Competition is heating up in the electric vehicle industry, especially between investor favorite Tesla and Chinese automakers like the Warren Buffett-backed BYD . He said that most EV businesses had not succeeded in making money yet, given the "extraordinary" amount of capital invested initially. He manages over $750 million across the Latitude Horizon Fund and the Latitude Global Fund . 'Phenomenal' Ferrari Lait described Ferrari in particular as "a phenomenal business." The average price target on Ferrari is 391.96 euros ($425.14), according to FactSet data, giving it potential downside of around 8%.

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Persons: Tesla, Warren Buffett, EVs, Freddie Lait, CNBC's, Lait, Ferrari Lait, Ferrari, Morgan Stanley's, — CNBC's Michael Bloom Organizations: Latitude Investment Management, Ferrari, Motors, Volkswagen, BMW, New York Stock Exchange, Euronext, Euronext Milan, UBS Locations: Euronext Milan