Charlie Munger calls the success of Elon Musk’s Tesla a “small miracle” in the auto business

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Berkshire Hathaway Vice Chairman Charlie Munger praised Elon Musk’s electric vehicle company. Teslacalling it an amazing achievement in the American auto industry.

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

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

Tesla has become one of the most valuable companies in the world with a market cap of over $600 billion. The automaker delivered 343,000 vehicles in the last quarter.

Tesla’s stock is down 45% this year, after rallying nearly 50% in 2021 and rising a whopping 743% in 2020.

In response to Munger’s comments, Musk said in a Tuesday tweet that “Mr. Munger’s words are greatly appreciated.”

Hear the full interview with Munger on the Squawk Pod Podcast.