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In an hour-long appearance on CNBC's "Fast Money Halftime Report, " Palihapitiya said the new auto model will outpace the comparable BMW 3 Series, saying "that entire business is going to go to zero."
Morgan Stanley's Adam Jones pushed back on Palihapitiya's claim, noting international and political contexts to the businesses.
But Palihapitiya said pre-orders of the Model 3 are already hitting 3 Series orders, pointing to a market shift.
"There is not a single person of right, sound mind and body, if you could build a Tesla Model 3 online and get it delivered in 30, 60, 90 days, or you have the choice of buying the BMW 3 Series will choose the BMW," he said.
Palihapitiya is the founder and CEO of investment firm Social Capital. He was formerly a member of the senior executive team at Facebook and recently spoke at the Delivering Alpha conference.