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2021-10-18
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Tesla CEO Elon Musk Made a Surprise Appearance at a Volkswagen Event. What to Know.
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What to Know.","url":"https://stock-news.laohu8.com/highlight/detail?id=1158493205","media":"Barrons","summary":"“So Volkswagen CEO Herbert Diess and Tesla CEO Elon Musk meet at a Volkswagen management meeting…”\nB","content":"<p>“So Volkswagen CEO Herbert Diess and Tesla CEO Elon Musk meet at a Volkswagen management meeting…”</p>\n<p>But this isn’t a dream or a start of a joke<b><i>—</i></b>it really happened. Diess asked Musk to speak to 200 Volkswagen (ticker: VOW3.Germany) managers from around the world at a three-day event in Alpbach, Austria. Musk appeared Saturday.</p>\n<p>Diess believes Volkswagen needs a new mindset as global car makers rush to embrace technology for electric vehicles. “As a surprise guest, [Elon Musk] joined us for a video talk in the evening,” he wrote in a LinkedIn post. “Happy to hear that even our strongest competitor thinks that we will succeed the [EV] transition if we drive the transformation with full power.”</p>\n<p>“Strongest competitor” is quite the compliment: Volkswagen dwarfs Tesla (TSLA) in terms of both global scale and manufacturing capability. Volkswagen is the world’s largest auto maker by unit volumes, shipping more than 10 million vehicles over the past 12 months.</p>\n<p>Tesla, however, is the world’s most valuable car company with a market capitalization of about $844 billion, dwarfing Volkswagen’s $141 billion market cap. Over the past 12 months, Tesla has sold about 706,000 vehicles—a fraction of Volkswagen’s deliveries. However, the Musk-led company is still worth more than Volkswagen: Tesla is growing faster and is the global leader in EVs.</p>\n<p>Investors—and car companies—have become convinced that EVs are the future of personal transportation. Volkswagen, for its part, is spending about $86 billion between 2021 and 2025 to support its EV ambitions. The company wants EVs to comprise 70% of its sales in Europe and 50% of its sales in the U.S. by 2030.</p>\n<p>Volkswagen has committed the funds to expand its EV lineup and build battery plants to ramp up EV production. Now, it’s working to convince its top managers that they need to take EVs themselves seriously.</p>\n<p>“We need a new mindset at Volkswagen AG to take on the new competition,” added Diess in his post. “We have everything we need to tackle the challenges. Right strategy, right competencies, right management team. We can do it—but we have to deliver now.”</p>\n<p>Musk doesn’t appear to fear the competition: EVs are still taking market share from gasoline-powered cars. There is enough space for multiple EV makers, and a faster transition to EVs can benefit Tesla as much as it benefits any traditional car company,if not more so.</p>\n<p>Volkswagen shares are up more than 60% so far this year, while Tesla stock has gained about 19% over the same time period. The S&P 500 and Dow Jones Industrial Average are up about 19% and 15% in 2021, respectively.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla CEO Elon Musk Made a Surprise Appearance at a Volkswagen Event. 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What to Know.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-10-18 09:42 GMT+8 <a href=https://www.barrons.com/articles/tesla-elon-musk-volkswagen-51634421010?mod=RTA><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>“So Volkswagen CEO Herbert Diess and Tesla CEO Elon Musk meet at a Volkswagen management meeting…”\nBut this isn’t a dream or a start of a joke—it really happened. Diess asked Musk to speak to 200 ...</p>\n\n<a href=\"https://www.barrons.com/articles/tesla-elon-musk-volkswagen-51634421010?mod=RTA\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/tesla-elon-musk-volkswagen-51634421010?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1158493205","content_text":"“So Volkswagen CEO Herbert Diess and Tesla CEO Elon Musk meet at a Volkswagen management meeting…”\nBut this isn’t a dream or a start of a joke—it really happened. Diess asked Musk to speak to 200 Volkswagen (ticker: VOW3.Germany) managers from around the world at a three-day event in Alpbach, Austria. Musk appeared Saturday.\nDiess believes Volkswagen needs a new mindset as global car makers rush to embrace technology for electric vehicles. “As a surprise guest, [Elon Musk] joined us for a video talk in the evening,” he wrote in a LinkedIn post. “Happy to hear that even our strongest competitor thinks that we will succeed the [EV] transition if we drive the transformation with full power.”\n“Strongest competitor” is quite the compliment: Volkswagen dwarfs Tesla (TSLA) in terms of both global scale and manufacturing capability. Volkswagen is the world’s largest auto maker by unit volumes, shipping more than 10 million vehicles over the past 12 months.\nTesla, however, is the world’s most valuable car company with a market capitalization of about $844 billion, dwarfing Volkswagen’s $141 billion market cap. Over the past 12 months, Tesla has sold about 706,000 vehicles—a fraction of Volkswagen’s deliveries. However, the Musk-led company is still worth more than Volkswagen: Tesla is growing faster and is the global leader in EVs.\nInvestors—and car companies—have become convinced that EVs are the future of personal transportation. Volkswagen, for its part, is spending about $86 billion between 2021 and 2025 to support its EV ambitions. The company wants EVs to comprise 70% of its sales in Europe and 50% of its sales in the U.S. by 2030.\nVolkswagen has committed the funds to expand its EV lineup and build battery plants to ramp up EV production. Now, it’s working to convince its top managers that they need to take EVs themselves seriously.\n“We need a new mindset at Volkswagen AG to take on the new competition,” added Diess in his post. “We have everything we need to tackle the challenges. Right strategy, right competencies, right management team. We can do it—but we have to deliver now.”\nMusk doesn’t appear to fear the competition: EVs are still taking market share from gasoline-powered cars. There is enough space for multiple EV makers, and a faster transition to EVs can benefit Tesla as much as it benefits any traditional car company,if not more so.\nVolkswagen shares are up more than 60% so far this year, while Tesla stock has gained about 19% over the same time period. 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