Roth MKM senior research analyst and Tesla Inc (NASDAQ:TSLA) bear, Craig Irwin, is of the opinion that the stock is “egregiously overvalued,” asserting that the EV giant offers nothing that Japanese automaker Toyota does not. Tesla CEO Elon Musk, however, believes that the analyst is mistaken.
What Happened: Irwin joined CNBC on Wednesday to discuss his forecasts for Tesla and EVs in general. Drawing a parallel between Tesla and the world’s top-selling automaker Toyota Motor Corp (NYSE:TM), Irwin stated, “I’m bearish because I see it as egregiously overvalued. When we look at Toyota as a benchmark, there’s nothing Tesla has that Toyota does not.”
Regarding recent reports of Tesla launching a revamped version of the Model Y from its Shanghai plant, Irwin noted that it is “overdue,” given that people have been requesting upgrades to the lineup for a while ...