Tesla shares
Investment Thesis
Tesla at $440.36 trades 10% above Morningstar's $400 fair value despite accelerating automotive deterioration, mounting regulatory/execution risks, and negative free cash flow projections. The market's AI/robotics transformation narrative is overpriced relative to near-term realities of declining deliveries, margin compression to 4.2%, and recent evidence of FSD failures and robotaxi operational challenges.
Catalysts to Watch
Q2 delivery numbers, robotaxi incident reports, FSD regulatory decisions, capex update, automotive margin trends, Chinese competition developments
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Timeline
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