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Zenger
Business
Anan Ashraf

Tesla CEO Elon Musk Mocks Analyst’s Pessimistic Outlook

GLJ Research CEO Gordon Johnson, a long-time Tesla Inc (NASDAQ:TSLA) bear, predicted a sales slump for the electric vehicle giant. His pessimistic outlook was met with sarcasm from Tesla CEO Elon Musk. PHOTO BY TESLA FAN/UNSPLASH

GLJ Research CEO Gordon Johnson, a long-time Tesla Inc (NASDAQ:TSLA) bear, predicted a sales slump for the electric vehicle giant. His pessimistic outlook was met with sarcasm from Tesla CEO Elon Musk.

In an X post on Sunday, Johnson asserted that Tesla’s sales are “imploding” across its three largest markets, and its profit margins lag behind competitors like Toyota, Stellantis, BMW, and Mercedes. 

“FSD is a failure, it buys batteries from BYD, LG, CATL, & Panasonic (meaning it’s NOT a battery company),” he added.

GLJ Research CEO Gordon Johnson, a long-time Tesla Inc (NASDAQ:TSLA) bear, predicted a sales slump for the electric vehicle giant. His pessimistic outlook was met with sarcasm from Tesla CEO Elon Musk. PHOTO BY TESLA FAN/UNSPLASH

Johnson also predicted a 7% drop in Tesla’s sales for the third quarter compared to the second quarter.

2/3…, its Q3 sales of cars looks like they will fall MATERIALLY (down ~7% QoQ), and @elonmusk appears very close to being criminally indicted by the @SDNYnews for any number of credibly alleged crimes. Yet, the stock is still valued as if every car sold globally in 4-5yrs…

— Gordon Johnson (@GordonJohnson19) September 24, 2023

The Tesla CEO took to X, formerly Twitter, to note Johnson’s straight track record. “There is value in someone being a reliable contra-indicator,” Musk wrote. Contra-indicators are professionals who offer investment opinions that sharply contrast with the broader consensus.

GLJ Research CEO Gordon Johnson, a long-time Tesla Inc (NASDAQ:TSLA) bear, predicted a sales slump for the electric vehicle giant. His pessimistic outlook was met with sarcasm from Tesla CEO Elon Musk. PHOTO BY TESLA FAN/UNSPLASH

The Tesla CEO’s response came after a Twitter user shared edited snippets from Johnson’s 2020 CNBC interview, in which the analyst predicted Tesla would return to losses due to a supposed lack of demand and increasing competition from legacy automakers like General Motors, Ford Motor Co., and Volkswagen AG.
 

There is value in someone being a reliable contra-indicator

— Elon Musk (@elonmusk) September 24, 2023

Contrary to Johnson’s predictions, Tesla has consistently reported profits since 2020. 

In 2021, the company recorded a net profit of $5.5 billion, which more than doubled to $12.6 billion in 2022.

The X user, a Tesla enthusiast, pointed out that Johnson has been “virtually 100% wrong in his historical Tesla predictions.”

Tesla continues to target 1.8 million deliveries for this year. Musk previously stated that third-quarter production would be lower due to planned factory upgrades, as mentioned in the company’s second-quarter earnings call held in July.

Produced in association with Benzinga

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