Tesla (TSLA) is "Doomed", Former GM Vice Chair Lutz Says

April 12, 2017 1:16 PM EDT

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In a CNBC interview this morning, former GM Vice Chair, Bob Lutz, called Tesla's (NASDAQ: TSLA) CEO Elon Musk the "greatest salesman in the world" and thinks the company is "doomed."

Lutz said Musk is "... painting a picture of an unlimited future aided and embedded by some analysts." He said the truth is the company is a "constant cash drain, is highly dependent on federal government and state incentives for money, they have capital raises all the time... even the high end cars that they sell cost more to build then they're able to sell them for."

With Mercedes, BMW, VW, GM, Audi and Porsche all coming out with 300 mile luxury EVs, Lutz said, "I think they're doomed."

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