Top Russia Oil Boss Scorns Tesla, Electric Cars as Overrated

3 Jun 2017   Russia

Igor Sechin calls Tesla’s valuation, growth plans excessive Electric cars in Europe ‘not as popular as had been expected’ The day after President Donald Trump said the U.S. will exit from the Paris climate deal, the Russian chief of the world’s largest listed oil producer by output is taking on electric cars. Igor Sechin, chief executive officer of Rosneft PJSC , called manufacturers including Elon Musk’s Tesla Inc. overvalued and said electric cars are “not as popular as had been expected” in Europe’s biggest economies. Sechin challenged Tesla’s valuation and business model in particular, citing “extremely aggressive” sales growth plans and criticizing the carmaker’s capital expenditures. “The market’s assessment of the prospects of electric car producers, in our view, is significantly overestimated,” Sechin said in a speech at the St. Petersburg International Economic Forum on Friday. “The unconditional truth remains in the fact that the hydrocarbon power industry has […]

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