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8/22, 3:29 PM (Source: TeleTrader)
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Tesla+0.72%

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Chart for: Tesla, Inc.

VW+0.40%

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Chart for: VOLKSWAGEN AG ST O.N.

VW denies interest in taking stake in Tesla

Volkswagen AG denied on Thursday that it is interested in acquiring a stake in American electric carmaker Tesla Inc.

"The speculation about buying a stake in Tesla made by Manager Magazin is without merit," a spokesman for the German carmaker told Reuters in a statement. Earlier, Tesla shares jumped 2.52% after German Manager Magazin reported that Volkswagen CEO Herbert Diess is considering taking a stake in the automaker founded by Elon Musk.

However, Tesla gave up some of the gains after Volkswagen refuted the claims made by the German magazine. Tesla was up 1.25% at 9:32 am ET.

Breaking the News / NP