Volkswagen (OTC: VLKAF) The CEO says the company is not worried about the prospect of an electric car Apple Inc. (NASDAQ: AAPL).
What happened: Rumors are flying that the Sacramento-based technology giant may be getting ready to jump into the automotive industry. In December, Reuters reported that Apple may be ready to build an electric vehicle by 2024.
Herbert Diess, CEO of the German Motor 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 it overnight.
“The automotive industry is not a typical technology sector that you can take over at once,” Diess said according to a Reuters translation.
Although Volkswagen’s CEO has acknowledged that producing an electric car is a ‘logical’ step for the iPhone maker, as he already has expertise in design, software development and batteries – not to mention enough capital to pick it up.
“Yet we are not afraid,” he added.
Price action: Apple stock closed at $ 135.37 on Friday, up 0.18%, and rose 0.044% in the after-hours session to $ 135.43.
Volkswagen shares closed at $ 220.20 on Friday, down 0.86%.
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