Toyota Applauds Volvo's Decision to Attack Tesla By Offering Electric Vehicles

Toyota Motor (TM) - Get Report North America CEO Jim Lentz is fond of Volvo's move to compete with Elon Musk's Tesla (TSLA) - Get Report and offer an electric version on its portfolio of cars.

"I think it's a good move on their part," Lentz said in an interview with TheStreet. "I think [Volvo] sells about 100,000 [vehicles] here in the U.S, - we sell about 2.5 million here in the U.S. When you have a much smaller portfolio of product, it allows you to concentrate in a much smaller niche of the marketplace."

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