Volkswagen CEO says Apple can mount major challenge with auto push

Volkswagen AG Chief Executive Officer Herbert Diess said cash-rich technology giants invading the auto industry pose a much bigger challenge for the German manufacturer than traditional rivals like Toyota Motor Corp.

“We look forward to new competitors who will certainly accelerate the change in our industry and bring in new skills,” Diess said in a LinkedIn post when asked about reports that Apple Inc. is developing a self-driving car.

“The unbelievable valuation and the practically unlimited access to resources instill a lot of respect in us.” Diess, 62, received a fresh vote of confidence from the VW supervisory board this month to make the sprawling industrial conglomerate more nimble after internal wrangling had spooked investors.