Environment & Energy Report

As Musk Berates Analysts, VW Quietly Plots Massive Counter-Punch

May 3, 2018, 1:27 PM

A few hours after Elon Musk berated analysts for what he perceived as unimaginative questions, Volkswagen AG said it was writing a check for batteries that almost match Tesla Inc.’s entire market value.

VW has awarded battery-purchasing contracts worth 40 billion euros ($48 billion), double from just a few weeks ago. The deals take the German manufacturer within striking distance of a sought-for 50 billion-euro total. By 2025, VW plans to sell as many as 3 million all-electric cars per year, Chief Executive Officer Herbert Diess told investors May 3 at the annual shareholder meeting in Berlin.

While Musk...

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