The bosses of the world’s two largest automakers, Volkswagen and Toyota, have hit out at Tesla as they seek to challenge their US rival’s leadership in the electric car market and avoid falling into oblivion.
Volkswagen and Toyota have battled for the crown of the world’s top carmaker through vehicle sales in recent years, with the German company keeping its lead over its Japanese competitor by a small margin in 2019. Even with strong sales, both auto empires lag behind Tesla when it comes to market value, with their combined market cap more than $110 billion lower than that of Elon Musk’s company.
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