"At some point, I don't know when, you're going to wake up as an investor and say this company walks like a duck, quacks like a duck and must be a duck -- in other words, it's a car company," O'Leary said. "It has the same problems car companies have."
O'Leary wonders when the company will start to be valued as a car company.
"When does it turn into a car company and then be valued at the same multiples as a BMW, a Ford (F) , Toyota Motor (TM) , Hyundai, Kia?" he asked. "That day is going to be extremely painful for shareholders. That's when you see the stock go from the $300s to under $100."
If Tesla dipped to $90 a share, for example, that would represent a nearly 70% decline from its current level of $298.
Tesla shares are up 39% since the start of the year, while GM shares are up 23%. Ford shares are up 2%.
O'Leary is the Chairman of O'Shares ETF Investments.
Tesla Bears Have the Upper Hand For Now...
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