Volkswagen denies claims it is interested in Tesla stake

Volkswagen on Thursday denied a media report that the German carmaker was looking to purchase a stake in electric car manufacturer Tesla.

"The speculation about buying a stake in Tesla made by Manager Magazin is without merit," a Volkswagen spokesman said in a written statement to Reuters.

According to Manager Magazin, Volkswagen boss, Herbert Diess meets with Tesla chief executive officer, Elon Musk, on a regular basis because of the US carmaker’s expertise in software and battery cell design, and that Tesla had so far rebuffed Volkswagen’s efforts at striking an alliance.

“Diess would go in right away if he could,” the magazine quoted an unidentified top Volkswagen manager as saying.

Acquiring a stake would be enough to access the company’s technological expertise, the report said.

At the time of writing Tesla stock was down 0.49% to $219.75 while Volkswagen's shares were up 0.45% to €143.28.