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Volkswagen denies report suggesting CEO's interest in Tesla

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Volkswagen denies report suggesting CEO's interest in Tesla

Volkswagen AG denied a report by German publication Manager Magazin that said the company's CEO is interested in taking a stake in Tesla Inc., CNBC reported Aug. 22

The Manager Magazin report said CEO Herbert Diess believes Volkswagen can leverage Tesla's expertise in batteries and software through a stake. The report also noted that getting approval from Volkswagen's owner families Piechs and Porsches will complicate a deal. Porsche Automobil Holding SE holds a 31.26% stake in Volkswagen.

However, a Volkswagen spokesperson denied the report in a statement to CNBC, saying the report is a "pure speculation."

The German automaker did not immediately respond to S&P Global Market Intelligence's request for comment.