Volkswagen CEO Says Apple Can Mount Major Challenge With Auto Push

Volkswagen AG Chief Executive Officer Herbert Diess said cash-rich technology giants invading the auto industry pose a much bigger challenge for the German manufacturer than traditional rivals like Toyota Motor. From a report: “We look forward to new competitors who will certainly accelerate the change in our industry and bring in new skills,” Diess said in a LinkedIn post when asked about reports that Apple is developing a self-driving car. “The unbelievable valuation and the practically unlimited access to resources instill a lot of respect in us.” […] Diess mapped out a plan during an internal meeting last week to pit VW’s huge Wolfsburg plant against Tesla’s factory that’s under construction outside Berlin. The electric-car maker’s new site in Gruenheide is bound to stoke competition for engineers, workers and customers on VWâ(TM)s home turf. “I’ve said it before: the most valuable company in the world will again be a mobility company,” Diess said. “It could be Tesla, Apple or Volkswagen.” Further reading: Elon Musk Says He Once Considered Selling Tesla To Apple, Tim Cook Didn’t Want To Take a Meeting