Russian Oil Chief Says Tesla, Electric Cars Are Overrated

The market expectations for electric vehicle makers are significantly overestimated, Igor Sechin, CEO of Russia’s oil giant Rosneft said on Friday, adding that the evaluation of Tesla is based on ‘extremely aggressive’ sales expectations.
Speaking at the St. Petersburg International Economic Forum, Sechin also criticized Tesla’s business model and capital spending.
‘The unconditional truth remains in the fact that the hydrocarbon power industry has been and will be in demand,’ Sechin said, as quoted by Bloomberg, adding that ‘The market’s assessment of the prospects of electric car producers, in our view, is significantly overestimated.’
‘Until the electric transport industry becomes as user-friendly and attractive for consumers as the cars with internal combustion engines, the prospects for electric vehicles remain largely uncertain,’ Rosneft’s CEO noted.

This post was published at Zero Hedge on Jun 5, 2017.