Volkswagen CEO Concerned That Cash Rich Apple Is An Even Bigger Threat Than Toyota

Volkswagen Group CEO Herbert Diess said cash-rich technology giants invading the auto industry pose a much bigger challenge for the automaker than traditional rivals such as Toyota.

"We look forward to new competitors who will certainly accelerate the change in our industry and bring in new skills," Diess said in a LinkedIn post when asked about reports that Apple is developing a self-driving car.