Tesla bear weighs in on claims of scrapped affordable EV plans

Tesla (TSLA) has been through a rough patch from recalls to fierce competition in China afflicting the EV maker's first-quarter 2024 performance. Currently, Tesla CEO Elon Musk is disputing a Reuters report citing Tesla's plans to cancel its low-cost EV strategy as it contends with competition in China.  Roth MKM Senior Research Analyst Craig Irwin joins Market Domination to discuss the contested news with Tesla and why he believes, despite the recent slowdown in demand for EVs, he remains bullish long-term on the EV company. Irwin affirms: "People know me as a bear on Tesla. I'm bearish on the valuation… but I'm a bull on EVs for the long term. Why? Because EVs are so compelling. 65% fewer components. They should be cheaper than ICE [internal combustion engine] vehicles… If price comes down dramatically on these — maybe shorter range, smaller vehicles something comparable to like a Mini Cooper or something like that — you could have a compelling inexpensive vehicle that would be a massive seller in Europe and a great second car here in the US. Yes, price matters." For more expert insight and the latest market action, click here to watch this full episode of Market Domination. Editor's note: This article was written by Nicholas Jacobino