'Almost a mass psychosis': Tesla's 250 stock rally makes no sense, Bob Lutz saysGet the Full StoryREUTERS Mike Blake
Bob Lutz can't explain why Tesla stock has rocketed more than 250 in six months.
The former GM, Ford, and Chrysler executive said on the BBC Business Daily podcast this week that Goldman Sachs analysts are asking him if he has "any idea what the heck is going on."
"Nobody can explain it," Lutz said. "It's driven purely by psychology or almost a mass psychosis."
Lutz also downplayed the growth prospects of electric vehicles, arguing they'll only make up 15 of global car sales in 2030.
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Bob Lutz has no idea why Tesla stock has rocketed more than 250 in six months.
Neither do Wall Street's brightest minds, the auto-industry veteran who sat on the boards of Ford, Chrysler, and General Motors during his career said on the BBC Business Daily podcast this week.See the rest of the story at Business InsiderNOW WATCH: A big-money investor in juggernauts like Facebook and Netflix breaks down the '3rd wave' firms that are leading the next round of tech disruptionSee Also:BANK OF AMERICA: The biggest winners on Wall Street this earnings season are stocks neglected by hedge funds. These 10 are positioned to rocket higher.BANK OF AMERICA: There's glaring evidence that 2 market bubbles are fast approaching their destruction. Here's how exactly they will burst.'We're definitely in a bubble': A hedge-fund chief overseeing 2 billion explains why he sees a 40-60 crash looming and a lost decade ahead for stocks