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.
Model 3 vs. Bolt. Which are you going with? @TeslaMotors @chevrolet $TSLA $GM
— Benzinga.com (@Benzinga) April 4, 2016
"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
Date | Firm | Action | From | To |
---|---|---|---|---|
Jan 2021 | Argus Research | Upgrades | Hold | Buy |
Jan 2021 | Nomura Instinet | Upgrades | Neutral | Buy |
Nov 2020 | Morgan Stanley | Maintains | Overweight |
View More Analyst Ratings for GM
View the Latest Analyst Ratings
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Posted-In: Bolt Chevy Bolt GM Bolt Model 3Analyst Color Top Stories Analyst Ratings Tech Best of Benzinga