Tesla stock is clearly overvalued while General Motors is undervalued, AutoNation CEO Mike Jackson said during an appearance at the annual Automotive Forum hosted by NADA J.D. Power the day before the New York International Auto Show.
While Jackson’s view is held by plenty of industry folks, at least one auto executive believes that Tesla’s current valuation is rooted in something substantial. Mark O’Neil, COO of Cox Automotive, noted that Tesla is changing consumer expectations of the automotive retailing experience.
However, Jackson’s belief may be more rooted in the perspective that the traditional U.S. automakers are currently undervalued. He said today’s reality is that, “Gas is affordable as far as the eye can see.” (more…)