Charlie Munger calls the success of Elon Musk’s Tesla a ‘minor miracle’ in the car business

Investing News

In this article

Berkshire Hathaway Vice Chairman Charlie Munger spoke highly of Elon Musk’s electric vehicle company, Tesla, calling it an amazing feat in the American auto industry.

“I was certainly surprised that Tesla did as well as it did,” Munger said in an interview with CNBC’s Becky Quick that aired Tuesday on “Squawk Box.” “I do not equate Tesla with bitcoin. Tesla has made some real contributions to this civilization. Elon Musk has done some good things that others couldn’t do.”

“We haven’t had a successful new auto company in a long, long time. What Tesla has done in the car business is a minor miracle,” Munger said.

Tesla became one of the most valuable companies in the world, with a market capitalization over $600 billion. The carmaker delivered 343,000 vehicles in the last quarter.

Shares of Tesla are down 45% this year after a near 50% rally in 2021 and a whopping 743% advance in 2020.

In response to Munger’s remarks, Musk said in a Tuesday tweet that “Mr. Munger’s words are much appreciated.”

Listen to the full interview with Munger on the Squawk Pod podcast.

Articles You May Like

Data centers powering artificial intelligence could use more electricity than entire cities
Nvidia’s stunning 2024 return has all the makings of a stock-market dynasty
Activist Ananym has a list of suggestions for Henry Schein. How the firm can help improve profits
It’s time now to focus on Nvidia, Treasury bonds and a bullish finish to 2024
Gap says it picked up wealthier shoppers, and more market share, despite weak clothing demand