It sounds like JP Morgan thinks so. This post is inspired by what The Electric Viking just said but there is a lot more to it.
JP Morgan’s problem is that they see Tesla as “a car company” with more competition. It’s not that EV sales are down — they aren’t — but they just see that Tesla sold a few less cars in 2024 and others, including BYD sold more. You can be concerned or you can see that Tesla isn’t just playing the “more cars” game.
Tesla is a technology company that happens to be the biggest electric car maker in the world. They will continue to sell a lot of EVs and Ford, GM, … are not going to catch up soon if ever. Will BYD make more pure EVs than Tesla? Yeah, someday. But, long before these changes take place Tesla will have the robotaxi market and will have factories that are more efficient because Tesla robots will be doing much of the work.
We also need to remember that Tesla’s energy storage industry is growing fast and the Tesla semi-truck is going to start real production before the end of this year.
