Charlie Munger calls the success of Elon Musk’s Tesla a ‘minor miracle’ in the car business

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Berkshire Hathaway Vice Chairman Charlie Munger spoke highly of Elon Musk’s electric vehicle company Tesla, calling it an amazing feat in the American auto industry.

“I was certainly surprised that Tesla did as well as it did,” Munger said in an interview with CNBC’s Becky Quick that aired on “Squawk Box” on Tuesday. “I do not equate Tesla with bitcoin. Tesla has made some real contributions to this civilization. Elon Musk has done some good things that others couldn’t do.”

“We haven’t had a successful new auto company in a long, long time. What Tesla has done in the car business is a minor miracle,” Munger added.

Tesla became one of the most valuable companies in the world, with a market capitalization over $600 billion. The car marker delivered 343,000 vehicles in the last quarter.

Shares of Tesla are down 45% this year after a near 50% rally in 2021 and a whooping 743% advance in 2020.

Listen to the full interview with Munger on the Squawk Pod podcast.

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