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Altimeter Capital Chairman and CEO Brad Gerstner announced a new position at Tesla on Thursday, banking on the industry leader amid the global trend towards car electrification. The well-known tech investor told CNBC’s Scott Wapner in an interview that he has acquired a new stake in the electric car maker in the past two months. “Right now the world is moving wholesale…both in terms of geopolitical realities and in terms of energy, in the direction of electrification,” Gerstner said in CNBC’s “Interruption Report.” “We only have 8% penetration of electric vehicles in the world.” According to the investor, the market for electric vehicles will grow by 30-40% over the next 5-10 years thanks to initiatives from governments around the world. “If you look at Tesla, they have a 30% margin. Their competitors work at best at 10%. I think they have an advantage in the amount of interest in the world,” said Gerstner. Tesla shares are down more than 13% this year after rising 50% in 2021 and 740% in 2020. As for the overall macroeconomic outlook, Gerstner believes the risk has shifted to “over-tightening” by the Federal Reserve. The tech investor joined other high-profile investors such as Jeffrey Gundlach and Cathy Wood in warning that the central bank could slow the economy too much by accepting a giant hike in interest rates in an attempt to curb inflation.
Credit: www.cnbc.com /