$Tesla (TSLA.US)$ is the pioneer and frontrunner of the electric vehicle industry, and acknowledgment of the same came from none other than Warren Buffett's trusted lieutenant Charlie Munger.
What Happened: Tesla has made real contributions to this civilization and it should not be equated to $Bitcoin (BTC.CC)$, Munger said in an interview with CNBC's Becky Quick that was aired on Tuesday.
He said he was certainly surprised at how Tesla did as well as it did.
Tesla's CEO Elon Musk has done some good things that others couldn't do, he added. "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, who serves as $Berkshire Hathaway-A (BRK.A.US)$$Berkshire Hathaway-B (BRK.B.US)$ vice chairman, said.
Musk responded to the video of the interview shared on Twitter, stating "Mr. Munger's words are much appreciated."
Why It's Important: Tesla under Musk has evolved as the 800-pound gorilla of the EV industry. The company sold 936,172 battery EVs in 2021 and is on track to sell over one million cars this year despite supply chain challenges and economic softness that is hurting demand.Mr. Munger's words are much appreciated
— Elon Musk (@elonmusk) November 15, 2022
This is reflected in its stock price, as the company is the most valued automaker in the world.
That said, the stock has lost about half of its market value seen in late 2021, as geopolitical developments, macroeconomic worries and Musk's Twitter buy cast a cloud on the continuation of its aggressive growth.
Price Action: Tesla closed Tuesday's session 1.82% higher at $194.42, according to Benzinga Pro data.