Noted Wall Street short seller Jim Chanos recently told CNBC he thinks Tesla’s stock is “worthless.”
In a recent on-air interview on CNBC’s Closing Bell, Chanos expressed doubts that Tesla will be able to get its semi truck and second-generation Roadster to market on time. With no production sites in place, Chanos thinks neither of products will arrive when company CEO Elon Musk says they will.
“..the Semi would be available in 2019 and the roadster in 2020,” Chanos said. “Where is he producing those? Those production lines have to be up and approved years before we get into production.”
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Chanos also said that some announcements Tesla has made turned out not to be true, which is correct. For example, Musk previously claimed the automaker would do an entirely autonomous cross-country road trip in one of its vehicles before the end of 2017, which hasn’t happened. Some owners have also been disappointed at Tesla’s Autopilot 2.0 software, which for a while was missing many of the features of the original Autopilot software and wasn’t being consistently updated.
“Let’s just say Tesla and Mr. Musk have a broad interpretation of the truth,” Chanos said. “There have been all kinds of announcements that this company has made that turned out not to be true.”
When CNBC brought up the fact that Tesla’s stock value has swelled by nearly 60 percent in 2016, Chanos played down the situation, saying current stock value doesn’t matter.
“To me, where the stock is now is not the story,” he added. “I don’t care that it came from $30 or $200 or $300. That’s just meaningless.”
“We think the equity is worthless.”
[Source: CNBC]
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