Volkswagen will catch up with Tesla
Then comes the hard part
THERE IS SOMETHING of the “Herbie” about Herbert Diess, boss of Volkswagen Group. Like his four-wheeled namesake, the star of several Disney films, he has a mind of his own and a flair for grabbing attention. He is in a high-stakes race in which he is seen as the underdog. And his main rival, Tesla’s Elon Musk, is a “frenemy” with whom occasionally he banters. Investors are salivating: during the past month the German giant’s share price has surged by 60% while Tesla’s has slipped. That is mainly because of a change of heart about which of the two will win the electric-vehicle (EV) contest. Investors have, it seems, caught “The LoEV Bug”.
This article appeared in the Business section of the print edition under the headline “Herbie goes electric”
Business March 27th 2021
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