Tesla Model S and Model X growth stories are 'over,' portfolio manager says

Albertine: Model S is 'the Apple iPhone' to every else's electric vehicle

Tesla says it received a record number of orders for its Model S and Model X in the fourth quarter, but one portfolio manager believes there is no growth anymore for the company's electric vehicles.

"That growth story's over before the massive luxury electric competition arrives, which happens in like 12 to 18 months," said Stanphyl Capital Management's Mark Spiegel, who is short the stock.

The impending competition includes names like Audi and Mercedes, who have "beautiful" SUV crossovers that are $20,000 less expensive than the cheapest Model X, he told CNBC's "Closing Bell."

Tesla released fourth-quarter earnings after the bell on Wednesday, the first since the acquisition of Solar City. It reported a loss of 69 cents per share compared to a 42 cents loss per share expected by a Thomson Reuters consensus forecast.

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In a letter to shareholders, the company said it expects to deliver 47,000 to 50,000 Model X and Model S vehicles in the first half of the year.

It also said its less expensive Model 3 sedan is on track to begin production in July and reach volume production in September. The car is expected to start at about $35,000.

However, Spiegel is not convinced the Model 3 will help business.

"Tesla is spending about $80,000 to build each car now. There is no way in the world it will be able to build and sell a Model 3 that starts at $35,000 without losing a ton of money on it," he said.

However, James Albertine, senior analyst at Consumer Edge Research, is bullish on Tesla and its prospects. He has a "buy" rating on the stock.

He pointed out that there are about 400,000 reservations for the Model 3 and Tesla's competition has been an "utter disaster."

Plus, Tesla has a massive Gigafactory that will supply the batteries for its vehicles, something its competition lacks.

"The vertical integration here is what GM and Ford were 100 years ago and why they worked 100 years ago. It's why the Model S is the Apple iPhone to everybody else's competitive dynamic here on the electric vehicle front," Albertine said in an interview with "Closing Bell."

— CNBC's Robert Ferris contributed to this report.

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