In a troubling turn of events, Tesla, the renowned electric car manufacturer, recently released its first-quarter earnings report that rattled investors and caused concerns about the company's future. The results highlighted a significant 20 percent quarter-over-quarter drop in deliveries, setting the tone for a challenging year ahead.

Hedge fund manager Per Lekander, who has been shorting Tesla's stock since 2020, expressed his pessimism about the company's prospects in an interview with CNBC. Lekander predicted that this quarter could mark "the beginning of the end of the Tesla bubble," which he believed was one of the largest stock market bubbles in modern history. He even went as far as suggesting that the company could go bankrupt.

However, Lekander's comments should be taken with caution due to his financial interest in seeing Tesla's shares stumble. Despite this, Tesla stocks have seen a decline of over 30 percent this year due to increased competition, particularly from China, as well as a slowdown in overall demand for electric vehicles (EVs) and concerns surrounding CEO Elon Musk.

Lekander, who has had a mixed track record with his predictions, foresees Tesla's stock dropping to a meager $14, representing a staggering 91 percent fall. He cited a "demand problem" as the driving force behind this outlook and emphasized that any potential recovery in the next two years seemed highly unlikely, given the current state of Tesla's lineup and the economic climate.

Dan Ives, a long-time Tesla supporter and Wedbush analyst, also voiced his concerns about the company's impending first quarter, describing it as a "nightmare." Ives stressed that this was a pivotal moment for Musk to navigate Tesla through these turbulent times; otherwise, darker days could lie ahead.

As Tesla grapples with these challenges, investors across the board remain cautious about the company's future. The competition in the EV market continues to intensify, and Tesla's ability to adapt and maintain its market dominance will be critical in overcoming these hurdles.

While the road ahead may appear uncertain for Tesla, only time will reveal whether the company can bounce back and regain its footing amidst this current downturn.