VW Changes Tune On Tesla: No Longer Focusing On Overtaking, Now Focused On Just Keeping Up

In a profile of VW CEO Herbert Diess, the Financial Times reports today that the German automaker has enough supply of EV batteries for 1 million EVs through 2023. He said profitability will begin with its first electric SUV. Despite headwinds, the Volkswagen chief says it’s prepared to deliver on its EV promises to become a “fast-follower” behind Tesla’s lead.

In a case of David being better equipped than Goliath, VW’s Diess suggested that Tesla has more capital than the world’s biggest car company. FT reports that Tesla can raise more than $2 billion overnight by issuing new shares, but VW would have to sell 2.5 million cars to raise those funds, according to an investor.

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Agent009 - 3/2/2020 4:57:12 PM

+3 Boost

I guess it is pretty hard to see the top when you are heads down in the foxhole

MDarringer - 3/2/2020 9:03:33 PM

+1 Boost

VW has never been known for its class-leading engineering. Introducing the IDCrapp before it was finished being engineered and then vowing to make 20K of them only to park them waiting for the software engineering to be finished was ASININE.

SanJoseDriver - 3/2/2020 10:47:54 PM

+1 Boost

So basically they are saying that they plan on riding Tesla's coattails. They should set their sights higher, if they shoot for the stars maybe they'll land on the moon. Giving up on #1 this early on won't help move consumers to EVs any faster.

SanJoseDriver - 3/3/2020 12:59:31 AM

+1 Boost

And how much has Spiegel lost already making those claims?

https://www.cnn.com/2020/01/04/investing/tesla-short-losses/index.html

They will both be around in 5 years.

ctsang - 3/4/2020 1:05:57 PM

+1 Boost

VW get caught lying again.