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Volkswagen announced today that it was not interested in buying a stake in Elon Musk's Tesla Motors, contrary to recent reports that the German automaker was looking to access the electric vehicle company's software and battery technology.
Volkswagen not interested in purchasing stake in Tesla
Reuters is reporting this afternoon that Volkswagen said that it was not interested in purchasing a stake in the Tesla Motors, the electric vehicle company founded by Elon Musk, despite reports that Volkswagen had been exploring a possible deal in order to gain access to the company's software and battery technology.
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“The speculation about buying a stake in Tesla made by Manager Magazin is without merit,” a spokesperson for the German automaker wrote in a statement to Reuters.
Speculation had grown about a possible deal after Manager Magazin said that Volkswagen CEO Herbert Diess meets with Musk regularly to discuss automobile software and battery technology, an area where Diess felt Musk had a particular expertise. The magazine also reported the Diess has attempted to explore a partnership with Tesla, but that Tesla had declined to discuss the issue.