Had Once Reached Out To Apple For Acquiring Tesla: Elon Musk

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    FUERSTENWALDE, GERMANY - SEPTEMBER 03: Tesla head Elon Musk talks to the press as he arrives to have a look at the construction site of the new Tesla Gigafactory near Berlin on September 03, 2020 near Gruenheide, Germany. Musk is currently in Germany where he met with vaccine maker CureVac on Tuesday, with which Tesla has a cooperation to build devices for producing RNA vaccines, as well as German Economy Minister Peter Altmaier yesterday. (Photo by Maja Hitij/Getty Images)

    Silicon Valley billionaire Elon Musk said on Tuesday he reached out to Apple Inc Chief Executive Officer Tim Cook “during the darkest days of the Model 3 program” to discuss the possibility of the iPhone maker acquiring Tesla Inc for a 10th of its current value.

    “He refused to take the meeting,” said Musk, CEO of electric-car maker Tesla, replying to a Twitter chain which cited a Reuters story on Apple looking to produce a passenger vehicle by 2024 with a new battery technology.

    During 2017 and 2018, Tesla struggled to ramp up high volume production of the Model 3 sedan, with Musk at the time informing investors the company was mired in “production hell” because of problems with automated production systems at its battery factory in Reno, Nevada.

    However, Tesla overcame the problems and has since racked up a string of quarterly profits. The electric automaker became one of the most valuable companies to join the S&P 500 when it became part of the widely followed stock index on Monday.

    Shares of Tesla, however, ended 6.5 per cent lower in its S&P 500 debut, amid news of potential competition from Apple.

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