Volkswagen Group CEO Herbert Diess stated cash-rich expertise giants invading the auto trade pose a a lot greater problem for the automaker than conventional rivals equivalent to Toyota.

“We stay up for new rivals who will definitely speed up the change in our trade and herald new expertise,” Diess stated in a LinkedIn submit when requested about reviews that Apple is developing a self-driving car.

“The unbelievable valuation and the virtually limitless entry to sources instill a variety of respect in us,” Diess stated.

Diess, 62, acquired a fresh vote of confidence from the VW supervisory board this month to make the sprawling industrial conglomerate extra nimble after inside wrangling had spooked buyers.

VW faces a essential yr in 2021 to escalate its electric-car push with new fashions such because the ID4 compact crossover and a more spacious version of the Porsche Taycan.

Diess mapped out a plan throughout an inside assembly final week to pit VW’s huge Wolfsburg plant against Tesla’s factory that’s beneath development outdoors Berlin.

Tesla’s new website in Gruenheide is certain to stoke competitors for engineers, employees and prospects on VW’s dwelling turf.

“I’ve stated it earlier than: probably the most helpful firm on the planet will once more be a mobility firm,” Diess stated. “It may very well be Tesla, Apple or Volkswagen.”