Lutz takes another swipe at Tesla
The former General Motors vice chairman railed against the Powerwall. "Having batteries as backup storage has been around for hundreds of years," he said, and suggested lead-acid as a better storage method for home use. "I can't understand the fascination with this," Lutz said about the gadget.
Lutz also went after Tesla's viability as an automaker, calling the company "infinitesimally small" by global standards. "The prospects for making money on the cars is pretty slim," he said, and claimed the business was "hemorrhaging cash."
The Gigafactory doesn't help Tesla either, according to Lutz. The long-time auto exec believes that making lithium-ion batteries is a largely automated process. The only way to get a competitive advantage would be to somehow obtain the raw materials significantly cheaper.
"If I were a holder, I would think now is about the top that the stock is going to attain," he said about Tesla shares. Although, it didn't really matter. The stock price increased 2.9 percent by close after the interview on Monday, according to CNBC.
- Biggest automotive sales disappointments
- Fastest-depreciating cars in the United States
- Find and compare 2017 Models