Deutsche Bank report questioning Tesla’s Robotaxi ambitions knocks $17 billion off EV maker’s value

Fortune04-19

Deutsche Bank has delivered a fresh blow to Elon Musk’s embattled EV giant Tesla in an ominous note that has resonated with investors. The German banking giant published a briefing note Thursday ...

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Fortune has asked Deutsche Bank for comment.The report was enough to push Tesla shares down 3.55% Thursday, wiping about $17 billion from the carmaker’s market capitalization.Last week, another longtime Tesla bull, Wedbush’s Dan Ives, wrote that the roadmap for ful","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU2087621335.USD":"ALLSPRING GLOBAL FACTOR ENHANCED EQUITY \"A\" (USD) ACC","BK4527":"明星科技股","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","BK4550":"红杉资本持仓","BK4588":"碎股","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","BK4574":"无人驾驶","LU1861558580.USD":"日兴方舟颠覆性创新基金B","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","BK4581":"高盛持仓","LU0820562030.AUD":"ALLIANZ INCOME AND GROWTH \"AMH2\" (AUDHDG) H2 INC","LU2756315318.SGD":"ALLIANZ INCOME AND GROWTH \"AMG\" (SGDHDG) INC A","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","BK4511":"特斯拉概念","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","BK4548":"巴美列捷福持仓","LU1861559042.SGD":"日兴方舟颠覆性创新基金B SGD","LU1839511570.USD":"WELLS FARGO GLOBAL FACTOR ENHANCED EQUITY \"I\" (USD) ACC","TSLL":"Direxion Daily TSLA Bull 2X Shares","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","LU0823414478.USD":"法巴经典能源转换基金","LU0823411888.USD":"法巴消费创新基金 Cap","LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H","LU0466842654.USD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"A\" (USD) ACC","LU0082616367.USD":"摩根大通美国科技A（dist）","LU0056508442.USD":"贝莱德世界科技基金A2","LU1861215975.USD":"贝莱德新一代科技基金 A2","LU2326559502.SGD":"Natixis Loomis Sayles US Growth Equity P/A SGD-H","BK4592":"伊斯兰概念","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","LU1435385759.SGD":"Natixis Loomis Sayles US Growth Equity RA SGD-H","LU2602419157.SGD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"AC\" (SGD) ACC","BK4585":"ETF&股票定投概念","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","BK4534":"瑞士信贷持仓","LU1429558221.USD":"Natixis Loomis Sayles US Growth Equity RA USD","BK4555":"新能源车","DB":"德意志银行","BK4533":"AQR资本管理(全球第二大对冲基金)","LU2063271972.USD":"富兰克林创新领域基金","LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) INC","LU0097036916.USD":"贝莱德美国增长A2 USD","TSLA":"特斯拉"},"translate_title":"德意志银行报告质疑特斯拉的Robotaxi野心使电动汽车制造商价值下降170亿美元","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"TSLL":1,"DB":1,"TSLA":1},"content_text":"Deutsche Bank has delivered a fresh blow to Elon Musk’s embattled EV giant Tesla in an ominous note that has resonated with investors.\nThe German banking giant published a briefing note Thursday airing serious concerns about Tesla’s pivot to focusing on self-driving Robotaxi technology as reports swirl that it is planning to scrap a much-anticipated cheaper model.\nNo new Teslas for the foreseeable\n“The delay of Model 2 efforts creates the risk of no new vehicle in Tesla's consumer lineup for the foreseeable future, which would put downward pressure on its volume and pricing for many more years,\" Deutsche Bank analyst Emmanuel Rosner wrote.\nThe bank downgraded its rating of Tesla from “buy” to “hold,” and slashed its price target for the group from $189 to $123. Fortune has asked Deutsche Bank for comment. \nThe report was enough to push Tesla shares down 3.55% Thursday, wiping about $17 billion from the carmaker’s market capitalization.\nElon Musk’s problems at Tesla are piling up, exemplified by the $700 billion+ the carmaker has lost in value since November 2021.  \nThe EV market is going through a global downturn, plagued by macroeconomic issues including higher interest rates and the falling price of gas, pushing back purchases from those not considered early adopters of the technology. \nThe latest data from the European Automobile Manufacturers’ Association (ACEA) shows that sales of EVs nosedived on the continent in the last year.\nSales in Europe’s biggest market Germany plunged 29% in the year to March. Even in Norway, which is on track to become the first market to have more EVs on its roads than petrol cars, sales halved in the last year.\nTesla bulls turning\nInvestors have increasingly been pinning their hopes for EV darling Tesla on a much-anticipated inexpensive model to compete with the growing threat of budget Chinese EVs, spearheaded by BYD. Musk has previously said the model would begin production in Texas in 2025.\nBut according to a Reuters report last month, Tesla is planning to scrap its ambitions for the so-called Model 2, which was expected to go to market with a starting price of $25,000. \nInstead, the publication reports Tesla is pivoting to focus its ambitions on Musk’s vaunted self-driving Robotaxi.\nMusk has denied the Reuters report. But with no obvious action plan in sight, some of Tesla’s biggest supporters are beginning to get cold feet.\nTesla bull Baron Capital, which has Tesla as its second largest holding, is one of those shaky investors.\nSpeaking to Bloomberg, Baron portfolio manager David Baron said the growth fund expects Tesla shares to rise 680% over the long run, but only based on expectations of an ultra-affordable car coming to market.\n“The Model 2 is a crucial piece of our thesis. If they stopped that, that is investment thesis-changing,” Baron said.\nLast week, another longtime Tesla bull, Wedbush’s Dan Ives, wrote that the roadmap for fully autonomous vehicles was too far in the future, and investor appetite for Tesla shares may wain in the meantime if plans for a cheap car are scrapped.\n“The future of Tesla is a bit murky now… Musk needs to give the clear road map and strategic vision for the Street, with Model 2 a key component,” he wrote.\nThis story was originally featured on Fortune.com","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2428655693"}