Tesla Inc TSLA CEO Elon Musk sees legacy automakers like German automaker Volkswagen AG VWAGY and Detroit-based General Motors Co GM going obsolete unless they move into autonomous electric vehicles.
What Happened: “If they don't switch to autonomous electric cars pronto, that is absolutely true,” Musk wrote on X, formerly Twitter. Musk was taking part in a discussion on legacy automakers’ slow pace of EV adoption and eventual downfall.
“VW is dead,” one user wrote.
“The goal of most auto manufacturers is to figure out how to wind down their businesses. I've been saying this about GM for quite a while. Others are starting to follow GM's lead,” another said.
Why It Matters: Musk has noted the slow pace of transition to EVs by legacy automakers before. Last month, he wrote, “Some companies do understand, but their pace of change is nonetheless slow.” The CEO was responding to a user who said that legacy automotive companies are about to have their ‘Kodak moment.’
“It is unfortunately trending that way for many automakers,” Musk then said.
Photo Courtesy: Frederic Legrand – COMEO On Shutterstock.com
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
Read More: Elon Musk Biographer Walter Isaacson’s Interview Raises Speculations On Tesla Robotaxi Design
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
