Berkshire Hathaway Vice Chairman Charlie Munger spoke extremely of Elon Musk’s electrical car firm, Tesla, calling it a tremendous feat within the American auto business.
“I used to be definitely shocked 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 completed some good issues that others could not do.”
“We have not had a profitable new auto firm in an extended, very long time. What Tesla has completed within the automobile enterprise is a minor miracle,” Munger mentioned.
Tesla grew to become one of the vital beneficial 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 yr 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.”
Take heed to the total interview with Munger on the Squawk Pod podcast.