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

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.

“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 said.
Tesla became one of the most valuable companies in the world, with a market capitalization over $600 billion. The carmaker 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 whopping 743% advance in 2020.
In response to Munger’s remarks, Musk said in a Tuesday tweet that “Mr. Munger’s words are much appreciated.”