Tesla Inc (NASDAQ: TSLA) CEO Elon Musk on Thursday praised Volkswagen Group (OTC: VWAGY) CEO Herbert Diess for his electrification push at the German auto giant.
What Happened: The billionaire entrepreneur said the legacy automaker is “lucky to have” him and that he deserves a “lot of credit for moving VW rapidly towards electrification.”
Musk was replying to a post on Twitter, in which Diess is seen praising Musk and Tesla in an interview with Lesley Stahl on CBS News.
Diess deserves a lot of credit for moving VW rapidly towards electrification. They're lucky to have him.
— Elon Musk (@elonmusk) April 21, 2022
“Tesla is quite ahead currently, and they're growing fast, I have to admit. He is taking more risks than we can,” Diess had said in the interview.
See Also: Tesla's Giga Berlin Is Just Over 120 Miles From Volkswagen's Plant — But CEO Diess Isn't Worried
Deepening Bonhomie: The bonhomie between Musk and Diess is not new, though it is a rare trait in the automotive sector. Musk had reportedly offered Diess the CEO role at Tesla in 2015.
Diess in October got Musk to address Volkswagen executives and praised Tesla’s ability to quickly address the global semiconductor shortage.
Volkswagen and other European automakers are under added pressure now that Tesla has started commercial production at its Giga Berlin factory.
Volkswagen is spending $7.1 billion over the next five years on EV projects in North America. It aims to launch 25 new models in the region through 2030, with a target of 55% of U.S. vehicle sales to be fully electric.
See Also: Elon Musk And Tesla Get Praise From CEO Of Legacy Automaker For Paving The Way Forward For EVs
Price Action: VWAGY closed 0.8% higher at $23.5 a share on Thursday.
Photo collage via Thomas Hawk on Flickr/Rudolf Simon on Wikimedia
