Volkswagen (OTC: VLKAF) CEO says the company is not concerned about the prospect of an electric car Apple Inc (NASDAQ: AAPL).
What happened: There are rumors that the Sacramento-based tech giant may be preparing to enter the auto industry. In December, Reuters reported that Apple may be preparing to build an electric vehicle for 2024.
Herbert Diess, the CEO of the German automotive conglomerate, in an interview published today by the German newspaper Frankfurter Allgemeine Sonntagszeitung, said that even if the news were true, Apple would not be able to “manage overnight”.
“The automotive industry is not a typical technology sector that you could take over at once,” said Diess, according to a Reuters translation.
Although Volkswagen’s chief executive acknowledged that producing an electric car is a “logical” move for the iPhone maker, because he already has experience in design, software development and batteries – not to mention enough capital to carry it out.
“Still, we are not afraid,” he added.
Share Price: Apple shares closed at $ 135.37 on Friday, up 0.18%, and up 0.044% after-hours, rising to $ 135.43.
Volkswagen shares closed at $ 220.20, down 0.86% on Friday.
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