VW has announced its plans to overtake Tesla, and the media and financial markets are in love.
In case you haven't been following, Volkswagen just had an event called 'Power Day.' It sort of mirrored Tesla's Battery Day that happened later last year. We've written and published several articles about VW Power Day, which you should definitely check out.
With that said, this article isn't going to rehash the details provided by VW during its presentation. We also aren't here to tell you all over again what Elon Musk and company said at Battery Day back in September 2020. Instead, we're just shedding some light on exactly how the media and financial markets tend to react to such events if it's a legacy automaker, versus if it's Tesla.
Tesla's Battery Day was highly anticipated. So much so that Musk tweeted shortly before the event to let fans, the media, and the financial market know that, while the plans and announcements would prove to be a very big deal, they weren't related to anything immediate. Instead, Tesla would lay out its battery plans for the future. So sad ...
The event was fascinating, and Tesla laid it all out there. Interestingly, even though it seemed it would be years before Tesla could implement any of the plans, it started almost immediately following the Battery Day presentation. Still, the company's stock didn't benefit, and the media was filled with headlines of disappointment.
Fast-forward to the present, and we woke up to an onslaught of "VW will steal Tesla's crown" headlines. Or, "VW plans to head off Tesla." While we do admit that VW has the size and financial footing to eventually dominate the EV industry, and even soar past Tesla in the future, its plans are just that, future plans.
VW has future plans just like Tesla. It held an event touting what's yet to come, and how it will lead to success. The media and Wall Street seem quite impressed with the future "Tesla Killer."
We want Tesla and VW to succeed. We also believe, if there's any legacy automaker surging forward and doing it right, it's Volkswagen. VW Group CEO Herbert Diess credits Tesla, and he's not afraid to publicly announce that he's taking pages out of the Tesla playbook. It's not Diess' fault here, nor is it Musk's.
We're just pointing out that the media handles different companies and announcements differently. To get clicks and views, it seems to be a rule that it's best to disparage Tesla when it has an event, only to rave about a competitor's event while making sure to get Tesla in the headline.
What do you think?