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Tesla is Going Out of Business, says former GM Vice Chairman.

11/17/2017: Tesla is 'going out of business,' says former GM exec Bob Lutz

Tesla is a "losing enterprise" that won't last, Bob Lutz, former vice chairman of General Motors, told CNBC on Friday.

"The company, folks, is going out of business. At this rate they'll never get to 2019," the well-known Tesla skeptic said in an interview with "Power Lunch."

Among the issues facing the electric-car maker are fixed costs that are out of control, an inefficient manufacturing operation and no dealership network, Lutz said.

Plus, there's nothing about Tesla (TSLA) that can't be easily duplicated by other automobile companies, he argued.

"There is no secret sauce in Tesla. They use the same lithium-ion batteries as...

exstudent Nov 18, 2017 Read More Replies: 187

Wipe out any progress we've made, right?

By 2019, Volvo says that every new car model that it sells will either be electric or a hybrid. By 2023, Ford plans to have 13 new electric or hybrid cars and GM will introduce 20 new electric cars. By 2025, Volkswagen plans to have launched around 30 new electric cars, and five years later, it will offer an electric version of every model it sells. But all of the manufacturers are also part of an auto industry trade group in the U.S. that is lobbying to weaken fuel economy standards.

Automakers Say They’re Going Electric–But They’re Also Lobbying For We

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pilotgrrl Nov 18, 2017 Read More Replies: 12