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"Diess would go in right away if he could," an anonymous source said, according to Manager Magazin.
The automaker denied the claims Thursday, saying the report was "without merit."
"The latest media speculations (manager magazin) regarding VW investments in Tesla are unfounded," a Volkswagen spokesperson told FOX Business.
The magazine claims Diess believes Tesla's electric technologies and software developers would benefit the automaker. However, Volkswagen's families, the Piechs and the Porsches are reluctant at this time.
Tesla did not immediately respond to comment.