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Tesla's Musk dials into Volkswagen executive conference

Stock MarketsOct 16, 2021 02:55PM ET
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3/3 © Reuters. FILE PHOTO: Herbert Diess, CEO of German carmaker Volkswagen AG, poses in an ID.3 pre-production prototype during the presentation of Volkswagen's new electric car on the eve of the International Frankfurt Motor Show IAA in Frankfurt, Germany September 9, 2/3

FRANKFURT (Reuters) - Tesla (NASDAQ:TSLA) boss Elon Musk has addressed 200 Volkswagen (DE:VOWG_p) executives via a video call after an invitation from the German carmaker's CEO Herbert Diess, who wants to galvanise VW's top brass for a faster pivot to electric vehicles.

The comments on Thursday by Musk to a VW managers gathering in Alpbach, Austria, confirmed by Diess via Twitter (NYSE:TWTR) https://twitter.com/Herbert_Diess/status/1449333401048293378 on Saturday after a report in Handelsblatt daily, included praise of VW for being an "icon" and Tesla's greatest challenger, Handelsblatt said.

The paper said that when asked by Diess why Tesla was more nimble than its rivals, Musk said it came down to his management style and that he is an engineer, first of all, and has an eye for supply chains, logistics and production.

In a post on Linkedin, Diess added that he had brought in Musk as a "surprise guest" to drive home the point that VW needs faster decisions and less bureaucracy for what he called the biggest transformation in VW's history.

"Happy to hear that even our strongest competitor thinks that we will succeed (in) the transition if we drive the transformation with full power," Diess said on Linkedin.

As an example of Tesla's prowess, Diess said it took the rival only two to three weeks to rewrite software to allow for a switch from one type of microchip, which went out of stock, to another.

Diess said in his Saturday tweet that VW, which has emerged as the main contender to Tesla for global electric vehicle supremacy, would continue its dialogue with Tesla.

"We will visit you soon in Gruenheide," the CEO said.

Diess warned last month that the planned opening of Tesla's car factory at Gruenheide near Berlin, the company's first in Europe, will force local industry to step up its game against the fast-growing U.S. electric vehicle maker.

Tesla is awaiting final building approval for the 5.8 billion euro ($6.8 billion) German site.

VW, in turn, plans to build six large battery factories in Europe by 2030 as part of an all-in bet on electric mobility.

Tesla's Musk dials into Volkswagen executive conference
 

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Comments (7)
Nasiru musa
Nasiru musa Oct 16, 2021 11:53PM ET
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Kaveh Sun
Kaveh Sun Oct 16, 2021 5:18PM ET
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Musk gets his hands dirty so he knows ins n outs unlike almost all CEOs who have business degrees. They dont know the different between Engineering challenges vs their right hands incompetent. They trust their yes men. As result most of the time projects get over time & budget, or half baked.
David Astro
David Astro Oct 16, 2021 4:11PM ET
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Musk is the master of the bubble.
JAMES CUNHA
JAMES CUNHA Oct 16, 2021 2:28PM ET
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Wow, VW has to rely on competitors for ideas? lmao
Millennial Metals
Millennial Metals Oct 16, 2021 2:06PM ET
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Enron Musk is a snake oil salesman who only makes money by pump and dump crypto scams. Michael burry will have the last laugh when tesla stock collapses
Adam Adam
Adam Adam Oct 16, 2021 2:06PM ET
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how much you lost shorting Tesla? 🤣🤣
Magic Nash
Magic Nash Oct 16, 2021 2:06PM ET
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You mean the trade he has already withdrawn? Literally fromn yesterdays news:  'Big Short' investor Burry says he's no longer betting against Tesla
Bruce Hood
Bruce Hood Oct 16, 2021 12:32PM ET
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Cool that Elon Musk prioritizes putting the global community first. His main goal is genuinely to put as many EV's on the road as possible.
Millennial Metals
Millennial Metals Oct 16, 2021 12:32PM ET
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His goal is to con as many investors as possible
Mohd Izhar Muslim
Mohd Izhar Muslim Oct 16, 2021 12:10PM ET
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great once 👍, thanks for article
Paul miller
Paul miller Oct 16, 2021 12:10PM ET
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