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VW Gives the Auto Industry’s Old Guard Hope

The German automaker is suddenly the world’s hottest auto stock.

Herbert Diess
Herbert DiessPhotographer: Krisztian Bocsi/Bloomberg

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Traditional carmakers were being dismissed as relics of the past, stubbornly clinging to combustion engines as Tesla Inc. zoomed past them in terms of technological prowess and stock market valuation. Volkswagen AG’s Herbert Diess is changing that conversation.