Berkshire Hathaway Vice Chairman Charlie Munger spoke extremely of Elon Musk’s electrical automobile firm, Tesla, calling it a tremendous feat within the American auto business.
“I used to be actually stunned that Tesla did in addition to it did,” Munger mentioned in an interview with CNBC’s Becky Fast that aired Tuesday on “Squawk Field.” “I don’t equate Tesla with bitcoin. Tesla has made some actual contributions to this civilization. Elon Musk has finished some good issues that others could not do.”
“We’ve not had a profitable new auto firm in a protracted, very long time. What Tesla has finished within the automotive enterprise is a minor miracle,” Munger mentioned.
Tesla turned one of the vital priceless firms on this planet, with a market capitalization over $600 billion. The carmaker delivered 343,000 autos within the final quarter.
Shares of Tesla are down 45% this 12 months after a close to 50% rally in 2021 and a whopping 743% advance in 2020.
In response to Munger’s remarks, Musk mentioned in a Tuesday tweet that “Mr. Munger’s phrases are a lot appreciated.”
Hearken to the total interview with Munger on the Squawk Pod podcast.