Longer term, i think so. Volkswagen has a relatively larger discount compared to peers. They have a huge cash generating power, and for the most part, their lawsuits and settlements are accounted for. Yes, they are going to have to have larger expenditures if they are planning to invest in all-electric, but this is the same for all car markers regardless. Unlike Tesla, Volkswagen has an established research and years of experience, as well as the profitability and cash flow to do it. Cost cutting is not even completed and it already has increased margins on sales. Volkswagen compared to GM and Toyota has a bloated employee payroll, so they have easy ways to improve their costs which are not reflected in their business. The crisis has given it the ability to make meaningful changes. Sales have started recovering in all their markets.
I think they will be a good medium to long-term play.
Another option is Daimler which was hurt a bit due to the Dieselgate scandal. Their trucking business Fuso has shown great sales with the new eCanter truck (Fuso, while a Mitsubishi brand, is now mostly owned by Daimler). These guys have a lead in eco friendly shipping and will probably do better than Tesla IMO.
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