The rivalry in the electric-vehicle space is intensifying with each passing day. Given the vast potential the arena offers, the industry has seen the mushrooming of startups and legacy automakers making a big push.
Tesla, Inc. TSLA by virtue of being the first mover has built up a formidable position in the industry. Even amid the cut-throat rivalry, companies share a mutual admiration for each other. German automaker Volkswagen AG VWAGY on Wednesday sent a series of tweets, acknowledging the good things it sees in its peers with the hashtag #saysomthingniceday #drivebigger and #driveelectric.
And on Tesla, the Germany company said it acknowledges how much the EV giant has done for the future of EVs. Musk promptly acknowledged the compliment and praised Volkswagen in return.
Thanks, and also well done to you for advancing electric vehicles!
— Elon Musk (@elonmusk) June 3, 2022
The camaraderie between the companies bodes well for the industry. Analysts have invariably emphasized that the EV market is not a "zero-sum game." The potential promised by the industry is big enough to allow multiple players to operate profitably.
That being said, Volkswagen has voiced in the past its intention of beating Tesla in the EV game. CEO Herbert Diess said last week he sees the company overtaking Tesla in the EV race by 2025.
Tesla closed Friday's session down 9.22% at $703.55, according to Benzinga Pro.
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