tesla.

Tesla’s shares temporarily inched elevated after Reuters printed an editorial  summarizing the magazine sooner than falling after VW denied the story. 

While Germany’s Volkswagen may maybe maybe maybe no longer must make investments in Tesla, the U.S. carmaker has been scouting areas in Europe for a original Gigafactory there

Executives at Tesla, which did not as we declare allege on this account, rep said a European facility will wait on lower transportation charges, steer obvious of tariffs and rating better availability in a market upright starting build to embody electrical autos. Norway now sells more battery-powered autos than those the exercise of gasoline or diesel, and Tesla is the market’s no 1 vendor.

CEO Elon Musk instructed merchants in a July 24 convention name the company would finalize its station for a European Gigafactory sooner than the highest of the 300 and sixty five days with hopes to rep it up and working by 2021.

Two auto industry executives shut to Tesla or Volkswagen, who asked no longer to be identified, said the California-essentially essentially based automaker is at level to taking a look a producing facility station in Germany.

Tesla has reportedly scouted out Lower Saxony, Germany, shut to VW’s headquarters and its finest manufacturing operations, in accordance with regarded as one of the most folks, who lives in Europe. Although labor charges are high, he said the station would offer Tesla with “low-label and renewable energy.”

Germany’s Supervisor Magazin had reported early Thursday that Volkswagen become having a rating out about to provide a stake in Tesla as a technique to rating entry to the U.S. producer’s technology. VW is in the midst of an aggressive roll-out of battery-electrical autos, starting with the Audi e-tron it launched this 300 and sixty five days, with dozens more merchandise to contrivance wait on by mid-decade. On the opposite hand it has also been rising alliances, including one with Ford Motor Co., that would wait on minimize charges and gives it rating entry to to original technologies.

“Diess would sprint in appropriate away if he may maybe maybe maybe,” the German magazine reported, quoting an unidentified senior VW supervisor.

Primarily based thoroughly on the newsletter, Diess has been assembly customarily with his counterpart at Tesla, though Musk had to this level rebuffed an interest in striking an alliance.

Volkswagen categorically denied the story. 

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