Noted Tesla bear says Musk's EV maker could 'go bust' and stock is worth $14

Tesla could "go bust" while its stock could fall to $14, Per Lekander, a hedge fund manager who has been shorting Elon Musk's electric car maker since 2020, told CNBC on Wednesday.

His comments come after Tesla reported 386,810 vehicle deliveries in the first quarter of the year, significantly below even the lowest market estimates.

"This was really the beginning of the end of the Tesla bubble, which probably, arguably was the biggest stock market bubble in modern history," Lekander, managing partner at investment management firmClean Energy Transition, said on "Squawk Box Europe."

"I actually think the company could go bust."

Tesla was not immediately available for comment when contacted by CNBC.

Lekander was a former portfolio manager at investment firm Lansdowne Partners who successfully called a 2018 rally in carbon prices. Since 2020, Clean Energy Transition has been short Tesla's stock, meaning Lekander's firm will profit if the automaker's shares fall.

In a March 2021 interview with CNBC, Lekander called for Tesla's stock to go down. At the time of the interview, Tesla's shares closed at $233.94. On Tuesday, the stock closed at $166.63. But Lekander also called for a comeback of the traditional automakers, singling out Volkswagen. Shares of Volkswagen have fallen around 53% since that call, though they rallied at the start of this year.

Lekander has taken his bearish Tesla call further, suggesting the stock could fall to $14 per share. He said his call is based on an estimate that the company's full-year earnings per share this year would be $1.40. Lekander contends that Tesla is a "no growth" stock and should be valued on 10 times forward earnings, versus around 58 times forward earnings currently. Forward earnings are