Famed short seller Jim Chanos said Monday he's still betting against Tesla as competition in the electric vehicle market ramps up.
"I just think that that it's really that the choices now are increasing," Chanos said on CNBC's " Fast Money " in Miami Monday. "The bears were wrong on competition. It took a long time to show up, but I don't think they're wrong now. I think the competition is growing." The founder of Chanos & Co. said that investors often forget that the carmaker lost money through 2019 manufacturing cars in the U.S.
mountain Tesla "They're wrestling with some issues, and the stock is still at almost $550 billion market cap is trading now at 20-some times gross profits," Chanos said. "It trades at a premium … actually trades at a premium in terms of its multiples to Ferrari and Porsche." Chanos said Tesla has a major footprint in China, generating a significant amount of profits in the developing country. And it's also a source of many risks, he said.
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