Bob Lutz on “Squawk Box” on Monday. Image from CNBC video.

Bob Lutz, the former GM executive dubbed Mr. Chevy Volt by one website for his efforts at developing the electric vehicle, isn’t buying what Elon Musk is selling when it comes to energy storage. In a CNBC appearance this week, he said the Powerwall is nothing new and “greatly overvalued,” the Gigafactory will give Tesla no real edge on producing cheaper batteries, and the whole thing might just be a way to take the focus off a car business that is “hemorrhaging cash.”

“Every time the question is, ‘What about the car business?’ he says, ‘No, no, never mind the car business, I have an even better idea,’ and then he rolls out the battery thing. I’m not recommending sell [the stock] because I’m not an analyst. I’m just saying that if I were a holder, I would think now is about the top that that stock is going to attain.” – Bob Lutz on CNBC’s “Squawk Box” program