Germany’s Manager Magazin reported that Volkswagen was looking to acquire a stake in Tesla.
Tesla’s shares briefly inched higher before falling after VW denied the report.
“It’s completely unfounded. It’s pure speculation,” Volkswagen spokesman Pietro Zollino said of a report in German magazine Manager Magazin that said VW CEO Herbert Diess was eyeing Tesla.
While Volkswagen may not want to invest in Tesla, the U.S. carmaker has been scouting locations in Europe for a new Gigafactory there.