Tesla has to double the Model 3’s advertised price or it will lose tons of money, he says.

Tesla Motors customers are lining up to wait as much as two years to own the company’s eagerly anticipated cheaper electric car, the Model 3. But while the new car has created a lot of buzz for Tesla TSLA -0.23% , one high-performing hedge fund manger says the Model 3 will end up being a total wreck for the company. In fact, he says it will likely put Tesla out of business. Put another way: His price target for Tesla’s stock: $0.

Mark Spiegel, founder of hedge fund Stanphyl Capital Partners, says the Model 3—which Tesla CEO Elon Musk has promised to sell for as little as $35,000—may put Tesla on a path to bankruptcy before it even comes out.

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