Market Overview

Tesla Model 3 Makes Chevy Bolt 'Dead-On-Departure,' Chowdhry Says GM Should Cancel The Project

Share:
Tesla Model 3 Makes Chevy Bolt 'Dead-On-Departure,' Chowdhry Says GM Should Cancel The Project

Trip Chowdhry of Global Equities Research said the Model 3 from Tesla Motors Inc (NASDAQ: TSLA) makes General Motors Company (NYSE: GM)'s Bolt "Dead-On-Departure."

Tesla CEO Elon Musk Tweeted over the weekend, "276k Model 3 orders by end of Sat" and Chowdhry says the number equates to $11.6 billion.

GM's Chevrolet Bolt, which is expected to arrive in late 2016, is considered as a key competitor to Model 3 as it also offers more than 200 miles of range at a lower cost $30,000 versus Model 3's $35,000. But, Chowdhry views otherwise.

"GM should just cancel this project (Bolt); completely misses the mark with the iPhone generation consumer "It's An Ugly - Tiffin Box,"" Chowdhry wrote in a note.

Related Link: Everything Everyone's Saying About Tesla After The Model 3 Launch

"Digitally centered consumer is sick and tired of GM, BMW, Mercedes, Audi, Toyota etc. and almost every existing auto manufacturers who have shown zero innovation and have been producing "Ugly Tiffin Boxes" for decades."

"Tesla Model 3 has been designed for the iPhone generation consumer, whose lives are digitally super-centered ... and competition is completely clueless .. somehow it seems that existing auto manufacturers believe that iPhones can be powered by gasoline and not batteries," he added.

Shares of Tesla were up 3.59 percent at $246.12, while GM was down about 1.9 percent to $29.90.

Latest Ratings for GM

DateFirmActionFromTo
Jan 2021Argus ResearchUpgradesHoldBuy
Jan 2021Nomura InstinetUpgradesNeutralBuy
Nov 2020Morgan StanleyMaintainsOverweight

View More Analyst Ratings for GM
View the Latest Analyst Ratings

 

Related Articles (GM + TSLA)

View Comments and Join the Discussion!

Posted-In: Bolt Chevy Bolt GM Bolt Model 3Analyst Color Top Stories Analyst Ratings Tech Best of Benzinga

Latest Ratings

StockFirmActionPT
URIVertical ResearchInitiates Coverage On310.0
PCARVertical ResearchInitiates Coverage On95.0
DEVertical ResearchInitiates Coverage On345.0
CNHIVertical ResearchInitiates Coverage On16.0
AGCOVertical ResearchInitiates Coverage On119.0
View the Latest Analytics Ratings
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com