Top Russia Oil Boss Scorns Tesla, Electric Cars as Overrated
- Igor Sechin calls Tesla’s valuation, growth plans excessive
- Electric cars in Europe ‘not as popular as had been expected’
1472475311_241258084
This article is for subscribers only.
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.