Tesla Inc TSLA CEO Elon Musk has reacted to the news that rival Volkswagen AG VWAGY is building its own electric vehicle batteries.What Happened: Musk tweeted “Great!” in response to a Slashdot article that said Tesla’s German rival was announcing a $20 billion effort to build its own EV batteries.
Great!
— Elon Musk (@elonmusk) July 8, 2022Volkswagen will create a new company called Power Co to build batteries as it vies to secure enough capacity, according to Slashdot.Why It Matters: It was recently reported that Warren Buffett-backed BYD Co BYDDY will begin supplying batteries to Tesla. The Musk-led company also gets supplies from China’s CATL, the world’s largest EV battery maker, also a supplier to Volkswagen.Musk recently dismissed a forecast by Bloomberg Intelligence that Volkswagen could emerge as the top electric vehicle maker by 2024.Volkswagen expects half…
Elon Musk Likes Volkswagen Making Its Own EV Batteries
