Bob Lutz can’t explain why Tesla stock has rocketed more than 250% in six months.
The former GM, Ford, and Chrysler executive said on the BBC Business Daily podcast this week that Goldman Sachs analysts are asking him if he has “any idea what the heck is going on.”
“Nobody can explain it,” Lutz said. “It’s driven purely by psychology or almost a mass psychosis.”
Lutz also downplayed the growth prospects of electric vehicles, arguing they’ll only make up 15% of global car sales in 2030.
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Bob Lutz has no idea why Tesla stock has rocketed more than 250% in six months.
Neither do Wall Street’s brightest minds, the auto-industry veteran — who sat on the boards of Ford, Chrysler, and General Motors during his career — said on the BBC Business Daily podcast this week.
“I talked to people at Goldman Sachs, who are usually the world’s greatest experts on explaining stock prices, and they’re now asking me whether I have any idea what the heck is going on with Tesla stock,” he said. “Nobody can explain it, it’s so far beyond any fundamental return that any shareholder could ever expect.”
Elon Musk’s electric-car startup currently boasts …read more
Source:: Businessinsider – Technology