Has former General Motors executive Bob Lutz come around on Tesla?

Bob Lutz Tesla

Longtime critic and all-around negative Nelly on Tesla, Bob Lutz, seems to have finally seen the light, based on comments made on CNBC’s “Squawk on the Street.”

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Appearing on the show yesterday, Lutz said “Tesla is finally being run like a normal business.”. He stated that with the new Gigafactory in Shanghai now producing vehicles for the biggest EV market in the world, Tesla has finally “achieved a volume break through.”

This is quite the turnaround from his previous comments just over a year ago where he stated that Tesla was “never going to make money on the Model 3”. Now he believes Elon Musk has a handle on costs, and consumers are seeing the Model 3 as a viable alternative to high-end cars like the BMW 3 series or Mercedes-Benz.

Tesla reported that in Q4 2019, it delivered a record 112,000 vehicles around the world, setting a new record for the California automaker. Over the last 7 months, Tesla shares have more than doubled, now reaching almost $500, and its market cap has more than doubled to nearly $90 billion.

Check out the full comments from Bob Lutz in the video below.

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