Tesla Inc. (NASDAQ: TSLA | TSLA Price Prediction) shares made a handy gain early on Thursday after mixed reports surfaced as to whether German auto manufacturer Volkswagen would be looking to take a stake in Elon Musk’s brainchild.
Shares initially rose after a German business publication reported that Volkswagen CEO Herbert Diess is interested in buying such a stake.
However, since then, Volkswagen spokesman Pietro Zollino has refuted these claims, calling them “completely unfounded.”
German business publication Manager Magazin was the first to report Diess’s supposed interest in acquiring a stake in Tesla. The report cited company sources who told the magazine that Diess thinks Volkswagen could stand to benefit from Tesla’s expertise in batteries and software.
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While Volkswagen may not want to invest in Musk and his company, Tesla has been scouting locations in Europe for a new Gigafactory.
CNBC said of Tesla’s reach into Europe:
Executives at Tesla, which didn’t immediately comment on this story, have said a European facility will help lower transportation costs, avoid tariffs and expand availability in a market just beginning to embrace electric vehicles. Norway now sells more battery-powered vehicles than those using gas or diesel, and Tesla is the market’s number one supplier.
Shares of Tesla traded up about 0.5% on Thursday, at $221.94 in a 52-week range of $176.99 to $379.49. The consensus price target is $251.85.
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