Tesla's chief made the comment on Sept. 5, when the stock was trading at around $286 a share, in response to a question from CNBC during a news conference in Carson City, Nevada.
The electric car maker's stock was hovering around $250 a share on Wednesday, when Lutz appeared on "Squawk Alley."
"Elon Musk is right. It's grossly overvalued right now," Lutz said. "When you look at it, their total production to date is still less than one day's production of General Motors or Ford, so it's filled with a lot of hype."
Telsa shares have struggled lately not only in the wake of Musk's comments, but after a few analyst downgrades.
To Lutz, Tesla will likely "remain a fringe brand" until it releases a smaller next-generation car that allows the driver to travel up to 300 miles before the battery dies.