Plus, there's nothing about Tesla that can't be easily duplicated by other automobile companies, he argued.
"There is no secret sauce in Tesla. They use the same lithium-ion batteries as everybody else."
In fact, he thinks GM might even have an advantage because its batteries are arguably more capable and lower cost.
Tesla revealed a new electric semitrailer and sports car at an event Thursday night. On Friday, large trucking company J.B. Hunt Transport Services said it reserved "multiple Tesla Semi tractors" and Wal-Mart said it wasgoing to test the new trucks.
Tesla shares were up nearly 3 percent Friday morning but gave back much of those gains, closing 0.8 percent higher.
Lutz believes the announcements were a way to deflect from the company's financial troubles.
"They are hemorrhaging cash. They're going to have to go for another capital raise," he said.
Tesla did not immediately respond to a request for comment.
— CNBC's Robert Ferris contributed to this report.