Elon Musk says Tesla would consider merger with rival automaker

Elon Musk says Tesla would consider merger with rival automaker

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Elon Musk may be looking to conquer the automotive industry, but not in a hostile way.

The Tesla CEO told German media executive Mathias Döpfner on Tuesday that he has no intention of initiating a takeover attempt of another automaker, despite his company having the strength to do so thanks to its more than $500 billion market capitalization, Reuters reported.

However, he would consider entering a mutually acceptable relationship with another brand.

“We are definitely not going to launch a hostile takeover. If somebody said it would be a good idea to merge with Tesla, we would have this conversation,” Musk said.

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Musk didn’t elaborate if any such discussions had recently occurred. Daimler and Toyota each took stakes in Tesla during its development but cashed out in 2014 and 2017, respectively. Based on its stock price, Tesla is worth more than both automakers plus Volkswagen and General Motors combined.

Ticker Security Last Change Change %
TSLA TESLA INC. 568.20 -16.56 -2.83%

Musk was in Germany receiving the Axel Springer Award, which is given to “outstanding personalities who are innovative in an extraordinary way, who create and change markets and who shape culture while at the same time shouldering their social responsibility.” Previous recipients include Mark Zuckerberg and Jeff Bezos.

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