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10-26

Sour grapes are very sour. We know and.painful.....to swallow

Tesla: Don't Be Fooled By The Market

10-26

Another writer who spread negative article ard. Likely the writer did not enjoy the wave....so now become a sour graoe....

Tesla: Don't Be Fooled By The Market

10-25

Life is so strange. When something is doing well, in this case Tesla, pple must always say negative things. Talk down on it. I alw wonder why such pple exiist

Tesla Faces Major Risks In The Future

11-16

Pls try harder, u F loser

The Withering Dream of a Cheap American Electric Car

11-05

Look at the price.....been dropping for past 4 days!

Tesla Stock: Why I Remain A Buyer

10-25

Sour grapes????

Tesla Shares Jump Another 3%, Extending Yesterday's 22% Gain

12-12

Another sour grape

Tesla Stock Hit a Record. What History Says Comes Next

11-15

Must feel very upset cos u missed the big boat which already left the port.

Tesla Stock Doesn't Deserve This Rally

11-15

Try harder, please.

Tesla Stock Doesn't Deserve This Rally

10-25

Another F saying negative things abt tesla

Tesla Shares Jump Another 3%, Extending Yesterday's 22% Gain

11-17

So many sour grapes here who missed the rally. Sour grapes

The Withering Dream of a Cheap American Electric Car

11-16

Trying hard to talk down the stock.

The Withering Dream of a Cheap American Electric Car

11-15

Don't worry. We know the grapes are very sour.....u are such a sour grape

Tesla Stock Doesn't Deserve This Rally

11-01

SO many hatets around. THe more the merrier. Pls keep shorting. So that the peice can go up even more

Don’t Let Tesla’s Big Moves Fool You. Where the Chart Says the Stock Is Heading Next

11-12

We know. The grapes very sour. Pls try harder

Stock Track | Tesla Slipped 3% Amid Concerns Over Growth, Valuation and Trade Tensions

11-05

How many times u need to publish this????

Tesla Stock: Why I Remain A Buyer

11-02

Stop repeating this article. Try harder to talk down on Tesla. How many times u wan to repeat this article here???

Don’t Let Tesla’s Big Moves Fool You. Where the Chart Says the Stock Is Heading Next

10-25

Another hater, the writer....saying all the neg remarks....sour grapes....whahhha

Tesla Stock is Hot Again, But Can TSLA Reach $310 in 2025?

12-11

Mr Short, we know u missed the boat. Pls don't sour grape. We feel u

After Tuesday's Close Above $400, How Overbought is Tesla Stock?

11-30

Another sour grape who missed the boat

Up 38%, Is Tesla Stock a Buy?

Go to Tiger App to see more news

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That was certainly troubling for investors to see, particularly when you consider that the tech-heavy Nasdaq 100 index was up 18% during that same period of time.But since the presidential election on Nov. 5, Tesla shares have rocketed 77% higher . The booming EV stock now trades just 8% off its all-time record, as it benefits from tremendous momentum.Looking toward the future, let's see if Tesla is a millionaire maker?","content":"<html><body><ul>\n<li>\n<div>\n<svg fill=\"none\" height=\"15\" viewbox=\"0 0 14 15\" width=\"14\" xmlns=\"http://www.w3.org/2000/svg\">\n<path d=\"M14 5.58984C14 2.91016 11.8398 0.75 9.16016 0.75C6.50781 0.777344 4.375 2.91016 4.375 5.5625C4.375 6.10938 4.45703 6.60156 4.59375 7.09375L0.191406 11.4961C0.0546875 11.6328 0 11.7969 0 11.9609V14.0938C0 14.4766 0.273438 14.75 0.65625 14.75H3.71875C4.07422 14.75 4.375 14.4766 4.375 14.0938V13H5.46875C5.82422 13 6.125 12.7266 6.125 12.3438V11.25H7.13672C7.30078 11.25 7.51953 11.168 7.62891 11.0312L8.28516 10.293C8.55859 10.3477 8.85938 10.375 9.1875 10.375C11.8398 10.375 14 8.24219 14 5.58984ZM9.1875 4.25C9.1875 3.53906 9.76172 2.9375 10.5 2.9375C11.2109 2.9375 11.8125 3.53906 11.8125 4.25C11.8125 4.98828 11.2109 5.5625 10.5 5.5625C9.76172 5.5625 9.1875 4.98828 9.1875 4.25Z\" fill=\"#FFB81C\"></path>\n</svg>\n</div>\n<div>Tesla successfully disrupted the auto industry, leading to rapid growth and consistent profits. </div>\n</li>\n<li>\n<div>\n<svg fill=\"none\" height=\"15\" viewbox=\"0 0 14 15\" width=\"14\" xmlns=\"http://www.w3.org/2000/svg\">\n<path d=\"M14 5.58984C14 2.91016 11.8398 0.75 9.16016 0.75C6.50781 0.777344 4.375 2.91016 4.375 5.5625C4.375 6.10938 4.45703 6.60156 4.59375 7.09375L0.191406 11.4961C0.0546875 11.6328 0 11.7969 0 11.9609V14.0938C0 14.4766 0.273438 14.75 0.65625 14.75H3.71875C4.07422 14.75 4.375 14.4766 4.375 14.0938V13H5.46875C5.82422 13 6.125 12.7266 6.125 12.3438V11.25H7.13672C7.30078 11.25 7.51953 11.168 7.62891 11.0312L8.28516 10.293C8.55859 10.3477 8.85938 10.375 9.1875 10.375C11.8398 10.375 14 8.24219 14 5.58984ZM9.1875 4.25C9.1875 3.53906 9.76172 2.9375 10.5 2.9375C11.2109 2.9375 11.8125 3.53906 11.8125 4.25C11.8125 4.98828 11.2109 5.5625 10.5 5.5625C9.76172 5.5625 9.1875 4.98828 9.1875 4.25Z\" fill=\"#FFB81C\"></path>\n</svg>\n</div>\n<div>The stock has been on a tear in recent weeks, which has driven the valuation to nosebleed levels. </div>\n</li>\n<li>\n<div>\n<svg fill=\"none\" height=\"15\" viewbox=\"0 0 14 15\" width=\"14\" xmlns=\"http://www.w3.org/2000/svg\">\n<path d=\"M14 5.58984C14 2.91016 11.8398 0.75 9.16016 0.75C6.50781 0.777344 4.375 2.91016 4.375 5.5625C4.375 6.10938 4.45703 6.60156 4.59375 7.09375L0.191406 11.4961C0.0546875 11.6328 0 11.7969 0 11.9609V14.0938C0 14.4766 0.273438 14.75 0.65625 14.75H3.71875C4.07422 14.75 4.375 14.4766 4.375 14.0938V13H5.46875C5.82422 13 6.125 12.7266 6.125 12.3438V11.25H7.13672C7.30078 11.25 7.51953 11.168 7.62891 11.0312L8.28516 10.293C8.55859 10.3477 8.85938 10.375 9.1875 10.375C11.8398 10.375 14 8.24219 14 5.58984ZM9.1875 4.25C9.1875 3.53906 9.76172 2.9375 10.5 2.9375C11.2109 2.9375 11.8125 3.53906 11.8125 4.25C11.8125 4.98828 11.2109 5.5625 10.5 5.5625C9.76172 5.5625 9.1875 4.98828 9.1875 4.25Z\" fill=\"#FFB81C\"></path>\n</svg>\n</div>\n<div>Lofty expectations leave prospective investors with zero margin of safety. </div>\n</li>\n</ul><div><p><span>Through the first 10 months of 2024, shares of </span><strong><span>Tesla</span></strong><span> <span>(TSLA<span> -3.46%</span>)</span> were essentially flat despite the extreme volatility they exhibited. That was certainly troubling for investors to see, particularly when you consider that the tech-heavy </span><strong><span>Nasdaq 100 index</span></strong><span> was up 18% during that same period of time.</span></p><p><span>But since the presidential election on Nov. 5, Tesla shares have rocketed 77% higher (as of Dec. 18). The booming </span><span>EV stock</span><span> now trades just 8% off its all-time record, as it benefits from tremendous momentum.</span></p><p><span>Looking toward the future, let's see if Tesla is a millionaire maker?</span></p><h2 aria-level=\"2\"><span>Looking in the rearview mirror</span></h2><p><span>I definitely don't doubt that early Tesla shareholders have gotten rich off their holdings. In the past decade, the stock has soared 3,110%, a gain any investor would be excited about. This means that had you invested about $31,000 in Tesla in mid-December 2014, you'd be sitting on a cool $1 million today. This business has indeed been a millionaire-maker in the past.</span></p><p><span>Tesla's rise can be attributed to its ability to disrupt the traditional auto industry. While the Model S sports sedan was first launched in 2012, the business now offers five total passenger vehicle models, all of which have unique designs and innovative tech features that consumers appreciate.</span></p><div><div><div></div></div></div><p><span>Growth historically has been superb. Revenue totaled $25.2 billion in the third quarter (ended Sept. 30), up 300% compared to the same period five years earlier. At the same time, Tesla went from delivering 97,000 vehicle units in Q3 2019 to 463,000 in the latest quarter. This volume gives the company 17% global market share in the EV industry.</span></p><p><span>It's also worth pointing out that Tesla's cost advantages, as well as its premium brand positioning, enable it to earn consistent profits. In the past five years, the quarterly </span><span>gross margin</span><span> and </span><span>operating margin</span><span> have averaged 19.9% and 10.2%, respectively. Tesla's bottom-line performance compares quite favorably to legacy automakers whose EV segments continue losing billions of dollars.</span></p><div></div><div><app :collapse_on_load=\"false\" :instrument_id=\"224257\" :show_benchmark_compare=\"false\" amount_change=\"-15.11\" average_volume=\"92,697,613\" company_name=\"Tesla\" current_price=\"421.06\" daily_high=\"447.08\" daily_low=\"417.64\" default_period=\"FiveYear\" dividend_yield=\"N/A\" exchange=\"NASDAQ\" fifty_two_week_high=\"488.54\" fifty_two_week_low=\"138.80\" gross_margin=\"18.23\" logo=\"https://g.foolcdn.com/art/companylogos/mark/TSLA.png\" market_cap=\"$1,352B\" pe_ratio=\"115.35\" percent_change=\"-3.46\" symbol=\"TSLA\" volume=\"132,216,176\"></app></div><h2 aria-level=\"2\"><span>Keep your eyes on the road</span></h2><p><span>Investors who have been on the sidelines watching Tesla's ascent wonder if the stock can keep its unbelievable streak going in the years ahead. It's easy to be critical in this regard.</span></p><p><span>Tesla's latest stock surge is likely credited to founder and CEO Elon Musk's close ties with President-elect Donald Trump. With the hopes of favorable regulatory policies toward laws surrounding full self-driving (FSD) technology, the market could be anticipating a </span><span>smooth path for Tesla</span><span>.</span></p><div><div><div></div></div></div><p><span>For what it's worth, the business has plans to launch ride-hailing services in California and Texas next year. But if the legal framework becomes more accommodating, maybe Tesla can make inroads into many more markets in the not-too-distant future.</span></p><p><span>Even if you were bullish on the possibility of FSD capabilities becoming a commercial success through a combination of Tesla operating a company-owned robotaxi fleet and selling autonomous vehicles to the masses, it's hard to argue that this optimism isn't already fully baked into the current valuation.</span></p><p><span>As of this writing, Tesla's </span><span>forward price-to-earnings (P/E) ratio</span><span> is an eye-watering 177. It's wild to think that at the start of the year, this multiple was just 27. Clearly, market sentiment has shifted in a dramatic way to the upside. When a forward P/E ratio is as high as Tesla's, there is undoubtedly zero </span><span>margin of safety</span><span>.</span></p><p><span>Viewing the present with a clear lens, it's obvious that Tesla remains a car manufacturer that is exposed to macroforces and intense competition. This should help put things in perspective.</span></p><div><div><div></div></div></div><p><span>While the leader in EVs has been a millionaire-maker in the past, for prospective investors looking to hop on the Tesla bandwagon now, I'm not confident it can get you into the seven-figure club if shares were purchased today. The valuation is just too high.</span></p><div></div></div></body></html>","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is Tesla a Millionaire Maker?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs Tesla a Millionaire Maker?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-12-22 17:12 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2024/12/22/is-tesla-a-millionaire-maker/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Tesla successfully disrupted the auto industry, leading to rapid growth and consistent profits. \n\n\n\n\n\n\n\nThe stock has been on a tear in recent weeks, which has driven the valuation to nosebleed levels...</p>\n\n<a href=\"https://www.fool.com/investing/2024/12/22/is-tesla-a-millionaire-maker/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F801503%2Fgroup-of-tesla-super-chargers-with-logo-in-view.png&op=resize&w=165&h=104","relate_stocks":{"IE00BK4W5L77.USD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (USD) ACC","LU2023250330.USD":"ALLIANZ INCOME AND GROWTH \"AMG\" (USD) INC","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","SG9999015986.USD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","LU0466842654.USD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"A\" (USD) ACC","SG9999015978.USD":"利安颠覆性创新基金A","LU0823414478.USD":"法巴经典能源转换基金","LU0097036916.USD":"贝莱德美国增长A2 USD","LU2326559502.SGD":"Natixis Loomis Sayles US Growth Equity P/A SGD-H","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","BK4550":"红杉资本持仓","LU2087621335.USD":"ALLSPRING GLOBAL FACTOR ENHANCED EQUITY \"A\" (USD) ACC","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU1861215975.USD":"贝莱德新一代科技基金 A2","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","FSD":"First Trust High Income Long/Sho","LU1861558580.USD":"日兴方舟颠覆性创新基金B","BK4574":"无人驾驶","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H","BK4551":"寇图资本持仓","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","LU2602419157.SGD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"AC\" (SGD) ACC","LU0823411888.USD":"法巴消费创新基金 Cap","LU1839511570.USD":"WELLS FARGO GLOBAL FACTOR ENHANCED EQUITY \"I\" (USD) ACC","BK4511":"特斯拉概念","LU1629891620.HKD":"ALLIANZ INCOME AND GROWTH \"AMG2\" (H2-HKD) INC","LU1429558221.USD":"Natixis Loomis Sayles US Growth Equity RA USD","BK4598":"佩洛西持仓","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD","LU0082616367.USD":"摩根大通美国科技A（dist）","BK4516":"特朗普概念","LU2360106780.USD":"BGF WORLD TECHNOLOGY \"A4\" (USD) INC","LU0056508442.USD":"贝莱德世界科技基金A2","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","TSYW.SI":"TESLA 3xLongSG261006","TSLL":"Direxion Daily TSLA Bull 2X Shares","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","BK4585":"ETF&股票定投概念","BK4534":"瑞士信贷持仓","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","LU0234572021.USD":"高盛美国核心股票组合Acc","TSLA":"特斯拉","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) ACC","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) INC"},"source_url":"https://www.fool.com/investing/2024/12/22/is-tesla-a-millionaire-maker/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2493217240","content_text":"Tesla successfully disrupted the auto industry, leading to rapid growth and consistent profits. \n\n\n\n\n\n\n\nThe stock has been on a tear in recent weeks, which has driven the valuation to nosebleed levels. \n\n\n\n\n\n\n\nLofty expectations leave prospective investors with zero margin of safety. \n\nThrough the first 10 months of 2024, shares of Tesla (TSLA -3.46%) were essentially flat despite the extreme volatility they exhibited. That was certainly troubling for investors to see, particularly when you consider that the tech-heavy Nasdaq 100 index was up 18% during that same period of time.But since the presidential election on Nov. 5, Tesla shares have rocketed 77% higher (as of Dec. 18). The booming EV stock now trades just 8% off its all-time record, as it benefits from tremendous momentum.Looking toward the future, let's see if Tesla is a millionaire maker?Looking in the rearview mirrorI definitely don't doubt that early Tesla shareholders have gotten rich off their holdings. In the past decade, the stock has soared 3,110%, a gain any investor would be excited about. This means that had you invested about $31,000 in Tesla in mid-December 2014, you'd be sitting on a cool $1 million today. This business has indeed been a millionaire-maker in the past.Tesla's rise can be attributed to its ability to disrupt the traditional auto industry. While the Model S sports sedan was first launched in 2012, the business now offers five total passenger vehicle models, all of which have unique designs and innovative tech features that consumers appreciate.Growth historically has been superb. Revenue totaled $25.2 billion in the third quarter (ended Sept. 30), up 300% compared to the same period five years earlier. At the same time, Tesla went from delivering 97,000 vehicle units in Q3 2019 to 463,000 in the latest quarter. This volume gives the company 17% global market share in the EV industry.It's also worth pointing out that Tesla's cost advantages, as well as its premium brand positioning, enable it to earn consistent profits. In the past five years, the quarterly gross margin and operating margin have averaged 19.9% and 10.2%, respectively. Tesla's bottom-line performance compares quite favorably to legacy automakers whose EV segments continue losing billions of dollars.Keep your eyes on the roadInvestors who have been on the sidelines watching Tesla's ascent wonder if the stock can keep its unbelievable streak going in the years ahead. It's easy to be critical in this regard.Tesla's latest stock surge is likely credited to founder and CEO Elon Musk's close ties with President-elect Donald Trump. With the hopes of favorable regulatory policies toward laws surrounding full self-driving (FSD) technology, the market could be anticipating a smooth path for Tesla.For what it's worth, the business has plans to launch ride-hailing services in California and Texas next year. But if the legal framework becomes more accommodating, maybe Tesla can make inroads into many more markets in the not-too-distant future.Even if you were bullish on the possibility of FSD capabilities becoming a commercial success through a combination of Tesla operating a company-owned robotaxi fleet and selling autonomous vehicles to the masses, it's hard to argue that this optimism isn't already fully baked into the current valuation.As of this writing, Tesla's forward price-to-earnings (P/E) ratio is an eye-watering 177. It's wild to think that at the start of the year, this multiple was just 27. Clearly, market sentiment has shifted in a dramatic way to the upside. When a forward P/E ratio is as high as Tesla's, there is undoubtedly zero margin of safety.Viewing the present with a clear lens, it's obvious that Tesla remains a car manufacturer that is exposed to macroforces and intense competition. This should help put things in perspective.While the leader in EVs has been a millionaire-maker in the past, for prospective investors looking to hop on the Tesla bandwagon now, I'm not confident it can get you into the seven-figure club if shares were purchased today. The valuation is just too high.","news_type":1},"isVote":1,"tweetType":1,"viewCount":1,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":380828532007136,"gmtCreate":1733986476013,"gmtModify":1733986479734,"author":{"id":"4151941377592162","authorId":"4151941377592162","name":"zelia","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4151941377592162","authorIdStr":"4151941377592162"},"themes":[],"htmlText":"Another sour grape","listText":"Another sour grape","text":"Another sour grape","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/380828532007136","repostId":"2490824782","repostType":2,"repost":{"id":"2490824782","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1733984100,"share":"https://ttm.financial/m/news/2490824782?lang=&edition=fundamental","pubTime":"2024-12-12 14:15","market":"us","language":"en","title":"Tesla Stock Hit a Record. What History Says Comes Next","url":"https://stock-news.laohu8.com/highlight/detail?id=2490824782","media":"Dow Jones","summary":"It took 1,133 days, but Tesla shares finallyhit a new high.Coming into Thursday trading, Tesla stock was up about 69% since the Nov. 5 election after closing above $420 on Wednesday.The stock closed W","content":"<html><head></head><body><p style=\"text-align: start;\">It took 1,133 days, but Tesla shares finallyhit a new high.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/c486a0ac146a91ae6e6b631120e3f664\" alt=\"Coming into Thursday trading, Tesla stock was up about 69% since the Nov. 5 election after closing above $420 on Wednesday.\" title=\"Coming into Thursday trading, Tesla stock was up about 69% since the Nov. 5 election after closing above $420 on Wednesday.\" tg-width=\"959\" tg-height=\"636\"/><span>Coming into Thursday trading, Tesla stock was up about 69% since the Nov. 5 election after closing above $420 on Wednesday.</span></p><p style=\"text-align: start;\">The stock closed Wednesday at $424.77, eclipsing the prior split-adjusted high of $409.97 reached on Nov. 4, 2021. Shares traded as high as $424.88 on Wednesday, passing the prior intraday high of $414.50 reached on the same day.</p><p>The rally has left investors—and Wall Street—breathless. The stock is up about 69%, or $173 a share, since the Nov. 5 election, adding some $555 billion to the company’s market value. Wall Street, meanwhile, has increased target prices by an average of about $40 a share. Analysts have struggled to keep up.</p><p>Tesla’s market value now sits north of $1.3 trillion, more than $100 billion higher than the 2021 high. (Tesla’s market value eclipsed its 2021 high on Tuesday. There are about 150 million more shares outstanding today compared to then.)</p><p>All the numbers are impressive, but the next set of numbers isn’t so cheery. Tesla stock didn’t do so well the year following the 2021 high. Three months later shares were down about 28%, falling from about $410 to $291 a share. A year later Tesla stock was at $207, off almost 50%.</p><p>That isn’t encouraging, but there are other metrics to look at. Tesla shares currently trade for about 125 times estimated 2025 earnings. Tesla stock has been that expensive in the past, notably in January 2022, January 2021, and at various points in 2020.</p><p style=\"text-align: start;\">The post-January 2022 performance looks very similar to the performance after the November 2021 high. Shares were down by roughly two-thirds a year later.</p><p style=\"text-align: start;\">In 2020 and 2021, shares did just fine after reaching lofty valuation multiples. Tesla stock gained more than 740% in 2020 and added another 50% in 2021.</p><p style=\"text-align: start;\">Tesla stock traded for about 145 times current year earnings in early 2022, points out Future Fund Active ETF (FFND) co-founder and Tesla shareholderGary Black. At his adjusted earnings estimate of $3.30 for 2025 and a similar multiple, Tesla shares could approach $480. His $3.30 estimate could be low if Tesla’s planned low-price new model is a hot seller in 2025.</p><p style=\"text-align: start;\">“I’m not arguing Tesla should trade there,” adds Black. But that price-to-earnings ratio “isn’t crazy if you believe go-anywhere unsupervised [self-driving] is around the corner and only Tesla can deliver it.”</p><p style=\"text-align: start;\">Along with a new model, Tesla plans to launch a self-driving robotaxi service in late 2025.</p><p style=\"text-align: start;\">Results from the PE-related analysis are mixed. None of it means Tesla shares will rise or fall in the coming months. Every situation is different.</p><p style=\"text-align: start;\">Tesla’s 2022 stock performance was impacted by CEO Elon Musk’s purchase of then-Twitter (which is now X). Meanwhile, Tesla volumes grew rapidly in 2022 and 2023, but EV prices started to fall amid rising interest rates and more competition. Early in 2022, shortly after the record close, Wall Street expected Tesla to earn about $5 a share in 2023. It ended up earning just over $3 a share. Times were getting tougher.</p><p style=\"text-align: start;\">Earnings—and earnings expectations—always drive stock prices and are other factors for investors to consider. Today, investors expect Tesla to earn about $4.25 in 2026.</p><p style=\"text-align: start;\">The direction of that 2026 estimate will probably be the biggest factor in how the stock trades later in 2025. Tesla has its new lower-priced model and robotaxi service planned for 2025. Both things could be powerful tailwinds to estimates.</p><p style=\"text-align: start;\">If estimates rise, investors will still have to decide what to pay for Tesla’s earnings. That debate will never end.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla Stock Hit a Record. What History Says Comes Next</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla Stock Hit a Record. What History Says Comes Next\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2024-12-12 14:15</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p style=\"text-align: start;\">It took 1,133 days, but Tesla shares finallyhit a new high.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/c486a0ac146a91ae6e6b631120e3f664\" alt=\"Coming into Thursday trading, Tesla stock was up about 69% since the Nov. 5 election after closing above $420 on Wednesday.\" title=\"Coming into Thursday trading, Tesla stock was up about 69% since the Nov. 5 election after closing above $420 on Wednesday.\" tg-width=\"959\" tg-height=\"636\"/><span>Coming into Thursday trading, Tesla stock was up about 69% since the Nov. 5 election after closing above $420 on Wednesday.</span></p><p style=\"text-align: start;\">The stock closed Wednesday at $424.77, eclipsing the prior split-adjusted high of $409.97 reached on Nov. 4, 2021. Shares traded as high as $424.88 on Wednesday, passing the prior intraday high of $414.50 reached on the same day.</p><p>The rally has left investors—and Wall Street—breathless. The stock is up about 69%, or $173 a share, since the Nov. 5 election, adding some $555 billion to the company’s market value. Wall Street, meanwhile, has increased target prices by an average of about $40 a share. Analysts have struggled to keep up.</p><p>Tesla’s market value now sits north of $1.3 trillion, more than $100 billion higher than the 2021 high. (Tesla’s market value eclipsed its 2021 high on Tuesday. There are about 150 million more shares outstanding today compared to then.)</p><p>All the numbers are impressive, but the next set of numbers isn’t so cheery. Tesla stock didn’t do so well the year following the 2021 high. Three months later shares were down about 28%, falling from about $410 to $291 a share. A year later Tesla stock was at $207, off almost 50%.</p><p>That isn’t encouraging, but there are other metrics to look at. Tesla shares currently trade for about 125 times estimated 2025 earnings. Tesla stock has been that expensive in the past, notably in January 2022, January 2021, and at various points in 2020.</p><p style=\"text-align: start;\">The post-January 2022 performance looks very similar to the performance after the November 2021 high. Shares were down by roughly two-thirds a year later.</p><p style=\"text-align: start;\">In 2020 and 2021, shares did just fine after reaching lofty valuation multiples. Tesla stock gained more than 740% in 2020 and added another 50% in 2021.</p><p style=\"text-align: start;\">Tesla stock traded for about 145 times current year earnings in early 2022, points out Future Fund Active ETF (FFND) co-founder and Tesla shareholderGary Black. At his adjusted earnings estimate of $3.30 for 2025 and a similar multiple, Tesla shares could approach $480. His $3.30 estimate could be low if Tesla’s planned low-price new model is a hot seller in 2025.</p><p style=\"text-align: start;\">“I’m not arguing Tesla should trade there,” adds Black. But that price-to-earnings ratio “isn’t crazy if you believe go-anywhere unsupervised [self-driving] is around the corner and only Tesla can deliver it.”</p><p style=\"text-align: start;\">Along with a new model, Tesla plans to launch a self-driving robotaxi service in late 2025.</p><p style=\"text-align: start;\">Results from the PE-related analysis are mixed. None of it means Tesla shares will rise or fall in the coming months. Every situation is different.</p><p style=\"text-align: start;\">Tesla’s 2022 stock performance was impacted by CEO Elon Musk’s purchase of then-Twitter (which is now X). Meanwhile, Tesla volumes grew rapidly in 2022 and 2023, but EV prices started to fall amid rising interest rates and more competition. Early in 2022, shortly after the record close, Wall Street expected Tesla to earn about $5 a share in 2023. It ended up earning just over $3 a share. Times were getting tougher.</p><p style=\"text-align: start;\">Earnings—and earnings expectations—always drive stock prices and are other factors for investors to consider. Today, investors expect Tesla to earn about $4.25 in 2026.</p><p style=\"text-align: start;\">The direction of that 2026 estimate will probably be the biggest factor in how the stock trades later in 2025. Tesla has its new lower-priced model and robotaxi service planned for 2025. Both things could be powerful tailwinds to estimates.</p><p style=\"text-align: start;\">If estimates rise, investors will still have to decide what to pay for Tesla’s earnings. That debate will never end.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU1629891620.HKD":"ALLIANZ INCOME AND GROWTH \"AMG2\" (H2-HKD) INC","BK4592":"伊斯兰概念","TSYW.SI":"TESLA 3xLongSG261006","SG9999015952.SGD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (SGD) ACC","BK4534":"瑞士信贷持仓","LU1861559042.SGD":"日兴方舟颠覆性创新基金B SGD","LU1429558221.USD":"Natixis Loomis Sayles US Growth Equity RA USD","LU0823411888.USD":"法巴消费创新基金 Cap","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","TSLA":"特斯拉","LU1435385759.SGD":"Natixis Loomis Sayles US Growth Equity RA SGD-H","BK4555":"新能源车","BK4533":"AQR资本管理(全球第二大对冲基金)","LU2213496289.HKD":"ALLIANZ INCOME AND GROWTH \"AT\" (HKD) ACC","LU0082616367.USD":"摩根大通美国科技A（dist）","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","LU0056508442.USD":"贝莱德世界科技基金A2","LU0964807845.USD":"ALLIANZ INCOME & GROWTH \"A\" (USD) INC","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","LU0234572021.USD":"高盛美国核心股票组合Acc","LU0820562030.AUD":"ALLIANZ INCOME AND GROWTH \"AMH2\" (AUDHDG) H2 INC","BK4588":"碎股","BK4550":"红杉资本持仓","LU2063271972.USD":"富兰克林创新领域基金","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","LU1861558580.USD":"日兴方舟颠覆性创新基金B","BK4551":"寇图资本持仓","LU1145028129.USD":"ALLIANZ INCOME AND GROWTH \"AQ\" (USD) INC","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","SG9999015986.USD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","LU0097036916.USD":"贝莱德美国增长A2 USD","LU2023250330.USD":"ALLIANZ INCOME AND GROWTH \"AMG\" (USD) INC","LU2326559502.SGD":"Natixis Loomis Sayles US Growth Equity P/A SGD-H","LU2087621335.USD":"ALLSPRING GLOBAL FACTOR ENHANCED EQUITY \"A\" (USD) ACC","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","BK4581":"高盛持仓","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","TSLL":"Direxion Daily TSLA Bull 2X Shares","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","BK4099":"汽车制造商","BK4511":"特斯拉概念","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","BK4598":"佩洛西持仓","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","LU2756315318.SGD":"ALLIANZ INCOME AND GROWTH \"AMG\" (SGDHDG) INC A","BK4516":"特朗普概念"},"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2490824782","content_text":"It took 1,133 days, but Tesla shares finallyhit a new high.Coming into Thursday trading, Tesla stock was up about 69% since the Nov. 5 election after closing above $420 on Wednesday.The stock closed Wednesday at $424.77, eclipsing the prior split-adjusted high of $409.97 reached on Nov. 4, 2021. Shares traded as high as $424.88 on Wednesday, passing the prior intraday high of $414.50 reached on the same day.The rally has left investors—and Wall Street—breathless. The stock is up about 69%, or $173 a share, since the Nov. 5 election, adding some $555 billion to the company’s market value. Wall Street, meanwhile, has increased target prices by an average of about $40 a share. Analysts have struggled to keep up.Tesla’s market value now sits north of $1.3 trillion, more than $100 billion higher than the 2021 high. (Tesla’s market value eclipsed its 2021 high on Tuesday. There are about 150 million more shares outstanding today compared to then.)All the numbers are impressive, but the next set of numbers isn’t so cheery. Tesla stock didn’t do so well the year following the 2021 high. Three months later shares were down about 28%, falling from about $410 to $291 a share. A year later Tesla stock was at $207, off almost 50%.That isn’t encouraging, but there are other metrics to look at. Tesla shares currently trade for about 125 times estimated 2025 earnings. Tesla stock has been that expensive in the past, notably in January 2022, January 2021, and at various points in 2020.The post-January 2022 performance looks very similar to the performance after the November 2021 high. Shares were down by roughly two-thirds a year later.In 2020 and 2021, shares did just fine after reaching lofty valuation multiples. Tesla stock gained more than 740% in 2020 and added another 50% in 2021.Tesla stock traded for about 145 times current year earnings in early 2022, points out Future Fund Active ETF (FFND) co-founder and Tesla shareholderGary Black. At his adjusted earnings estimate of $3.30 for 2025 and a similar multiple, Tesla shares could approach $480. His $3.30 estimate could be low if Tesla’s planned low-price new model is a hot seller in 2025.“I’m not arguing Tesla should trade there,” adds Black. But that price-to-earnings ratio “isn’t crazy if you believe go-anywhere unsupervised [self-driving] is around the corner and only Tesla can deliver it.”Along with a new model, Tesla plans to launch a self-driving robotaxi service in late 2025.Results from the PE-related analysis are mixed. None of it means Tesla shares will rise or fall in the coming months. Every situation is different.Tesla’s 2022 stock performance was impacted by CEO Elon Musk’s purchase of then-Twitter (which is now X). Meanwhile, Tesla volumes grew rapidly in 2022 and 2023, but EV prices started to fall amid rising interest rates and more competition. Early in 2022, shortly after the record close, Wall Street expected Tesla to earn about $5 a share in 2023. It ended up earning just over $3 a share. Times were getting tougher.Earnings—and earnings expectations—always drive stock prices and are other factors for investors to consider. Today, investors expect Tesla to earn about $4.25 in 2026.The direction of that 2026 estimate will probably be the biggest factor in how the stock trades later in 2025. Tesla has its new lower-priced model and robotaxi service planned for 2025. Both things could be powerful tailwinds to estimates.If estimates rise, investors will still have to decide what to pay for Tesla’s earnings. That debate will never end.","news_type":1},"isVote":1,"tweetType":1,"viewCount":16,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":380452974104936,"gmtCreate":1733912015837,"gmtModify":1733912019796,"author":{"id":"4151941377592162","authorId":"4151941377592162","name":"zelia","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4151941377592162","authorIdStr":"4151941377592162"},"themes":[],"htmlText":"Mr Short, we know u missed the boat. Pls don't sour grape. We feel u","listText":"Mr Short, we know u missed the boat. Pls don't sour grape. We feel u","text":"Mr Short, we know u missed the boat. Pls don't sour grape. We feel u","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/380452974104936","repostId":"1162240781","repostType":2,"repost":{"id":"1162240781","kind":"news","pubTimestamp":1733896165,"share":"https://ttm.financial/m/news/1162240781?lang=&edition=fundamental","pubTime":"2024-12-11 13:49","market":"us","language":"en","title":"After Tuesday's Close Above $400, How Overbought is Tesla Stock?","url":"https://stock-news.laohu8.com/highlight/detail?id=1162240781","media":"Barchart","summary":"Electric vehicle (EV) giant $Tesla(TSLA)$ has been one of the biggest post-election stock winners, with the shares up 59.5% from their Nov. 5 closing price. Once a significant year-to-date underperfor","content":"<html><head></head><body><p>Electric vehicle (EV) giant <a href=\"https://laohu8.com/S/TSLA\">Tesla</a> has been one of the biggest post-election stock winners, with the shares up 59.5% from their Nov. 5 closing price. Once a significant year-to-date underperformer, TSLA stock is now up 61.4% as we approach the final weeks of 2024.</p><p style=\"text-align: start;\">Tesla&#39;s stock is currently at three-year highs, and closed Tuesday’s session above the round $400 level for the first time since Nov. 5, 2021. <strong>The stock&#39;s 14-day Relative Strength Index (RSI) is now at 76.04, well into overbought territory</strong>, which implies a pullback is possible in the short term. </p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/be13e76ad2588bb9e3f4e7129d1072a4\" alt=\"www.barchart.com\" title=\"www.barchart.com\" tg-width=\"1337\" tg-height=\"1072\"/><span>www.barchart.com</span></p><p style=\"text-align: start;\">In the monthly December options series, which expires next Friday after the close, <strong>TSLA options traders have the key $400 level in their sights</strong>. This strike price is home to heavy open interest of 58,437 contracts - plus, speculators have stacked up another 41,227 contracts at the weekly December 13 400-strike call option, which traded volume in excess of 98,000 contracts today.</p><p style=\"text-align: start;\">The surge in TSLA stock during the final stretch of this year has been largely driven by market optimism surrounding advancements in autonomous driving technology, as well as potential regulatory support from the incoming administration. The company&#39;s market capitalization now stands at approximately $1.25 trillion, with some bulls predicting a $2 trillion valuation on the horizon for 2025.</p><p style=\"text-align: start;\">Analysts have raised their price targets in response, but the consensus rating of “Hold” reflects lingering caution, largely due to the stock&#39;s high valuation metrics. TSLA’s forward adjusted price/earnings (P/E) ratio is a steep 157.06 - which is a premium not only compared to industry averages, but also to Tesla’s own notoriously rich earnings multiples, which have averaged 114.13 over the past five years.</p><p style=\"text-align: start;\">Overall, Tesla remains a strong contender in the EV market, but investors should be extremely cautious at these price levels, when the possibility of a correction or profit-taking is higher than usual.</p></body></html>","source":"barchart_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>After Tuesday's Close Above $400, How Overbought is Tesla Stock?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAfter Tuesday's Close Above $400, How Overbought is Tesla Stock?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-12-11 13:49 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barchart.com/story/news/29991193/after-todays-close-above-400-how-overbought-is-tesla-stock><strong>Barchart</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Electric vehicle (EV) giant Tesla has been one of the biggest post-election stock winners, with the shares up 59.5% from their Nov. 5 closing price. Once a significant year-to-date underperformer, ...</p>\n\n<a href=\"https://www.barchart.com/story/news/29991193/after-todays-close-above-400-how-overbought-is-tesla-stock\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.barchart.com/story/news/29991193/after-todays-close-above-400-how-overbought-is-tesla-stock","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1162240781","content_text":"Electric vehicle (EV) giant Tesla has been one of the biggest post-election stock winners, with the shares up 59.5% from their Nov. 5 closing price. Once a significant year-to-date underperformer, TSLA stock is now up 61.4% as we approach the final weeks of 2024.Tesla's stock is currently at three-year highs, and closed Tuesday’s session above the round $400 level for the first time since Nov. 5, 2021. The stock's 14-day Relative Strength Index (RSI) is now at 76.04, well into overbought territory, which implies a pullback is possible in the short term. www.barchart.comIn the monthly December options series, which expires next Friday after the close, TSLA options traders have the key $400 level in their sights. This strike price is home to heavy open interest of 58,437 contracts - plus, speculators have stacked up another 41,227 contracts at the weekly December 13 400-strike call option, which traded volume in excess of 98,000 contracts today.The surge in TSLA stock during the final stretch of this year has been largely driven by market optimism surrounding advancements in autonomous driving technology, as well as potential regulatory support from the incoming administration. The company's market capitalization now stands at approximately $1.25 trillion, with some bulls predicting a $2 trillion valuation on the horizon for 2025.Analysts have raised their price targets in response, but the consensus rating of “Hold” reflects lingering caution, largely due to the stock's high valuation metrics. TSLA’s forward adjusted price/earnings (P/E) ratio is a steep 157.06 - which is a premium not only compared to industry averages, but also to Tesla’s own notoriously rich earnings multiples, which have averaged 114.13 over the past five years.Overall, Tesla remains a strong contender in the EV market, but investors should be extremely cautious at these price levels, when the possibility of a correction or profit-taking is higher than usual.","news_type":1},"isVote":1,"tweetType":1,"viewCount":86,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":379019754139648,"gmtCreate":1733559686138,"gmtModify":1733559690509,"author":{"id":"4151941377592162","authorId":"4151941377592162","name":"zelia","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4151941377592162","authorIdStr":"4151941377592162"},"themes":[],"htmlText":"So many sour grapes around....","listText":"So many sour grapes around....","text":"So many sour grapes around....","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/379019754139648","repostId":"2489821093","repostType":2,"repost":{"id":"2489821093","kind":"highlight","pubTimestamp":1733557123,"share":"https://ttm.financial/m/news/2489821093?lang=&edition=fundamental","pubTime":"2024-12-07 15:38","market":"us","language":"en","title":"Bernstein Analyst Assigns Sell Rating on Tesla, Inc. (TSLA), Citing Risks in Robotaxi Project and Overvaluation","url":"https://stock-news.laohu8.com/highlight/detail?id=2489821093","media":"Insider Monkey","summary":"We recently compiled a list of the 15 AI News Updates That Broke The Internet.In this article, we are going to take a look at where Tesla, Inc.  stands against the other AI stocks that broke the Internet recently.With Trump taking in the reigns soon, steps toward overhauling the US policy have begun. President-elect Trump said on Thursday that he is appointing former Pay Pal Chief Operating Officer David Sacks as his \"White House A.I. & Crypto Czar”.READ NOW:15 AI News Investors Shouldn’t Missand15 Buzzing AI Stocks Making Headlines. “As AI becomes more advanced, it will solve increasingly complex and critical problems. It also takes significantly more compute to power these capabilities”.","content":"<html><body><p>We recently compiled a list of the <strong>15 AI News Updates That Broke The Internet</strong>.<strong> </strong>In this article, we are going to take a look at where Tesla, Inc. (NASDAQ:TSLA) stands against the other AI stocks that broke the Internet recently.</p>\n<p>With Trump taking in the reigns soon, steps toward overhauling the US policy have begun. President-elect Trump said on Thursday that he is appointing former Pay Pal Chief Operating Officer David Sacks as his \"White House A.I. &amp; Crypto Czar”.</p>\n<blockquote>\n<p>“David will guide policy for the Administration in Artificial Intelligence and Cryptocurrency, two areas critical to the future of American competitiveness. David will focus on making America the clear global leader in both areas,”</p>\n<p>-Trump said in a post on his social-media site Truth Social.</p>\n</blockquote>\n<p><strong>READ NOW: 15 AI News Investors Shouldn’t Miss and 15 Buzzing AI Stocks Making Headlines </strong></p>\n<p>Officials such as the crypto czar, a title that is not known to be official, along with other officials in Trump's incoming administration such as the chairs of the Securities and Exchange Commission and Commodity Futures Trading Commission, are anticipated to reshape U.S. policy on digital currency along with a newly created crypto advisory council. lad Gil, an entrepreneur, stated that the choice of Sacks is a \"strong move\" in a post on X. OpenAI CEO Sam Altman also congratulated him.</p>\n<p>In other news, OpenAI has debuted a “research grade” version of its main artificial intelligence (AI) model. The ChatGPT Pro is a $200-per-month plan that includes unlimited access to the company’s smartest model, OpenAI o1, as well as to o1-mini, GPT-4o and Advanced Voice.</p>\n<blockquote>\n<p>“As AI becomes more advanced, it will solve increasingly complex and critical problems. It also takes significantly more compute to power these capabilities”.</p>\n<p>-OpenAI</p>\n</blockquote>\n<p>ChatGPT Pro also includes o1 pro mode, a version of o1 that uses more compute for thinking harder and provides even better answers to the hardest problems. OpenAI also expects to add more powerful, compute-intensive productivity features to this plan in the future. Moreover, the company announced that it is awarding 10 grants of ChatGPT Pro to medical researchers at leading institutions in the U.S. to help drive meaningful progress in fields that benefit humanity.</p>\n<p>Artificial intelligence is also shaping the healthcare industry. As per a recent study by Accenture, AI-driven healthcare has the potential to save up to $150 billion annually by 2026 in the US.  This is done by reducing administrative costs, automating patient education, and improving adherence to care plans. In particular, AI-powered assistants can provide essential, 24/7 support. In the latest news, researchers from Germany and the US have developed a deep learning framework for automated volumetric body composition analysis using whole-body MRI. Published in eBioMedicine, the study validated this approach and demonstrated its potential to predict all-cause mortality in a large Western population.</p>\n<p>For this article, we selected AI stocks by going through news articles, stock analysis, and press releases. These stocks are also popular among hedge funds.</p>\n<p>Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (<strong>see more details here</strong>).</p>\n<img height=\"816\" src=\"https://s.yimg.com/uu/api/res/1.2/.iqS_n5baPW8rlrJubBU_w--/cT03NTthcHBpZD15dmlkZW9mZWVkczs-/https://media.zenfs.com/en/insidermonkey.com/1277c6032fd09b727a10249a170024cf\" width=\"1456\"/> 25 Most In Demand Cars Heading into 2024 \n<h3>Tesla, Inc. (NASDAQ:TSLA)</h3>\n<p><strong><em>Number of Hedge Fund Holders: 99</em></strong></p>\n<p>Tesla, Inc. (NASDAQ:TSLA) is an automotive and clean energy company that leverages advanced artificial intelligence in its autonomous driving technology and robotics initiatives. On December 5, Bernstein analyst Toni Sacconaghi assigned a Sell rating on Tesla and set a price target of $120.00. Sacconaghi considers Tesla’s robotaxi project as a risky move, and said that the plan works too much on assumptions. The assumption is that self-driving technology will work perfectly, gain regulatory approval, and consumers will end up favoring robotaxis over owning cars. Moreover, even though there is a potential for robotaxis to be valuable, he said that there are many hurdles that Tesla must overcome, such as regulatory challenges and technological advancements. He also said Tesla’s current valuation doesn’t match the risks and sees no strong short-term growth drivers, leading to his negative outlook.</p>\n<p>Overall TSLA <strong>ranks 4th</strong> on our list of the AI stocks that broke the Internet recently. While we acknowledge the potential of TSLA as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than TSLA but that trades at less than 5 times its earnings, check out our report about the <strong>cheapest AI stock.</strong></p>   \n<p><strong>READ NEXT: 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock.</strong></p>   \n<p>Disclosure: None. This article is originally published at Insider Monkey.</p></body></html>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bernstein Analyst Assigns Sell Rating on Tesla, Inc. (TSLA), Citing Risks in Robotaxi Project and Overvaluation</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBernstein Analyst Assigns Sell Rating on Tesla, Inc. (TSLA), Citing Risks in Robotaxi Project and Overvaluation\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-12-07 15:38 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/bernstein-analyst-assigns-sell-rating-073843011.html><strong>Insider Monkey</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>We recently compiled a list of the 15 AI News Updates That Broke The Internet. In this article, we are going to take a look at where Tesla, Inc. (NASDAQ:TSLA) stands against the other AI stocks that ...</p>\n\n<a href=\"https://finance.yahoo.com/news/bernstein-analyst-assigns-sell-rating-073843011.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://s.yimg.com/uu/api/res/1.2/EkxYwM8q9K2Yn7hOukra6A--~B/aD04MTY7dz0xNDU2O2FwcGlkPXl0YWNoeW9u/https://media.zenfs.com/en/insidermonkey.com/1277c6032fd09b727a10249a170024cf","relate_stocks":{"TSLL":"Direxion Daily TSLA Bull 2X Shares","TSLA":"特斯拉"},"source_url":"https://finance.yahoo.com/news/bernstein-analyst-assigns-sell-rating-073843011.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2489821093","content_text":"We recently compiled a list of the 15 AI News Updates That Broke The Internet. In this article, we are going to take a look at where Tesla, Inc. (NASDAQ:TSLA) stands against the other AI stocks that broke the Internet recently.\nWith Trump taking in the reigns soon, steps toward overhauling the US policy have begun. President-elect Trump said on Thursday that he is appointing former Pay Pal Chief Operating Officer David Sacks as his \"White House A.I. & Crypto Czar”.\n\n“David will guide policy for the Administration in Artificial Intelligence and Cryptocurrency, two areas critical to the future of American competitiveness. David will focus on making America the clear global leader in both areas,”\n-Trump said in a post on his social-media site Truth Social.\n\nREAD NOW: 15 AI News Investors Shouldn’t Miss and 15 Buzzing AI Stocks Making Headlines \nOfficials such as the crypto czar, a title that is not known to be official, along with other officials in Trump's incoming administration such as the chairs of the Securities and Exchange Commission and Commodity Futures Trading Commission, are anticipated to reshape U.S. policy on digital currency along with a newly created crypto advisory council. lad Gil, an entrepreneur, stated that the choice of Sacks is a \"strong move\" in a post on X. OpenAI CEO Sam Altman also congratulated him.\nIn other news, OpenAI has debuted a “research grade” version of its main artificial intelligence (AI) model. The ChatGPT Pro is a $200-per-month plan that includes unlimited access to the company’s smartest model, OpenAI o1, as well as to o1-mini, GPT-4o and Advanced Voice.\n\n“As AI becomes more advanced, it will solve increasingly complex and critical problems. It also takes significantly more compute to power these capabilities”.\n-OpenAI\n\nChatGPT Pro also includes o1 pro mode, a version of o1 that uses more compute for thinking harder and provides even better answers to the hardest problems. OpenAI also expects to add more powerful, compute-intensive productivity features to this plan in the future. Moreover, the company announced that it is awarding 10 grants of ChatGPT Pro to medical researchers at leading institutions in the U.S. to help drive meaningful progress in fields that benefit humanity.\nArtificial intelligence is also shaping the healthcare industry. As per a recent study by Accenture, AI-driven healthcare has the potential to save up to $150 billion annually by 2026 in the US.  This is done by reducing administrative costs, automating patient education, and improving adherence to care plans. In particular, AI-powered assistants can provide essential, 24/7 support. In the latest news, researchers from Germany and the US have developed a deep learning framework for automated volumetric body composition analysis using whole-body MRI. Published in eBioMedicine, the study validated this approach and demonstrated its potential to predict all-cause mortality in a large Western population.\nFor this article, we selected AI stocks by going through news articles, stock analysis, and press releases. These stocks are also popular among hedge funds.\nWhy are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).\n 25 Most In Demand Cars Heading into 2024 \nTesla, Inc. (NASDAQ:TSLA)\nNumber of Hedge Fund Holders: 99\nTesla, Inc. (NASDAQ:TSLA) is an automotive and clean energy company that leverages advanced artificial intelligence in its autonomous driving technology and robotics initiatives. On December 5, Bernstein analyst Toni Sacconaghi assigned a Sell rating on Tesla and set a price target of $120.00. Sacconaghi considers Tesla’s robotaxi project as a risky move, and said that the plan works too much on assumptions. The assumption is that self-driving technology will work perfectly, gain regulatory approval, and consumers will end up favoring robotaxis over owning cars. Moreover, even though there is a potential for robotaxis to be valuable, he said that there are many hurdles that Tesla must overcome, such as regulatory challenges and technological advancements. He also said Tesla’s current valuation doesn’t match the risks and sees no strong short-term growth drivers, leading to his negative outlook.\nOverall TSLA ranks 4th on our list of the AI stocks that broke the Internet recently. While we acknowledge the potential of TSLA as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than TSLA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.   \nREAD NEXT: 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock.   \nDisclosure: None. This article is originally published at Insider Monkey.","news_type":1},"isVote":1,"tweetType":1,"viewCount":26,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":377255708909632,"gmtCreate":1733125970512,"gmtModify":1733125974902,"author":{"id":"4151941377592162","authorId":"4151941377592162","name":"zelia","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4151941377592162","authorIdStr":"4151941377592162"},"themes":[],"htmlText":"Dr rck, no worries. Ignore those sour grapes. They misswd the boat. Let them whine. The more they whine the more the price will go up","listText":"Dr rck, no worries. Ignore those sour grapes. They misswd the boat. Let them whine. The more they whine the more the price will go up","text":"Dr rck, no worries. Ignore those sour grapes. They misswd the boat. Let them whine. The more they whine the more the price will go up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/377255708909632","repostId":"2487522010","repostType":2,"repost":{"id":"2487522010","kind":"highlight","pubTimestamp":1733122800,"share":"https://ttm.financial/m/news/2487522010?lang=&edition=fundamental","pubTime":"2024-12-02 15:00","market":"us","language":"en","title":"Up 38%, Is Tesla Stock a Buy?","url":"https://stock-news.laohu8.com/highlight/detail?id=2487522010","media":"Motley Fool","summary":"Tesla's stock has soared after Trump's presidential election victory.Can the automaker's operational performance keep up with its stratospheric valuation?","content":"<html><head></head><body><ul style=\"\"><li><p>Tesla&#39;s stock has soared after Trump&#39;s presidential election victory.</p></li><li><p>Can the automaker&#39;s operational performance keep up with its stratospheric valuation?</p></li></ul><p>With shares up 38% since Nov. 5, <strong>Tesla</strong> has been a huge beneficiary of Trump&#39;s presidential election victory. CEO Elon Musk played a key role in the campaign, and many investors believe his company stands to benefit from the new economic and regulatory framework.</p><p>That said, Tesla&#39;s situation isn&#39;t all peaches and cream. Let&#39;s discuss some pros and cons of investing in the stock.</p><h2 id=\"id_346472798\">Core automotive operations have matured</h2><p>While Tesla benefited tremendously from being an early mover to the electric vehicle (EV) opportunity, its edge in brand recognition and technology seems to be stalling. Third-quarter revenue grew by a measly 2% year over year to $20 billion -- a far cry from the 74% growth the company posted in the corresponding quarter three years ago.</p><p>To be fair, Tesla is a victim of its own success. The company&#39;s Model Y is the best-selling car on the planet, beating out established mass-market rivals like the <strong>Toyota</strong> Corolla or Rav4. The company&#39;s sheer scale will make it challenging to generate continued growth because most people who want a Tesla vehicle probably already have one.</p><p>The good news is that Tesla is still an exceptionally well-managed, lean business capable of maintaining its margins. Despite the flat revenue, the company increased its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) by 24% to $4.7 billion. While the automotive business no longer looks like a key growth driver, it can serve as a stable cash cow as management pivots to other opportunities.</p><h2 id=\"id_1368929650\">What does Trump&#39;s reelection mean for Tesla?</h2><p>Elon Musk stumped for the Trump campaign and donated at least $132 million to the effort through his super PAC, America PAC. However, while Trump&#39;s victory has led to a surge in Tesla stock, it is unclear how the new administration&#39;s policies will impact the company&#39;s top and bottom lines.</p><p>According to Reuters, Trump&#39;s transition team aims to end the Biden-era tax credit for EVs. This $7,500 subsidy makes electric cars more affordable relative to their gas-consuming peers, likely helping their sales.</p><p>Trump has also promised to cut back on outsourced manufacturing, which could run contrary to Tesla&#39;s ambition to build a new factory in Mexico.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/6d5caeb25b9a84a7060c68661ddd427f\" alt=\"Image source: Getty Images.\" title=\"Image source: Getty Images.\" tg-width=\"700\" tg-height=\"393\"/><span>Image source: Getty Images.</span></p><p>All that said, Musk still seems confident in America&#39;s Trump-led future. And while the loss of subsidies could hurt demand for Tesla cars, Musk&#39;s company may be better able to compete in a more competitive environment because of its economies of scale and manufacturing expertise. The Trump administration could also ease some regulations around Tesla&#39;s other growth opportunities like self-driving cars, robotics, and artificial intelligence. These businesses could become increasingly important for Tesla as its EV growth continues to slow down.</p><h2 id=\"id_3834664770\">The valuation seems far too optimistic</h2><p>All in all, Tesla seems to be in a pretty neutral situation: not particularly good or bad. Core automotive growth has slowed dramatically, but margins and profitability remain strong. And while nonautomotive opportunities (like self-driving cars) could become key growth drivers, it could take years or even decades for that story to play out.</p><p>Trump&#39;s election victory also doesn&#39;t seem likely to significantly impact Tesla&#39;s near-term prospects. So, the recent rally seems overdone.</p><p>With a forward price-to-earnings (P/E) multiple of 103, Tesla&#39;s valuation looks very out of line with the company&#39;s fundamentals. And while it is still a fantastic company, it isn&#39;t a buy at this price. Investors should wait for a better entry point before considering a position in the stock.</p></body></html>","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Up 38%, Is Tesla Stock a Buy?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUp 38%, Is Tesla Stock a Buy?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-12-02 15:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2024/11/30/up-38-is-tesla-stock-a-buy/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Tesla's stock has soared after Trump's presidential election victory.Can the automaker's operational performance keep up with its stratospheric valuation?With shares up 38% since Nov. 5, Tesla has ...</p>\n\n<a href=\"https://www.fool.com/investing/2024/11/30/up-38-is-tesla-stock-a-buy/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU2602419157.SGD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"AC\" (SGD) ACC","BK4548":"巴美列捷福持仓","BK4598":"佩洛西持仓","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","BK4516":"特朗普概念","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU1429558221.USD":"Natixis Loomis Sayles US Growth Equity RA USD","LU1839511570.USD":"WELLS FARGO GLOBAL FACTOR ENHANCED EQUITY \"I\" (USD) ACC","BK4585":"ETF&股票定投概念","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD","LU0082616367.USD":"摩根大通美国科技A（dist）","LU2213496289.HKD":"ALLIANZ INCOME AND GROWTH \"AT\" (HKD) ACC","BK4555":"新能源车","BK4533":"AQR资本管理(全球第二大对冲基金)","LU0056508442.USD":"贝莱德世界科技基金A2","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","LU0964807845.USD":"ALLIANZ INCOME & GROWTH \"A\" (USD) INC","IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) ACC","TSLA":"特斯拉","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","LU0820562030.AUD":"ALLIANZ INCOME AND GROWTH \"AMH2\" (AUDHDG) H2 INC","LU2063271972.USD":"富兰克林创新领域基金","LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) INC","BK4588":"碎股","BK4550":"红杉资本持仓","SG9999015986.USD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","LU0823414478.USD":"法巴经典能源转换基金","LU0466842654.USD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"A\" (USD) ACC","BK4551":"寇图资本持仓","SG9999015978.USD":"利安颠覆性创新基金A","LU2023250330.USD":"ALLIANZ INCOME AND GROWTH \"AMG\" (USD) INC","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","LU0097036916.USD":"贝莱德美国增长A2 USD","LU2326559502.SGD":"Natixis Loomis Sayles US Growth Equity P/A SGD-H","LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","LU1861215975.USD":"贝莱德新一代科技基金 A2","LU1861558580.USD":"日兴方舟颠覆性创新基金B","TSLL":"Direxion Daily TSLA Bull 2X Shares","LU1548497426.USD":"安联环球人工智能AT Acc","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS"},"source_url":"https://www.fool.com/investing/2024/11/30/up-38-is-tesla-stock-a-buy/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2487522010","content_text":"Tesla's stock has soared after Trump's presidential election victory.Can the automaker's operational performance keep up with its stratospheric valuation?With shares up 38% since Nov. 5, Tesla has been a huge beneficiary of Trump's presidential election victory. CEO Elon Musk played a key role in the campaign, and many investors believe his company stands to benefit from the new economic and regulatory framework.That said, Tesla's situation isn't all peaches and cream. Let's discuss some pros and cons of investing in the stock.Core automotive operations have maturedWhile Tesla benefited tremendously from being an early mover to the electric vehicle (EV) opportunity, its edge in brand recognition and technology seems to be stalling. Third-quarter revenue grew by a measly 2% year over year to $20 billion -- a far cry from the 74% growth the company posted in the corresponding quarter three years ago.To be fair, Tesla is a victim of its own success. The company's Model Y is the best-selling car on the planet, beating out established mass-market rivals like the Toyota Corolla or Rav4. The company's sheer scale will make it challenging to generate continued growth because most people who want a Tesla vehicle probably already have one.The good news is that Tesla is still an exceptionally well-managed, lean business capable of maintaining its margins. Despite the flat revenue, the company increased its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) by 24% to $4.7 billion. While the automotive business no longer looks like a key growth driver, it can serve as a stable cash cow as management pivots to other opportunities.What does Trump's reelection mean for Tesla?Elon Musk stumped for the Trump campaign and donated at least $132 million to the effort through his super PAC, America PAC. However, while Trump's victory has led to a surge in Tesla stock, it is unclear how the new administration's policies will impact the company's top and bottom lines.According to Reuters, Trump's transition team aims to end the Biden-era tax credit for EVs. This $7,500 subsidy makes electric cars more affordable relative to their gas-consuming peers, likely helping their sales.Trump has also promised to cut back on outsourced manufacturing, which could run contrary to Tesla's ambition to build a new factory in Mexico.Image source: Getty Images.All that said, Musk still seems confident in America's Trump-led future. And while the loss of subsidies could hurt demand for Tesla cars, Musk's company may be better able to compete in a more competitive environment because of its economies of scale and manufacturing expertise. The Trump administration could also ease some regulations around Tesla's other growth opportunities like self-driving cars, robotics, and artificial intelligence. These businesses could become increasingly important for Tesla as its EV growth continues to slow down.The valuation seems far too optimisticAll in all, Tesla seems to be in a pretty neutral situation: not particularly good or bad. Core automotive growth has slowed dramatically, but margins and profitability remain strong. And while nonautomotive opportunities (like self-driving cars) could become key growth drivers, it could take years or even decades for that story to play out.Trump's election victory also doesn't seem likely to significantly impact Tesla's near-term prospects. So, the recent rally seems overdone.With a forward price-to-earnings (P/E) multiple of 103, Tesla's valuation looks very out of line with the company's fundamentals. And while it is still a fantastic company, it isn't a buy at this price. Investors should wait for a better entry point before considering a position in the stock.","news_type":1},"isVote":1,"tweetType":1,"viewCount":135,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":376960475943000,"gmtCreate":1733051095378,"gmtModify":1733051100179,"author":{"id":"4151941377592162","authorId":"4151941377592162","name":"zelia","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4151941377592162","authorIdStr":"4151941377592162"},"themes":[],"htmlText":"Try harder, pls","listText":"Try harder, pls","text":"Try harder, pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/376960475943000","repostId":"2488665412","repostType":2,"repost":{"id":"2488665412","kind":"highlight","pubTimestamp":1733043600,"share":"https://ttm.financial/m/news/2488665412?lang=&edition=fundamental","pubTime":"2024-12-01 17:00","market":"fut","language":"en","title":"Where Will Tesla Be in 10 Years?","url":"https://stock-news.laohu8.com/highlight/detail?id=2488665412","media":"Motley Fool","summary":"Tesla has generated a monster return in the past decade.The bulls are certain Tesla will one day operate a driverless robotaxi fleet.Tesla’s high valuation is becoming a headwind for investors.","content":"<html><body><ul>\n<li>\n<div>\n<svg fill=\"none\" height=\"15\" viewbox=\"0 0 14 15\" width=\"14\" xmlns=\"http://www.w3.org/2000/svg\">\n<path d=\"M14 5.58984C14 2.91016 11.8398 0.75 9.16016 0.75C6.50781 0.777344 4.375 2.91016 4.375 5.5625C4.375 6.10938 4.45703 6.60156 4.59375 7.09375L0.191406 11.4961C0.0546875 11.6328 0 11.7969 0 11.9609V14.0938C0 14.4766 0.273438 14.75 0.65625 14.75H3.71875C4.07422 14.75 4.375 14.4766 4.375 14.0938V13H5.46875C5.82422 13 6.125 12.7266 6.125 12.3438V11.25H7.13672C7.30078 11.25 7.51953 11.168 7.62891 11.0312L8.28516 10.293C8.55859 10.3477 8.85938 10.375 9.1875 10.375C11.8398 10.375 14 8.24219 14 5.58984ZM9.1875 4.25C9.1875 3.53906 9.76172 2.9375 10.5 2.9375C11.2109 2.9375 11.8125 3.53906 11.8125 4.25C11.8125 4.98828 11.2109 5.5625 10.5 5.5625C9.76172 5.5625 9.1875 4.98828 9.1875 4.25Z\" fill=\"#FFB81C\"></path>\n</svg>\n</div>\n<div>Tesla has generated a monster return in the past decade. </div>\n</li>\n<li>\n<div>\n<svg fill=\"none\" height=\"15\" viewbox=\"0 0 14 15\" width=\"14\" xmlns=\"http://www.w3.org/2000/svg\">\n<path d=\"M14 5.58984C14 2.91016 11.8398 0.75 9.16016 0.75C6.50781 0.777344 4.375 2.91016 4.375 5.5625C4.375 6.10938 4.45703 6.60156 4.59375 7.09375L0.191406 11.4961C0.0546875 11.6328 0 11.7969 0 11.9609V14.0938C0 14.4766 0.273438 14.75 0.65625 14.75H3.71875C4.07422 14.75 4.375 14.4766 4.375 14.0938V13H5.46875C5.82422 13 6.125 12.7266 6.125 12.3438V11.25H7.13672C7.30078 11.25 7.51953 11.168 7.62891 11.0312L8.28516 10.293C8.55859 10.3477 8.85938 10.375 9.1875 10.375C11.8398 10.375 14 8.24219 14 5.58984ZM9.1875 4.25C9.1875 3.53906 9.76172 2.9375 10.5 2.9375C11.2109 2.9375 11.8125 3.53906 11.8125 4.25C11.8125 4.98828 11.2109 5.5625 10.5 5.5625C9.76172 5.5625 9.1875 4.98828 9.1875 4.25Z\" fill=\"#FFB81C\"></path>\n</svg>\n</div>\n<div>The bulls are certain Tesla will one day operate a driverless robotaxi fleet. </div>\n</li>\n<li>\n<div>\n<svg fill=\"none\" height=\"15\" viewbox=\"0 0 14 15\" width=\"14\" xmlns=\"http://www.w3.org/2000/svg\">\n<path d=\"M14 5.58984C14 2.91016 11.8398 0.75 9.16016 0.75C6.50781 0.777344 4.375 2.91016 4.375 5.5625C4.375 6.10938 4.45703 6.60156 4.59375 7.09375L0.191406 11.4961C0.0546875 11.6328 0 11.7969 0 11.9609V14.0938C0 14.4766 0.273438 14.75 0.65625 14.75H3.71875C4.07422 14.75 4.375 14.4766 4.375 14.0938V13H5.46875C5.82422 13 6.125 12.7266 6.125 12.3438V11.25H7.13672C7.30078 11.25 7.51953 11.168 7.62891 11.0312L8.28516 10.293C8.55859 10.3477 8.85938 10.375 9.1875 10.375C11.8398 10.375 14 8.24219 14 5.58984ZM9.1875 4.25C9.1875 3.53906 9.76172 2.9375 10.5 2.9375C11.2109 2.9375 11.8125 3.53906 11.8125 4.25C11.8125 4.98828 11.2109 5.5625 10.5 5.5625C9.76172 5.5625 9.1875 4.98828 9.1875 4.25Z\" fill=\"#FFB81C\"></path>\n</svg>\n</div>\n<div>Tesla’s high valuation is becoming a headwind for investors. </div>\n</li>\n</ul><div><p><span>It will probably take you quite a while to find any businesses that have rewarded their investors quite like </span><strong><span>Tesla</span></strong><span> <span>(TSLA<span> 3.69%</span>)</span> has. Despite being on a volatile journey, the company's shares have soared 1,960% in the past 10 years. A $10,000 investment a decade ago would be worth $206,000 today (as of this writing) with that type of gain.</span></p><p><span>Right now, this electric-vehicle (EV) stock carries a monster </span><span>market cap</span><span> of $1.1 trillion, easily making it one of the most valuable companies on Earth. If you're looking to buy shares, you might be wondering where Tesla will be 10 years from now. Here's a look at the future of this business.</span></p><h2 aria-level=\"2\"><span>Still a car company</span></h2><p><span>Tesla's stock performance can be partly attributed to the success of its disruptive and innovative culture. The company took the auto industry head-on with the release of its various EV models. And today, Tesla is a leader in this niche, with about 50% market share in the U.S.</span></p><p><span>It's no surprise that in the most recent quarter, 79% of Tesla's overall revenue came directly from the sale of cars. The business does have a budding energy generation and storage unit. However, EVs drive Tesla's financial performance. </span></p><p><span>I believe there's a significant likelihood that Tesla will remain a developer, manufacturer, and seller of EVs a decade from now. There's still a long way to go in terms of adoption, both domestically and abroad.</span></p><div><div><div></div></div></div><p><span>But some investors might not like this perspective. That's because in recent times, Tesla has broken away from its hyper-growth days and now resembles a traditional automaker. Its revenue growth through the first nine months of 2024 was up just 0.5% year over year, and the Q3 </span><span>operating margin</span><span> of 10.8% was well below the figure from two years ago.</span></p><div><app :collapse_on_load=\"false\" :instrument_id=\"224257\" :show_benchmark_compare=\"false\" amount_change=\"12.27\" average_volume=\"88,713,848\" company_name=\"Tesla\" current_price=\"345.16\" daily_high=\"345.45\" daily_low=\"334.65\" default_period=\"FiveYear\" dividend_yield=\"N/A\" exchange=\"NASDAQ\" fifty_two_week_high=\"361.93\" fifty_two_week_low=\"138.80\" gross_margin=\"18.23\" logo=\"https://g.foolcdn.com/art/companylogos/mark/TSLA.png\" market_cap=\"$1,108B\" pe_ratio=\"94.55\" percent_change=\"3.69\" symbol=\"TSLA\" volume=\"37,167,621\"></app></div><h2 aria-level=\"2\"><span>Transitioning to a software business</span></h2><p><span>Tesla's strongest bulls, as well as its founder and CEO Elon Musk, envision a totally different future. The company is working to one day launch and operate a global fleet of </span><span>self-driving robotaxis</span><span>. Tesla provided more info on this vision in early October, mentioning that it plans to start production of the smaller and cheaper CyberCabs in 2026.</span></p><div></div><p><span>Imagine a scenario where driverless Tesla EVs roam the streets, picking up and dropping off passengers at all hours of the day. By operating the software powering these cars, Tesla can earn a high-margin revenue stream. That's the ultimate plan, and if it comes to fruition, it could improve the financial picture for the business.</span></p><p><span>Musk has previously overpromised on his self-driving dreams, but fervent supporters believe that a favorable outcome is a certainty. I'm no expert on technological adoption curves or details about autonomous driving, although I do think it's impossible to know when, or if, it will happen. A big hurdle to overcome is the fear that humans have toward this technology, in addition to ongoing technical and regulatory uncertainty.</span></p><div><div><div></div></div></div><h2 aria-level=\"2\"><span>Steep valuation</span></h2><p><span>There might be no company out there that gets the attention that Tesla does. By operating at the cutting edge of various technologies -- like autonomous driving, robotics, and artificial intelligence -- Tesla is certainly an interesting business to follow. Plus, its visionary CEO is one of the most successful entrepreneurs we've ever seen and now has entered the political arena.</span></p><p><span>Consequently, Tesla won't ever fly under the radar. And maybe even worse, its status as a \"</span><span>story stock</span><span>\" means that the valuation can easily get detached from the underlying fundamentals. As of this writing, shares trade at a price-to-earnings ratio of 92.8. Clearly, the market has extremely high hopes for this company and where it could be in the future.</span></p><p><span>Based on the steep valuation, as well as the fact that Tesla remains nothing more than a car company today, I wouldn't be surprised if the stock underperforms the broader </span><strong><span>Nasdaq Composite</span></strong> index <span>over the next decade.</span></p><div></div></div></body></html>","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Where Will Tesla Be in 10 Years?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhere Will Tesla Be in 10 Years?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-12-01 17:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2024/12/01/where-will-tesla-be-in-10-years/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Tesla has generated a monster return in the past decade. \n\n\n\n\n\n\n\nThe bulls are certain Tesla will one day operate a driverless robotaxi fleet. \n\n\n\n\n\n\n\nTesla’s high valuation is becoming a headwind for...</p>\n\n<a href=\"https://www.fool.com/investing/2024/12/01/where-will-tesla-be-in-10-years/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F799054%2F4-teslas-in-a-parking-lot-at-a-charger-station.png&op=resize&w=165&h=104","relate_stocks":{"IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","LU0823414478.USD":"法巴经典能源转换基金","SG9999015978.USD":"利安颠覆性创新基金A","LU0466842654.USD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"A\" (USD) ACC","BK4574":"无人驾驶","LU2087621335.USD":"ALLSPRING GLOBAL FACTOR ENHANCED EQUITY \"A\" (USD) ACC","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","LU2023250330.USD":"ALLIANZ INCOME AND GROWTH \"AMG\" (USD) INC","BK4550":"红杉资本持仓","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","BK4581":"高盛持仓","LU1861215975.USD":"贝莱德新一代科技基金 A2","LU1548497426.USD":"安联环球人工智能AT Acc","LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H","LU1861558580.USD":"日兴方舟颠覆性创新基金B","BK4548":"巴美列捷福持仓","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","LU2756315318.SGD":"ALLIANZ INCOME AND GROWTH \"AMG\" (SGDHDG) INC A","BK4588":"碎股","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","LU1629891620.HKD":"ALLIANZ INCOME AND GROWTH \"AMG2\" (H2-HKD) INC","TSLL":"Direxion Daily TSLA Bull 2X Shares","BK4516":"特朗普概念","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","BK4592":"伊斯兰概念","SG9999015952.SGD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (SGD) ACC","LU1429558221.USD":"Natixis Loomis Sayles US Growth Equity RA USD","LU1861559042.SGD":"日兴方舟颠覆性创新基金B SGD","LU0823411888.USD":"法巴消费创新基金 Cap","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","BK4534":"瑞士信贷持仓","BK4585":"ETF&股票定投概念","LU1435385759.SGD":"Natixis Loomis Sayles US Growth Equity RA SGD-H","LU0082616367.USD":"摩根大通美国科技A（dist）","TSLA":"特斯拉","BK4555":"新能源车","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","BK4533":"AQR资本管理(全球第二大对冲基金)","LU0964807845.USD":"ALLIANZ INCOME & GROWTH \"A\" (USD) INC","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) ACC","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","LU0234572021.USD":"高盛美国核心股票组合Acc","LU0820562030.AUD":"ALLIANZ INCOME AND GROWTH \"AMH2\" (AUDHDG) H2 INC","LU2063271972.USD":"富兰克林创新领域基金","LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) INC"},"source_url":"https://www.fool.com/investing/2024/12/01/where-will-tesla-be-in-10-years/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2488665412","content_text":"Tesla has generated a monster return in the past decade. \n\n\n\n\n\n\n\nThe bulls are certain Tesla will one day operate a driverless robotaxi fleet. \n\n\n\n\n\n\n\nTesla’s high valuation is becoming a headwind for investors. \n\nIt will probably take you quite a while to find any businesses that have rewarded their investors quite like Tesla (TSLA 3.69%) has. Despite being on a volatile journey, the company's shares have soared 1,960% in the past 10 years. A $10,000 investment a decade ago would be worth $206,000 today (as of this writing) with that type of gain.Right now, this electric-vehicle (EV) stock carries a monster market cap of $1.1 trillion, easily making it one of the most valuable companies on Earth. If you're looking to buy shares, you might be wondering where Tesla will be 10 years from now. Here's a look at the future of this business.Still a car companyTesla's stock performance can be partly attributed to the success of its disruptive and innovative culture. The company took the auto industry head-on with the release of its various EV models. And today, Tesla is a leader in this niche, with about 50% market share in the U.S.It's no surprise that in the most recent quarter, 79% of Tesla's overall revenue came directly from the sale of cars. The business does have a budding energy generation and storage unit. However, EVs drive Tesla's financial performance. I believe there's a significant likelihood that Tesla will remain a developer, manufacturer, and seller of EVs a decade from now. There's still a long way to go in terms of adoption, both domestically and abroad.But some investors might not like this perspective. That's because in recent times, Tesla has broken away from its hyper-growth days and now resembles a traditional automaker. Its revenue growth through the first nine months of 2024 was up just 0.5% year over year, and the Q3 operating margin of 10.8% was well below the figure from two years ago.Transitioning to a software businessTesla's strongest bulls, as well as its founder and CEO Elon Musk, envision a totally different future. The company is working to one day launch and operate a global fleet of self-driving robotaxis. Tesla provided more info on this vision in early October, mentioning that it plans to start production of the smaller and cheaper CyberCabs in 2026.Imagine a scenario where driverless Tesla EVs roam the streets, picking up and dropping off passengers at all hours of the day. By operating the software powering these cars, Tesla can earn a high-margin revenue stream. That's the ultimate plan, and if it comes to fruition, it could improve the financial picture for the business.Musk has previously overpromised on his self-driving dreams, but fervent supporters believe that a favorable outcome is a certainty. I'm no expert on technological adoption curves or details about autonomous driving, although I do think it's impossible to know when, or if, it will happen. A big hurdle to overcome is the fear that humans have toward this technology, in addition to ongoing technical and regulatory uncertainty.Steep valuationThere might be no company out there that gets the attention that Tesla does. By operating at the cutting edge of various technologies -- like autonomous driving, robotics, and artificial intelligence -- Tesla is certainly an interesting business to follow. Plus, its visionary CEO is one of the most successful entrepreneurs we've ever seen and now has entered the political arena.Consequently, Tesla won't ever fly under the radar. And maybe even worse, its status as a \"story stock\" means that the valuation can easily get detached from the underlying fundamentals. As of this writing, shares trade at a price-to-earnings ratio of 92.8. Clearly, the market has extremely high hopes for this company and where it could be in the future.Based on the steep valuation, as well as the fact that Tesla remains nothing more than a car company today, I wouldn't be surprised if the stock underperforms the broader Nasdaq Composite index over the next decade.","news_type":1},"isVote":1,"tweetType":1,"viewCount":62,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":376866122080384,"gmtCreate":1733051084980,"gmtModify":1733051089089,"author":{"id":"4151941377592162","authorId":"4151941377592162","name":"zelia","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4151941377592162","authorIdStr":"4151941377592162"},"themes":[],"htmlText":"Typical sour grapes write up","listText":"Typical sour grapes write up","text":"Typical sour grapes write up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/376866122080384","repostId":"2488665412","repostType":2,"repost":{"id":"2488665412","kind":"highlight","pubTimestamp":1733043600,"share":"https://ttm.financial/m/news/2488665412?lang=&edition=fundamental","pubTime":"2024-12-01 17:00","market":"fut","language":"en","title":"Where Will Tesla Be in 10 Years?","url":"https://stock-news.laohu8.com/highlight/detail?id=2488665412","media":"Motley Fool","summary":"Tesla has generated a monster return in the past decade.The bulls are certain Tesla will one day operate a driverless robotaxi fleet.Tesla’s high valuation is becoming a headwind for investors.","content":"<html><body><ul>\n<li>\n<div>\n<svg fill=\"none\" height=\"15\" viewbox=\"0 0 14 15\" width=\"14\" xmlns=\"http://www.w3.org/2000/svg\">\n<path d=\"M14 5.58984C14 2.91016 11.8398 0.75 9.16016 0.75C6.50781 0.777344 4.375 2.91016 4.375 5.5625C4.375 6.10938 4.45703 6.60156 4.59375 7.09375L0.191406 11.4961C0.0546875 11.6328 0 11.7969 0 11.9609V14.0938C0 14.4766 0.273438 14.75 0.65625 14.75H3.71875C4.07422 14.75 4.375 14.4766 4.375 14.0938V13H5.46875C5.82422 13 6.125 12.7266 6.125 12.3438V11.25H7.13672C7.30078 11.25 7.51953 11.168 7.62891 11.0312L8.28516 10.293C8.55859 10.3477 8.85938 10.375 9.1875 10.375C11.8398 10.375 14 8.24219 14 5.58984ZM9.1875 4.25C9.1875 3.53906 9.76172 2.9375 10.5 2.9375C11.2109 2.9375 11.8125 3.53906 11.8125 4.25C11.8125 4.98828 11.2109 5.5625 10.5 5.5625C9.76172 5.5625 9.1875 4.98828 9.1875 4.25Z\" fill=\"#FFB81C\"></path>\n</svg>\n</div>\n<div>Tesla has generated a monster return in the past decade. </div>\n</li>\n<li>\n<div>\n<svg fill=\"none\" height=\"15\" viewbox=\"0 0 14 15\" width=\"14\" xmlns=\"http://www.w3.org/2000/svg\">\n<path d=\"M14 5.58984C14 2.91016 11.8398 0.75 9.16016 0.75C6.50781 0.777344 4.375 2.91016 4.375 5.5625C4.375 6.10938 4.45703 6.60156 4.59375 7.09375L0.191406 11.4961C0.0546875 11.6328 0 11.7969 0 11.9609V14.0938C0 14.4766 0.273438 14.75 0.65625 14.75H3.71875C4.07422 14.75 4.375 14.4766 4.375 14.0938V13H5.46875C5.82422 13 6.125 12.7266 6.125 12.3438V11.25H7.13672C7.30078 11.25 7.51953 11.168 7.62891 11.0312L8.28516 10.293C8.55859 10.3477 8.85938 10.375 9.1875 10.375C11.8398 10.375 14 8.24219 14 5.58984ZM9.1875 4.25C9.1875 3.53906 9.76172 2.9375 10.5 2.9375C11.2109 2.9375 11.8125 3.53906 11.8125 4.25C11.8125 4.98828 11.2109 5.5625 10.5 5.5625C9.76172 5.5625 9.1875 4.98828 9.1875 4.25Z\" fill=\"#FFB81C\"></path>\n</svg>\n</div>\n<div>The bulls are certain Tesla will one day operate a driverless robotaxi fleet. </div>\n</li>\n<li>\n<div>\n<svg fill=\"none\" height=\"15\" viewbox=\"0 0 14 15\" width=\"14\" xmlns=\"http://www.w3.org/2000/svg\">\n<path d=\"M14 5.58984C14 2.91016 11.8398 0.75 9.16016 0.75C6.50781 0.777344 4.375 2.91016 4.375 5.5625C4.375 6.10938 4.45703 6.60156 4.59375 7.09375L0.191406 11.4961C0.0546875 11.6328 0 11.7969 0 11.9609V14.0938C0 14.4766 0.273438 14.75 0.65625 14.75H3.71875C4.07422 14.75 4.375 14.4766 4.375 14.0938V13H5.46875C5.82422 13 6.125 12.7266 6.125 12.3438V11.25H7.13672C7.30078 11.25 7.51953 11.168 7.62891 11.0312L8.28516 10.293C8.55859 10.3477 8.85938 10.375 9.1875 10.375C11.8398 10.375 14 8.24219 14 5.58984ZM9.1875 4.25C9.1875 3.53906 9.76172 2.9375 10.5 2.9375C11.2109 2.9375 11.8125 3.53906 11.8125 4.25C11.8125 4.98828 11.2109 5.5625 10.5 5.5625C9.76172 5.5625 9.1875 4.98828 9.1875 4.25Z\" fill=\"#FFB81C\"></path>\n</svg>\n</div>\n<div>Tesla’s high valuation is becoming a headwind for investors. </div>\n</li>\n</ul><div><p><span>It will probably take you quite a while to find any businesses that have rewarded their investors quite like </span><strong><span>Tesla</span></strong><span> <span>(TSLA<span> 3.69%</span>)</span> has. Despite being on a volatile journey, the company's shares have soared 1,960% in the past 10 years. A $10,000 investment a decade ago would be worth $206,000 today (as of this writing) with that type of gain.</span></p><p><span>Right now, this electric-vehicle (EV) stock carries a monster </span><span>market cap</span><span> of $1.1 trillion, easily making it one of the most valuable companies on Earth. If you're looking to buy shares, you might be wondering where Tesla will be 10 years from now. Here's a look at the future of this business.</span></p><h2 aria-level=\"2\"><span>Still a car company</span></h2><p><span>Tesla's stock performance can be partly attributed to the success of its disruptive and innovative culture. The company took the auto industry head-on with the release of its various EV models. And today, Tesla is a leader in this niche, with about 50% market share in the U.S.</span></p><p><span>It's no surprise that in the most recent quarter, 79% of Tesla's overall revenue came directly from the sale of cars. The business does have a budding energy generation and storage unit. However, EVs drive Tesla's financial performance. </span></p><p><span>I believe there's a significant likelihood that Tesla will remain a developer, manufacturer, and seller of EVs a decade from now. There's still a long way to go in terms of adoption, both domestically and abroad.</span></p><div><div><div></div></div></div><p><span>But some investors might not like this perspective. That's because in recent times, Tesla has broken away from its hyper-growth days and now resembles a traditional automaker. Its revenue growth through the first nine months of 2024 was up just 0.5% year over year, and the Q3 </span><span>operating margin</span><span> of 10.8% was well below the figure from two years ago.</span></p><div><app :collapse_on_load=\"false\" :instrument_id=\"224257\" :show_benchmark_compare=\"false\" amount_change=\"12.27\" average_volume=\"88,713,848\" company_name=\"Tesla\" current_price=\"345.16\" daily_high=\"345.45\" daily_low=\"334.65\" default_period=\"FiveYear\" dividend_yield=\"N/A\" exchange=\"NASDAQ\" fifty_two_week_high=\"361.93\" fifty_two_week_low=\"138.80\" gross_margin=\"18.23\" logo=\"https://g.foolcdn.com/art/companylogos/mark/TSLA.png\" market_cap=\"$1,108B\" pe_ratio=\"94.55\" percent_change=\"3.69\" symbol=\"TSLA\" volume=\"37,167,621\"></app></div><h2 aria-level=\"2\"><span>Transitioning to a software business</span></h2><p><span>Tesla's strongest bulls, as well as its founder and CEO Elon Musk, envision a totally different future. The company is working to one day launch and operate a global fleet of </span><span>self-driving robotaxis</span><span>. Tesla provided more info on this vision in early October, mentioning that it plans to start production of the smaller and cheaper CyberCabs in 2026.</span></p><div></div><p><span>Imagine a scenario where driverless Tesla EVs roam the streets, picking up and dropping off passengers at all hours of the day. By operating the software powering these cars, Tesla can earn a high-margin revenue stream. That's the ultimate plan, and if it comes to fruition, it could improve the financial picture for the business.</span></p><p><span>Musk has previously overpromised on his self-driving dreams, but fervent supporters believe that a favorable outcome is a certainty. I'm no expert on technological adoption curves or details about autonomous driving, although I do think it's impossible to know when, or if, it will happen. A big hurdle to overcome is the fear that humans have toward this technology, in addition to ongoing technical and regulatory uncertainty.</span></p><div><div><div></div></div></div><h2 aria-level=\"2\"><span>Steep valuation</span></h2><p><span>There might be no company out there that gets the attention that Tesla does. By operating at the cutting edge of various technologies -- like autonomous driving, robotics, and artificial intelligence -- Tesla is certainly an interesting business to follow. Plus, its visionary CEO is one of the most successful entrepreneurs we've ever seen and now has entered the political arena.</span></p><p><span>Consequently, Tesla won't ever fly under the radar. And maybe even worse, its status as a \"</span><span>story stock</span><span>\" means that the valuation can easily get detached from the underlying fundamentals. As of this writing, shares trade at a price-to-earnings ratio of 92.8. Clearly, the market has extremely high hopes for this company and where it could be in the future.</span></p><p><span>Based on the steep valuation, as well as the fact that Tesla remains nothing more than a car company today, I wouldn't be surprised if the stock underperforms the broader </span><strong><span>Nasdaq Composite</span></strong> index <span>over the next decade.</span></p><div></div></div></body></html>","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Where Will Tesla Be in 10 Years?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhere Will Tesla Be in 10 Years?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-12-01 17:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2024/12/01/where-will-tesla-be-in-10-years/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Tesla has generated a monster return in the past decade. \n\n\n\n\n\n\n\nThe bulls are certain Tesla will one day operate a driverless robotaxi fleet. \n\n\n\n\n\n\n\nTesla’s high valuation is becoming a headwind for...</p>\n\n<a href=\"https://www.fool.com/investing/2024/12/01/where-will-tesla-be-in-10-years/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F799054%2F4-teslas-in-a-parking-lot-at-a-charger-station.png&op=resize&w=165&h=104","relate_stocks":{"IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","LU0823414478.USD":"法巴经典能源转换基金","SG9999015978.USD":"利安颠覆性创新基金A","LU0466842654.USD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"A\" (USD) ACC","BK4574":"无人驾驶","LU2087621335.USD":"ALLSPRING GLOBAL FACTOR ENHANCED EQUITY \"A\" (USD) ACC","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","LU2023250330.USD":"ALLIANZ INCOME AND GROWTH \"AMG\" (USD) INC","BK4550":"红杉资本持仓","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","BK4581":"高盛持仓","LU1861215975.USD":"贝莱德新一代科技基金 A2","LU1548497426.USD":"安联环球人工智能AT Acc","LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H","LU1861558580.USD":"日兴方舟颠覆性创新基金B","BK4548":"巴美列捷福持仓","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","LU2756315318.SGD":"ALLIANZ INCOME AND GROWTH \"AMG\" (SGDHDG) INC A","BK4588":"碎股","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","LU1629891620.HKD":"ALLIANZ INCOME AND GROWTH \"AMG2\" (H2-HKD) INC","TSLL":"Direxion Daily TSLA Bull 2X Shares","BK4516":"特朗普概念","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","BK4592":"伊斯兰概念","SG9999015952.SGD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (SGD) ACC","LU1429558221.USD":"Natixis Loomis Sayles US Growth Equity RA USD","LU1861559042.SGD":"日兴方舟颠覆性创新基金B SGD","LU0823411888.USD":"法巴消费创新基金 Cap","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","BK4534":"瑞士信贷持仓","BK4585":"ETF&股票定投概念","LU1435385759.SGD":"Natixis Loomis Sayles US Growth Equity RA SGD-H","LU0082616367.USD":"摩根大通美国科技A（dist）","TSLA":"特斯拉","BK4555":"新能源车","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","BK4533":"AQR资本管理(全球第二大对冲基金)","LU0964807845.USD":"ALLIANZ INCOME & GROWTH \"A\" (USD) INC","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) ACC","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","LU0234572021.USD":"高盛美国核心股票组合Acc","LU0820562030.AUD":"ALLIANZ INCOME AND GROWTH \"AMH2\" (AUDHDG) H2 INC","LU2063271972.USD":"富兰克林创新领域基金","LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) INC"},"source_url":"https://www.fool.com/investing/2024/12/01/where-will-tesla-be-in-10-years/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2488665412","content_text":"Tesla has generated a monster return in the past decade. \n\n\n\n\n\n\n\nThe bulls are certain Tesla will one day operate a driverless robotaxi fleet. \n\n\n\n\n\n\n\nTesla’s high valuation is becoming a headwind for investors. \n\nIt will probably take you quite a while to find any businesses that have rewarded their investors quite like Tesla (TSLA 3.69%) has. Despite being on a volatile journey, the company's shares have soared 1,960% in the past 10 years. A $10,000 investment a decade ago would be worth $206,000 today (as of this writing) with that type of gain.Right now, this electric-vehicle (EV) stock carries a monster market cap of $1.1 trillion, easily making it one of the most valuable companies on Earth. If you're looking to buy shares, you might be wondering where Tesla will be 10 years from now. Here's a look at the future of this business.Still a car companyTesla's stock performance can be partly attributed to the success of its disruptive and innovative culture. The company took the auto industry head-on with the release of its various EV models. And today, Tesla is a leader in this niche, with about 50% market share in the U.S.It's no surprise that in the most recent quarter, 79% of Tesla's overall revenue came directly from the sale of cars. The business does have a budding energy generation and storage unit. However, EVs drive Tesla's financial performance. I believe there's a significant likelihood that Tesla will remain a developer, manufacturer, and seller of EVs a decade from now. There's still a long way to go in terms of adoption, both domestically and abroad.But some investors might not like this perspective. That's because in recent times, Tesla has broken away from its hyper-growth days and now resembles a traditional automaker. Its revenue growth through the first nine months of 2024 was up just 0.5% year over year, and the Q3 operating margin of 10.8% was well below the figure from two years ago.Transitioning to a software businessTesla's strongest bulls, as well as its founder and CEO Elon Musk, envision a totally different future. The company is working to one day launch and operate a global fleet of self-driving robotaxis. Tesla provided more info on this vision in early October, mentioning that it plans to start production of the smaller and cheaper CyberCabs in 2026.Imagine a scenario where driverless Tesla EVs roam the streets, picking up and dropping off passengers at all hours of the day. By operating the software powering these cars, Tesla can earn a high-margin revenue stream. That's the ultimate plan, and if it comes to fruition, it could improve the financial picture for the business.Musk has previously overpromised on his self-driving dreams, but fervent supporters believe that a favorable outcome is a certainty. I'm no expert on technological adoption curves or details about autonomous driving, although I do think it's impossible to know when, or if, it will happen. A big hurdle to overcome is the fear that humans have toward this technology, in addition to ongoing technical and regulatory uncertainty.Steep valuationThere might be no company out there that gets the attention that Tesla does. By operating at the cutting edge of various technologies -- like autonomous driving, robotics, and artificial intelligence -- Tesla is certainly an interesting business to follow. Plus, its visionary CEO is one of the most successful entrepreneurs we've ever seen and now has entered the political arena.Consequently, Tesla won't ever fly under the radar. And maybe even worse, its status as a \"story stock\" means that the valuation can easily get detached from the underlying fundamentals. As of this writing, shares trade at a price-to-earnings ratio of 92.8. Clearly, the market has extremely high hopes for this company and where it could be in the future.Based on the steep valuation, as well as the fact that Tesla remains nothing more than a car company today, I wouldn't be surprised if the stock underperforms the broader Nasdaq Composite index over the next decade.","news_type":1},"isVote":1,"tweetType":1,"viewCount":121,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":376810368757888,"gmtCreate":1733037473328,"gmtModify":1733038427573,"author":{"id":"4151941377592162","authorId":"4151941377592162","name":"zelia","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4151941377592162","authorIdStr":"4151941377592162"},"themes":[],"htmlText":"Shit stirrer......and sour grapes","listText":"Shit stirrer......and sour grapes","text":"Shit stirrer......and sour grapes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/376810368757888","repostId":"2487471577","repostType":2,"repost":{"id":"2487471577","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1732977720,"share":"https://ttm.financial/m/news/2487471577?lang=&edition=fundamental","pubTime":"2024-11-30 22:42","market":"hk","language":"en","title":"Americans may think twice when Musk and Ramaswamy try to break the things they value","url":"https://stock-news.laohu8.com/highlight/detail?id=2487471577","media":"Dow Jones","summary":"Trump's DOGE leaders look for inspiration from Javier Milei, Argentina's chainsaw-wielding president. Now THIS is a math problem. U.S. President-elect Donald Trump's new \"efficiency czars\" Elon Musk and Vivek Ramaswamy think they can slash $2 trillion from the federal budget of about $6.75 trillion over the next year and a half. I admire these co-chiefs of Trump's new \"DOGE\"  and wish them well.Just one catch. Trump says about two-thirds of that vast sum is off limits and can't be touched. Which means the $2 trillion in cuts will have to come from the remaining $2.37 trillion or so that Trump says is up for grabs.I mentioned Reagan. In his 1981 Inaugural address he famously said that \"government is the problem,\" and he soon launched a task force, made up of \"outstanding experts from the private sector\" who would conduct a top to bottom review of the government and make recommendations for eliminat","content":"<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\nMW Americans may think twice when Musk and Ramaswamy try to break the things they value\n</p>\n<p>\n  By Paul Brandus \n</p>\n<p>\n     Trump's DOGE leaders look for inspiration from Javier Milei, Argentina's chainsaw-wielding president \n</p>\n<p>\n     Now THIS is a math problem. U.S. President-elect Donald Trump's new \"efficiency czars\" Elon Musk and Vivek Ramaswamy think they can slash $2 trillion from the federal budget of about $6.75 trillion over the next year and a half. I admire these co-chiefs of Trump's new \"DOGE\" (Department of Government Efficiency) and wish them well. \n</p>\n<p>\n     Just one catch. Trump says about two-thirds of that vast sum is off limits and can't be touched. Which means the $2 trillion in cuts will have to come from the remaining $2.37 trillion or so that Trump says is up for grabs. \n</p>\n<p>\n     Two trillion out of that? That's an 84% wipeout. So my question for you is this: What are you willing to give up? Consider what falls into that $2.37 trillion basket. Food safety inspectors. Fixing that old, rusty bridge you drive over each day. Cancer research. Airport security. And you should hope there won't be any more floods, fires, hurricanes or earthquakes, because federal disaster relief is included here as well - along with countless other things that Americans probably take for granted. \n</p>\n<p>\n     Trump, Musk and Ramaswamy have already made the classic Washington mistake of overpromising, thus setting themselves up for underdelivering. \n</p>\n<p>\n     Obviously, spending cuts of this magnitude aren't going to happen. We need a safe food supply, clean water and all the rest. No serious person questions the need for airport security. And helping a neighbor in need? This is what we do. \"After all,\" as former President Ronald Reagan said, \"We are Americans.\" \n</p>\n<p>\n     This reality bumps against a honeymoon-like glow that hovers over the president-elect, Musk and Ramaswamy. They've already made the classic Washington mistake of overpromising, thus setting themselves up for underdelivering. It happens all the time: In the immediate days after an election victory, the cheers are loud and the potential for change seems boundless. But the nitty-gritty details of governing eventually intrude, and, to use one of Musk's favorite words, \"externalities\" occur which have to be dealt with. Before long, the next election (now 23 months away) rolls around, and attention turns to that. \n</p>\n<p>\n     And so Musk, Tesla's <a href=\"https://laohu8.com/S/TSLA\">$(TSLA)$</a> CEO,  and Ramaswamy, a serial entrepreneur, face not just a math problem, but a calendar one as well. Men like this live by the creed to move fast and break things. I'm sure they'll do both. But their effort could play out in two ways, one of which could have lasting effects. \n</p>\n<p>\n     I mentioned Reagan. In his 1981 Inaugural address he famously said that \"government is the problem,\" and he soon launched a task force, made up of \"outstanding experts from the private sector\" who would conduct a top to bottom review of the government and make recommendations for eliminating waste and inefficiency. It was called the Grace Commission, and within two years it gave Reagan a list of some 2,500 action items. It was music to the ears of conservatives. \n</p>\n<p>\n     So what happened? By the time Reagan left office in January 1989, the federal workforce hadn't gotten any smaller. In fact, according to the St, Louis Federal Reserve, it had grown almost 7%, to 3.16 million. The national debt meanwhile, tripled. After leaving office, Reagan said the explosive rise in debt in his watch was \"greatest disappointment\" of his presidency. If he hadn't signed a massive Social Security tax hike in 1983, it would have been even worse. \n</p>\n<p>\n     Will America follow Argentina's path? \n</p>\n<p>\n     That's one way. The other way the DOGE effort could play out involves a certain visitor to Trump at Mar-a-Lago last week, Argentina's President Javier Milei. Speaking of moving fast and breaking things, that's exactly what Milei has done in Argentina. Brandishing a chainsaw as a symbol of his determination to slash spending, the far-right Argentine leader (he's also an economist) hasn't even been in power for a year, but has already slashed spending, shut down entire ministries and fired thousands of civil servants. \n</p>\n<p>\n     Has it worked? Judge for yourself: A Reuters report says Milei's scorched earth tactics have \"tamped down triple-digit inflation, rebuilt central bank reserves, overturned a deep fiscal deficit\" and more. But a separate report by the same news agency also notes that Argentina's economy has now contracted for five consecutive quarters, \"pushing the embattled South American nation deeper into recession.\" Civil unrest and labor strikes have also grown, adding to instability. \n</p>\n<p>\n     This unrest notwithstanding, investors have responded favorably. Since Milei took office almost a year ago, Argentina's Merval, a large-cap stock index, has more than doubled. <a href=\"https://laohu8.com/S/EFFE\">Global X</a> MSCI Argentina ARGT, an exchange-traded fund, has jumped 60%. Argentine bonds, long wallowing in distressed territory, have racked up sharp gains as the country's interest rates have fallen. But Argentina is hardly out of the woods: Even after a sharp cut three weeks ago, the central bank's benchmark rate - equivalent to the U.S. Federal Reserve's fed funds rate - remains a lofty 35%. But it was a staggering 113% a year ago. \n</p>\n<p>\n     Milei's chainsaw tactics have righted the ship. Of course, the U.S. economy is hardly like Argentina's, but the fear is that it one day could be. \n</p>\n<p>\n     There can be no doubt that Milei's chainsaw tactics - financial triage if you will - have righted the ship. Of course, the U.S. economy is hardly like Argentina's, but the fear is that with runaway federal spending and soaring debt, it one day could be. \n</p>\n<p>\n     Which is why Milei - who has been friends with Musk for some time - has urged him and Ramaswamy to wield chainsaws of their own. \"Go all the way,\" he said, summarizing his advice for the DOGE chiefs on a recent podcast. \"Cut to the very limit.\" \n</p>\n<p>\n     Milei, an inspiring figure for Musk and Ramaswamy, ha? moved fast. He has broken things. But what will the long-term impact be for Argentinians, and when will Argentina pull out of its economic tailspin? Such questions are unanswerable, as they are for the task that the DOGE boys are about to undertake. Two things seem clear, however: The math appears daunting, and political honeymoons tend to be short-lived. The clock is ticking. \n</p>\n<p>\n     -Paul Brandus \n</p>\n<p>\n     This content was created by MarketWatch, which is operated by Dow Jones &amp; Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal. \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  November 30, 2024 09:42 ET (14:42 GMT)\n</p>\n<p>\n  Copyright (c) 2024 Dow Jones &amp; Company, Inc.\n</p>\n</font>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Americans may think twice when Musk and Ramaswamy try to break the things they value</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAmericans may think twice when Musk and Ramaswamy try to break the things they value\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2024-11-30 22:42</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\nMW Americans may think twice when Musk and Ramaswamy try to break the things they value\n</p>\n<p>\n  By Paul Brandus \n</p>\n<p>\n     Trump's DOGE leaders look for inspiration from Javier Milei, Argentina's chainsaw-wielding president \n</p>\n<p>\n     Now THIS is a math problem. U.S. President-elect Donald Trump's new \"efficiency czars\" Elon Musk and Vivek Ramaswamy think they can slash $2 trillion from the federal budget of about $6.75 trillion over the next year and a half. I admire these co-chiefs of Trump's new \"DOGE\" (Department of Government Efficiency) and wish them well. \n</p>\n<p>\n     Just one catch. Trump says about two-thirds of that vast sum is off limits and can't be touched. Which means the $2 trillion in cuts will have to come from the remaining $2.37 trillion or so that Trump says is up for grabs. \n</p>\n<p>\n     Two trillion out of that? That's an 84% wipeout. So my question for you is this: What are you willing to give up? Consider what falls into that $2.37 trillion basket. Food safety inspectors. Fixing that old, rusty bridge you drive over each day. Cancer research. Airport security. And you should hope there won't be any more floods, fires, hurricanes or earthquakes, because federal disaster relief is included here as well - along with countless other things that Americans probably take for granted. \n</p>\n<p>\n     Trump, Musk and Ramaswamy have already made the classic Washington mistake of overpromising, thus setting themselves up for underdelivering. \n</p>\n<p>\n     Obviously, spending cuts of this magnitude aren't going to happen. We need a safe food supply, clean water and all the rest. No serious person questions the need for airport security. And helping a neighbor in need? This is what we do. \"After all,\" as former President Ronald Reagan said, \"We are Americans.\" \n</p>\n<p>\n     This reality bumps against a honeymoon-like glow that hovers over the president-elect, Musk and Ramaswamy. They've already made the classic Washington mistake of overpromising, thus setting themselves up for underdelivering. It happens all the time: In the immediate days after an election victory, the cheers are loud and the potential for change seems boundless. But the nitty-gritty details of governing eventually intrude, and, to use one of Musk's favorite words, \"externalities\" occur which have to be dealt with. Before long, the next election (now 23 months away) rolls around, and attention turns to that. \n</p>\n<p>\n     And so Musk, Tesla's <a href=\"https://laohu8.com/S/TSLA\">$(TSLA)$</a> CEO,  and Ramaswamy, a serial entrepreneur, face not just a math problem, but a calendar one as well. Men like this live by the creed to move fast and break things. I'm sure they'll do both. But their effort could play out in two ways, one of which could have lasting effects. \n</p>\n<p>\n     I mentioned Reagan. In his 1981 Inaugural address he famously said that \"government is the problem,\" and he soon launched a task force, made up of \"outstanding experts from the private sector\" who would conduct a top to bottom review of the government and make recommendations for eliminating waste and inefficiency. It was called the Grace Commission, and within two years it gave Reagan a list of some 2,500 action items. It was music to the ears of conservatives. \n</p>\n<p>\n     So what happened? By the time Reagan left office in January 1989, the federal workforce hadn't gotten any smaller. In fact, according to the St, Louis Federal Reserve, it had grown almost 7%, to 3.16 million. The national debt meanwhile, tripled. After leaving office, Reagan said the explosive rise in debt in his watch was \"greatest disappointment\" of his presidency. If he hadn't signed a massive Social Security tax hike in 1983, it would have been even worse. \n</p>\n<p>\n     Will America follow Argentina's path? \n</p>\n<p>\n     That's one way. The other way the DOGE effort could play out involves a certain visitor to Trump at Mar-a-Lago last week, Argentina's President Javier Milei. Speaking of moving fast and breaking things, that's exactly what Milei has done in Argentina. Brandishing a chainsaw as a symbol of his determination to slash spending, the far-right Argentine leader (he's also an economist) hasn't even been in power for a year, but has already slashed spending, shut down entire ministries and fired thousands of civil servants. \n</p>\n<p>\n     Has it worked? Judge for yourself: A Reuters report says Milei's scorched earth tactics have \"tamped down triple-digit inflation, rebuilt central bank reserves, overturned a deep fiscal deficit\" and more. But a separate report by the same news agency also notes that Argentina's economy has now contracted for five consecutive quarters, \"pushing the embattled South American nation deeper into recession.\" Civil unrest and labor strikes have also grown, adding to instability. \n</p>\n<p>\n     This unrest notwithstanding, investors have responded favorably. Since Milei took office almost a year ago, Argentina's Merval, a large-cap stock index, has more than doubled. <a href=\"https://laohu8.com/S/EFFE\">Global X</a> MSCI Argentina ARGT, an exchange-traded fund, has jumped 60%. Argentine bonds, long wallowing in distressed territory, have racked up sharp gains as the country's interest rates have fallen. But Argentina is hardly out of the woods: Even after a sharp cut three weeks ago, the central bank's benchmark rate - equivalent to the U.S. Federal Reserve's fed funds rate - remains a lofty 35%. But it was a staggering 113% a year ago. \n</p>\n<p>\n     Milei's chainsaw tactics have righted the ship. Of course, the U.S. economy is hardly like Argentina's, but the fear is that it one day could be. \n</p>\n<p>\n     There can be no doubt that Milei's chainsaw tactics - financial triage if you will - have righted the ship. Of course, the U.S. economy is hardly like Argentina's, but the fear is that with runaway federal spending and soaring debt, it one day could be. \n</p>\n<p>\n     Which is why Milei - who has been friends with Musk for some time - has urged him and Ramaswamy to wield chainsaws of their own. \"Go all the way,\" he said, summarizing his advice for the DOGE chiefs on a recent podcast. \"Cut to the very limit.\" \n</p>\n<p>\n     Milei, an inspiring figure for Musk and Ramaswamy, ha? moved fast. He has broken things. But what will the long-term impact be for Argentinians, and when will Argentina pull out of its economic tailspin? Such questions are unanswerable, as they are for the task that the DOGE boys are about to undertake. Two things seem clear, however: The math appears daunting, and political honeymoons tend to be short-lived. The clock is ticking. \n</p>\n<p>\n     -Paul Brandus \n</p>\n<p>\n     This content was created by MarketWatch, which is operated by Dow Jones &amp; Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal. \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  November 30, 2024 09:42 ET (14:42 GMT)\n</p>\n<p>\n  Copyright (c) 2024 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","BK4585":"ETF&股票定投概念","BK4534":"瑞士信贷持仓","LU1839511570.USD":"WELLS FARGO GLOBAL FACTOR ENHANCED EQUITY \"I\" (USD) ACC","LU1861559042.SGD":"日兴方舟颠覆性创新基金B SGD","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","LU1435385759.SGD":"Natixis Loomis Sayles US Growth Equity RA SGD-H","BK4555":"新能源车","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD","LU2213496289.HKD":"ALLIANZ INCOME AND GROWTH \"AT\" (HKD) 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","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","LU0964807845.USD":"ALLIANZ INCOME & GROWTH \"A\" (USD) INC","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","BK4527":"明星科技股","IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) ACC","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","BK4598":"佩洛西持仓","LU0820562030.AUD":"ALLIANZ INCOME AND GROWTH \"AMH2\" (AUDHDG) H2 INC","LU2063271972.USD":"富兰克林创新领域基金","LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) INC","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","BK4592":"伊斯兰概念","BK4551":"寇图资本持仓","SG9999015986.USD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","TSLA":"特斯拉","LU1145028129.USD":"ALLIANZ INCOME AND GROWTH \"AQ\" (USD) INC","LU2023250330.USD":"ALLIANZ INCOME AND GROWTH \"AMG\" (USD) INC","SG9999015978.USD":"利安颠覆性创新基金A","LU0097036916.USD":"贝莱德美国增长A2 USD","LU2087621335.USD":"ALLSPRING GLOBAL FACTOR ENHANCED EQUITY \"A\" (USD) ACC","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","BK4511":"特斯拉概念","BK4548":"巴美列捷福持仓","LU1548497426.USD":"安联环球人工智能AT Acc","LU1861558580.USD":"日兴方舟颠覆性创新基金B","LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","LU2602419157.SGD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"AC\" (SGD) ACC","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","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","LU1629891620.HKD":"ALLIANZ INCOME AND GROWTH \"AMG2\" (H2-HKD) INC"},"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2487471577","content_text":"MW Americans may think twice when Musk and Ramaswamy try to break the things they value\n\n\n  By Paul Brandus \n\n\n     Trump's DOGE leaders look for inspiration from Javier Milei, Argentina's chainsaw-wielding president \n\n\n     Now THIS is a math problem. U.S. President-elect Donald Trump's new \"efficiency czars\" Elon Musk and Vivek Ramaswamy think they can slash $2 trillion from the federal budget of about $6.75 trillion over the next year and a half. I admire these co-chiefs of Trump's new \"DOGE\" (Department of Government Efficiency) and wish them well. \n\n\n     Just one catch. Trump says about two-thirds of that vast sum is off limits and can't be touched. Which means the $2 trillion in cuts will have to come from the remaining $2.37 trillion or so that Trump says is up for grabs. \n\n\n     Two trillion out of that? That's an 84% wipeout. So my question for you is this: What are you willing to give up? Consider what falls into that $2.37 trillion basket. Food safety inspectors. Fixing that old, rusty bridge you drive over each day. Cancer research. Airport security. And you should hope there won't be any more floods, fires, hurricanes or earthquakes, because federal disaster relief is included here as well - along with countless other things that Americans probably take for granted. \n\n\n     Trump, Musk and Ramaswamy have already made the classic Washington mistake of overpromising, thus setting themselves up for underdelivering. \n\n\n     Obviously, spending cuts of this magnitude aren't going to happen. We need a safe food supply, clean water and all the rest. No serious person questions the need for airport security. And helping a neighbor in need? This is what we do. \"After all,\" as former President Ronald Reagan said, \"We are Americans.\" \n\n\n     This reality bumps against a honeymoon-like glow that hovers over the president-elect, Musk and Ramaswamy. They've already made the classic Washington mistake of overpromising, thus setting themselves up for underdelivering. It happens all the time: In the immediate days after an election victory, the cheers are loud and the potential for change seems boundless. But the nitty-gritty details of governing eventually intrude, and, to use one of Musk's favorite words, \"externalities\" occur which have to be dealt with. Before long, the next election (now 23 months away) rolls around, and attention turns to that. \n\n\n     And so Musk, Tesla's $(TSLA)$ CEO,  and Ramaswamy, a serial entrepreneur, face not just a math problem, but a calendar one as well. Men like this live by the creed to move fast and break things. I'm sure they'll do both. But their effort could play out in two ways, one of which could have lasting effects. \n\n\n     I mentioned Reagan. In his 1981 Inaugural address he famously said that \"government is the problem,\" and he soon launched a task force, made up of \"outstanding experts from the private sector\" who would conduct a top to bottom review of the government and make recommendations for eliminating waste and inefficiency. It was called the Grace Commission, and within two years it gave Reagan a list of some 2,500 action items. It was music to the ears of conservatives. \n\n\n     So what happened? By the time Reagan left office in January 1989, the federal workforce hadn't gotten any smaller. In fact, according to the St, Louis Federal Reserve, it had grown almost 7%, to 3.16 million. The national debt meanwhile, tripled. After leaving office, Reagan said the explosive rise in debt in his watch was \"greatest disappointment\" of his presidency. If he hadn't signed a massive Social Security tax hike in 1983, it would have been even worse. \n\n\n     Will America follow Argentina's path? \n\n\n     That's one way. The other way the DOGE effort could play out involves a certain visitor to Trump at Mar-a-Lago last week, Argentina's President Javier Milei. Speaking of moving fast and breaking things, that's exactly what Milei has done in Argentina. Brandishing a chainsaw as a symbol of his determination to slash spending, the far-right Argentine leader (he's also an economist) hasn't even been in power for a year, but has already slashed spending, shut down entire ministries and fired thousands of civil servants. \n\n\n     Has it worked? Judge for yourself: A Reuters report says Milei's scorched earth tactics have \"tamped down triple-digit inflation, rebuilt central bank reserves, overturned a deep fiscal deficit\" and more. But a separate report by the same news agency also notes that Argentina's economy has now contracted for five consecutive quarters, \"pushing the embattled South American nation deeper into recession.\" Civil unrest and labor strikes have also grown, adding to instability. \n\n\n     This unrest notwithstanding, investors have responded favorably. Since Milei took office almost a year ago, Argentina's Merval, a large-cap stock index, has more than doubled. Global X MSCI Argentina ARGT, an exchange-traded fund, has jumped 60%. Argentine bonds, long wallowing in distressed territory, have racked up sharp gains as the country's interest rates have fallen. But Argentina is hardly out of the woods: Even after a sharp cut three weeks ago, the central bank's benchmark rate - equivalent to the U.S. Federal Reserve's fed funds rate - remains a lofty 35%. But it was a staggering 113% a year ago. \n\n\n     Milei's chainsaw tactics have righted the ship. Of course, the U.S. economy is hardly like Argentina's, but the fear is that it one day could be. \n\n\n     There can be no doubt that Milei's chainsaw tactics - financial triage if you will - have righted the ship. Of course, the U.S. economy is hardly like Argentina's, but the fear is that with runaway federal spending and soaring debt, it one day could be. \n\n\n     Which is why Milei - who has been friends with Musk for some time - has urged him and Ramaswamy to wield chainsaws of their own. \"Go all the way,\" he said, summarizing his advice for the DOGE chiefs on a recent podcast. \"Cut to the very limit.\" \n\n\n     Milei, an inspiring figure for Musk and Ramaswamy, ha? moved fast. He has broken things. But what will the long-term impact be for Argentinians, and when will Argentina pull out of its economic tailspin? Such questions are unanswerable, as they are for the task that the DOGE boys are about to undertake. Two things seem clear, however: The math appears daunting, and political honeymoons tend to be short-lived. The clock is ticking. \n\n\n     -Paul Brandus \n\n\n     This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal. \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  November 30, 2024 09:42 ET (14:42 GMT)\n\n\n  Copyright (c) 2024 Dow Jones & Company, Inc.","news_type":1},"isVote":1,"tweetType":1,"viewCount":93,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":376542130557288,"gmtCreate":1732971987137,"gmtModify":1732971991322,"author":{"id":"4151941377592162","authorId":"4151941377592162","name":"zelia","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4151941377592162","authorIdStr":"4151941377592162"},"themes":[],"htmlText":"Another sour grape who missed the boat","listText":"Another sour grape who missed the boat","text":"Another sour grape who missed the boat","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/376542130557288","repostId":"2487522010","repostType":2,"repost":{"id":"2487522010","kind":"highlight","pubTimestamp":1733122800,"share":"https://ttm.financial/m/news/2487522010?lang=&edition=fundamental","pubTime":"2024-12-02 15:00","market":"us","language":"en","title":"Up 38%, Is Tesla Stock a Buy?","url":"https://stock-news.laohu8.com/highlight/detail?id=2487522010","media":"Motley Fool","summary":"Tesla's stock has soared after Trump's presidential election victory.Can the automaker's operational performance keep up with its stratospheric valuation?","content":"<html><head></head><body><ul style=\"\"><li><p>Tesla&#39;s stock has soared after Trump&#39;s presidential election victory.</p></li><li><p>Can the automaker&#39;s operational performance keep up with its stratospheric valuation?</p></li></ul><p>With shares up 38% since Nov. 5, <strong>Tesla</strong> has been a huge beneficiary of Trump&#39;s presidential election victory. CEO Elon Musk played a key role in the campaign, and many investors believe his company stands to benefit from the new economic and regulatory framework.</p><p>That said, Tesla&#39;s situation isn&#39;t all peaches and cream. Let&#39;s discuss some pros and cons of investing in the stock.</p><h2 id=\"id_346472798\">Core automotive operations have matured</h2><p>While Tesla benefited tremendously from being an early mover to the electric vehicle (EV) opportunity, its edge in brand recognition and technology seems to be stalling. Third-quarter revenue grew by a measly 2% year over year to $20 billion -- a far cry from the 74% growth the company posted in the corresponding quarter three years ago.</p><p>To be fair, Tesla is a victim of its own success. The company&#39;s Model Y is the best-selling car on the planet, beating out established mass-market rivals like the <strong>Toyota</strong> Corolla or Rav4. The company&#39;s sheer scale will make it challenging to generate continued growth because most people who want a Tesla vehicle probably already have one.</p><p>The good news is that Tesla is still an exceptionally well-managed, lean business capable of maintaining its margins. Despite the flat revenue, the company increased its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) by 24% to $4.7 billion. While the automotive business no longer looks like a key growth driver, it can serve as a stable cash cow as management pivots to other opportunities.</p><h2 id=\"id_1368929650\">What does Trump&#39;s reelection mean for Tesla?</h2><p>Elon Musk stumped for the Trump campaign and donated at least $132 million to the effort through his super PAC, America PAC. However, while Trump&#39;s victory has led to a surge in Tesla stock, it is unclear how the new administration&#39;s policies will impact the company&#39;s top and bottom lines.</p><p>According to Reuters, Trump&#39;s transition team aims to end the Biden-era tax credit for EVs. This $7,500 subsidy makes electric cars more affordable relative to their gas-consuming peers, likely helping their sales.</p><p>Trump has also promised to cut back on outsourced manufacturing, which could run contrary to Tesla&#39;s ambition to build a new factory in Mexico.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/6d5caeb25b9a84a7060c68661ddd427f\" alt=\"Image source: Getty Images.\" title=\"Image source: Getty Images.\" tg-width=\"700\" tg-height=\"393\"/><span>Image source: Getty Images.</span></p><p>All that said, Musk still seems confident in America&#39;s Trump-led future. And while the loss of subsidies could hurt demand for Tesla cars, Musk&#39;s company may be better able to compete in a more competitive environment because of its economies of scale and manufacturing expertise. The Trump administration could also ease some regulations around Tesla&#39;s other growth opportunities like self-driving cars, robotics, and artificial intelligence. These businesses could become increasingly important for Tesla as its EV growth continues to slow down.</p><h2 id=\"id_3834664770\">The valuation seems far too optimistic</h2><p>All in all, Tesla seems to be in a pretty neutral situation: not particularly good or bad. Core automotive growth has slowed dramatically, but margins and profitability remain strong. And while nonautomotive opportunities (like self-driving cars) could become key growth drivers, it could take years or even decades for that story to play out.</p><p>Trump&#39;s election victory also doesn&#39;t seem likely to significantly impact Tesla&#39;s near-term prospects. So, the recent rally seems overdone.</p><p>With a forward price-to-earnings (P/E) multiple of 103, Tesla&#39;s valuation looks very out of line with the company&#39;s fundamentals. And while it is still a fantastic company, it isn&#39;t a buy at this price. Investors should wait for a better entry point before considering a position in the stock.</p></body></html>","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Up 38%, Is Tesla Stock a Buy?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUp 38%, Is Tesla Stock a Buy?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-12-02 15:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2024/11/30/up-38-is-tesla-stock-a-buy/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Tesla's stock has soared after Trump's presidential election victory.Can the automaker's operational performance keep up with its stratospheric valuation?With shares up 38% since Nov. 5, Tesla has ...</p>\n\n<a href=\"https://www.fool.com/investing/2024/11/30/up-38-is-tesla-stock-a-buy/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU2602419157.SGD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"AC\" (SGD) ACC","BK4548":"巴美列捷福持仓","BK4598":"佩洛西持仓","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","BK4516":"特朗普概念","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU1429558221.USD":"Natixis Loomis Sayles US Growth Equity RA USD","LU1839511570.USD":"WELLS FARGO GLOBAL FACTOR ENHANCED EQUITY \"I\" (USD) ACC","BK4585":"ETF&股票定投概念","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD","LU0082616367.USD":"摩根大通美国科技A（dist）","LU2213496289.HKD":"ALLIANZ INCOME AND GROWTH \"AT\" (HKD) ACC","BK4555":"新能源车","BK4533":"AQR资本管理(全球第二大对冲基金)","LU0056508442.USD":"贝莱德世界科技基金A2","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","LU0964807845.USD":"ALLIANZ INCOME & GROWTH \"A\" (USD) INC","IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) ACC","TSLA":"特斯拉","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","LU0820562030.AUD":"ALLIANZ INCOME AND GROWTH \"AMH2\" (AUDHDG) H2 INC","LU2063271972.USD":"富兰克林创新领域基金","LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) INC","BK4588":"碎股","BK4550":"红杉资本持仓","SG9999015986.USD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","LU0823414478.USD":"法巴经典能源转换基金","LU0466842654.USD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"A\" (USD) ACC","BK4551":"寇图资本持仓","SG9999015978.USD":"利安颠覆性创新基金A","LU2023250330.USD":"ALLIANZ INCOME AND GROWTH \"AMG\" (USD) INC","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","LU0097036916.USD":"贝莱德美国增长A2 USD","LU2326559502.SGD":"Natixis Loomis Sayles US Growth Equity P/A SGD-H","LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","LU1861215975.USD":"贝莱德新一代科技基金 A2","LU1861558580.USD":"日兴方舟颠覆性创新基金B","TSLL":"Direxion Daily TSLA Bull 2X Shares","LU1548497426.USD":"安联环球人工智能AT Acc","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS"},"source_url":"https://www.fool.com/investing/2024/11/30/up-38-is-tesla-stock-a-buy/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2487522010","content_text":"Tesla's stock has soared after Trump's presidential election victory.Can the automaker's operational performance keep up with its stratospheric valuation?With shares up 38% since Nov. 5, Tesla has been a huge beneficiary of Trump's presidential election victory. CEO Elon Musk played a key role in the campaign, and many investors believe his company stands to benefit from the new economic and regulatory framework.That said, Tesla's situation isn't all peaches and cream. Let's discuss some pros and cons of investing in the stock.Core automotive operations have maturedWhile Tesla benefited tremendously from being an early mover to the electric vehicle (EV) opportunity, its edge in brand recognition and technology seems to be stalling. Third-quarter revenue grew by a measly 2% year over year to $20 billion -- a far cry from the 74% growth the company posted in the corresponding quarter three years ago.To be fair, Tesla is a victim of its own success. The company's Model Y is the best-selling car on the planet, beating out established mass-market rivals like the Toyota Corolla or Rav4. The company's sheer scale will make it challenging to generate continued growth because most people who want a Tesla vehicle probably already have one.The good news is that Tesla is still an exceptionally well-managed, lean business capable of maintaining its margins. Despite the flat revenue, the company increased its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) by 24% to $4.7 billion. While the automotive business no longer looks like a key growth driver, it can serve as a stable cash cow as management pivots to other opportunities.What does Trump's reelection mean for Tesla?Elon Musk stumped for the Trump campaign and donated at least $132 million to the effort through his super PAC, America PAC. However, while Trump's victory has led to a surge in Tesla stock, it is unclear how the new administration's policies will impact the company's top and bottom lines.According to Reuters, Trump's transition team aims to end the Biden-era tax credit for EVs. This $7,500 subsidy makes electric cars more affordable relative to their gas-consuming peers, likely helping their sales.Trump has also promised to cut back on outsourced manufacturing, which could run contrary to Tesla's ambition to build a new factory in Mexico.Image source: Getty Images.All that said, Musk still seems confident in America's Trump-led future. And while the loss of subsidies could hurt demand for Tesla cars, Musk's company may be better able to compete in a more competitive environment because of its economies of scale and manufacturing expertise. The Trump administration could also ease some regulations around Tesla's other growth opportunities like self-driving cars, robotics, and artificial intelligence. These businesses could become increasingly important for Tesla as its EV growth continues to slow down.The valuation seems far too optimisticAll in all, Tesla seems to be in a pretty neutral situation: not particularly good or bad. Core automotive growth has slowed dramatically, but margins and profitability remain strong. And while nonautomotive opportunities (like self-driving cars) could become key growth drivers, it could take years or even decades for that story to play out.Trump's election victory also doesn't seem likely to significantly impact Tesla's near-term prospects. So, the recent rally seems overdone.With a forward price-to-earnings (P/E) multiple of 103, Tesla's valuation looks very out of line with the company's fundamentals. And while it is still a fantastic company, it isn't a buy at this price. Investors should wait for a better entry point before considering a position in the stock.","news_type":1},"isVote":1,"tweetType":1,"viewCount":127,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":372321649369336,"gmtCreate":1731907959035,"gmtModify":1731908276697,"author":{"id":"4151941377592162","authorId":"4151941377592162","name":"zelia","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4151941377592162","authorIdStr":"4151941377592162"},"themes":[],"htmlText":"What u gain? SHort? Good luck to u. U will be burnt alive&nbsp;","listText":"What u gain? SHort? Good luck to u. U will be burnt alive&nbsp;","text":"What u gain? SHort? Good luck to u. U will be burnt alive","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/372321649369336","repostId":"2483590736","repostType":2,"repost":{"id":"2483590736","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1731902018,"share":"https://ttm.financial/m/news/2483590736?lang=&edition=fundamental","pubTime":"2024-11-18 11:53","market":"nz","language":"en","title":"Stocks Are Crazy Expensive Right Now. These 5 Charts Show Just How Extreme Valuations Have Become","url":"https://stock-news.laohu8.com/highlight/detail?id=2483590736","media":"Dow Jones","summary":"A popular metric shows stocks haven't been this richly valued since the dot-com era. There's no getting around it. Shares of America's largest companies have been looking pretty expensive lately.The thinking holds whether looking at valuation metrics based on corporate earnings over the past decade, or Wall Street's expectations for profits and sales over the coming year. Major gauges for measuring how expensive stocks have become, relative to their fundamentals - including the earnings and sales these companies stand to reap - send a similar message: Prices for U.S. large-cap stocks haven't been this elevated since at least 2021. That was right before the bull market that followed the advent of the COVID-19 pandemic reached a peak.For many investors, high valuations can be reason enough to question whether stocks look like a smart buy at current prices. But strategists who spoke with MarketWatch also offered a word of caution: just because stocks look expensive, doesn't mean they can'","content":"<html><head></head><body><p>A popular metric shows stocks haven&#39;t been this richly valued since the dot-com era</p><p>There&#39;s no getting around it. Shares of America&#39;s largest companies have been looking pretty expensive lately.</p><p>The thinking holds whether looking at valuation metrics based on corporate earnings over the past decade, or Wall Street&#39;s expectations for profits and sales over the coming year. Major gauges for measuring how expensive stocks have become, relative to their fundamentals - including the earnings and sales these companies stand to reap - send a similar message: Prices for U.S. large-cap stocks haven&#39;t been this elevated since at least 2021. That was right before the bull market that followed the advent of the COVID-19 pandemic reached a peak.</p><p>For many investors, high valuations can be reason enough to question whether stocks look like a smart buy at current prices. But strategists who spoke with MarketWatch also offered a word of caution: just because stocks look expensive, doesn&#39;t mean they can&#39;t get more expensive.</p><p>&#34;What we&#39;ve found is that valuations aren&#39;t a particularly good timing indicator,&#34; said Rob Haworth, senior investment strategist at U.S. Bank, during an interview with MarketWatch.</p><p>Keep that in mind while perusing the five charts below, which offer a picture of some of the most commonly used metrics employed by financial analysts.</p><h3 id=\"id_4232437895\">CAPE</h3><p>The CAPE ratio, or cyclically adjusted price-to-earnings ratio, compares the price of a stock (or index) to average earnings over the previous decade, while taking care to adjust for inflation.</p><p>It was developed by Robert Shiller, an American economist and a Nobel Prize laureate in economics.</p><p>For the S&amp;P 500 SPX, the ratio rose as high as 38.11 in November, its highest level since late 2021, according to data featured on a website maintained by Shiller. Prior to that, it has only been higher around the peak of the dot-com bubble.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/9f8dfd3ad811863971e721736ce19c33\" tg-width=\"600\" tg-height=\"800\"/></p><h3 id=\"id_340986063\">Price-to-sales</h3><p>The forward price-to-sales ratio also has been giving investors dot-com-era vibes.</p><p>The level of the S&amp;P 500 compared with its member firms&#39; expected earnings over the coming year rose as high as 2.98 earlier this month. At that level, it has surpassed its recent highs from 2021, and was nearing its record peak north of 3 from the summer of 2000.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/4f4e90debd787ce9a6e4bac142d0676a\" tg-width=\"600\" tg-height=\"800\"/></p><p>Most equity strategists consider a price-to-sales ratio above 3 to be extremely expensive.</p><p>However, individual stocks also trade at many times that level, including Palantir Inc. <a href=\"https://laohu8.com/S/PLTR\">$(PLTR)$</a>, which recently boasted a forward price-to-sales ratio just shy of 40, according to FactSet data.</p><p>Steve Sosnick, chief strategist at Interactive Brokers, said that in some ways, price-to-sales offers a more accurate picture of a stock&#39;s valuation.</p><p>That&#39;s because companies have far less discretion to make adjustments to raw revenue numbers.</p><p>&#34;It&#39;s easier for companies to massage their earnings than it is to massage revenues or cash flows,&#34; Sosnick told MarketWatch during an interview.</p><h3 id=\"id_3446670872\">Price-to-earnings</h3><p>This was, perhaps, the most widely used of the metrics included here.</p><p>The forward price-to-earnings ratio for the S&amp;P 500 crossed above 22 in November for the first time since 2021, Dow Jones Market Data showed. This means stocks were richly valued relative to the profits these firms were expected to generate over the next 12 months.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/75c0efd37c59ffd5176361382c39f5c7\" tg-width=\"600\" tg-height=\"800\"/></p><h3 id=\"id_1182956212\">The Buffett Indicator</h3><p>Relative to the size of the U.S. economy, stocks have never been more expensive.</p><p>Taken together, every stock in the S&amp;P 500 was worth 1.7 times the entire U.S. gross domestic product as of the end of the third quarter this past week.</p><p>Some call this &#34;the Buffett Indicator,&#34; although we should clarify that the standard version of the Buffett Indicator uses the Wilshire 5000, an index that captures all actively traded U.S. stocks, rather than the S&amp;P 500.</p><p>But given that the S&amp;P 500 captures the majority of total U.S. stock-market value, there lately has been very little daylight between the two ratios.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/bccfba260929713734b73d7aa89d0ad8\" tg-width=\"600\" tg-height=\"800\"/></p><p>The indicator got its name from a comment Berkshire Hathaway Chief Executive Officer Warren Buffett once made to a reporter years ago, when he said that comparing the market capitalization of all U.S. stocks to the size of the U.S. economy offered the clearest picture of where valuations stand at any given moment.</p><p>However, the &#34;Oracle of Omaha&#34; has since distanced himself from his namesake indicator. One of Buffett&#39;s assistants told MarketWatch a few months ago that throughout his adult life, Buffett has cautioned against trying to predict stock-market behavior.</p><p>Recently, some investors have been paying more attention to another Buffett indicator - the man himself. Berkshire&#39;s decision to sell some stocks and build up its cash reserves has made some on Wall Street nervous.</p><p>Cash and equivalents, plus short-term U.S. Treasury investments, held by the conglomerate rose to $325.2 billion in the third quarter, a record high.</p><p>But before panic sets in, it&#39;s worth pointing out that increases in Berkshire&#39;s cash holdings have had little predictive power for markets in the past, according to one stock-market strategist.</p><h3 id=\"id_666079845\">Equity risk premium</h3><p>Compared with historically elevated returns investors can reap from holding Treasurys backed entirely by the U.S. government, stocks may no longer offer a compelling return, given the additional risk.</p><p>At least, in theory.</p><p>The equity risk premium, which compares the S&amp;P 500&#39;s expected earnings yield with the actual yield on the 10-year Treasury note BX:TMUBMUSD10Y, slumped to its lowest level since 2002 this week, according to MarketWatch&#39;s calculations.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/fc7a568494a59da3c0b3ab0c893a83ea\" tg-width=\"600\" tg-height=\"800\"/></p><p>While a negative premium suggests more risk-averse investors might want to stick with Treasurys and steer clear of stocks, the &#34;ERP&#34; in the past has remained in deeply negative territory for years, while the stock market kept on climbing. That was the case in the late 1990s, and it remained in negative territory as stocks tumbled after the dot-com bubble burst.</p><p>More conservative strategists have been howling about the decline in the ERP largely since the bull-market began. Its decline since the start of 2022 has mostly been driven by a rise in Treasury yields to levels last since before the 2008 financial crisis.</p><h3 id=\"id_407617341\">A new normal?</h3><p>Moreover, while many stocks look expensive, it doesn&#39;t mean investors can&#39;t still find a good deal.</p><p>Small-cap and mid-cap stocks still look relatively cheap, several strategists told MarketWatch. Underperforming S&amp;P 500 sectors remain, like healthcare stocks, materials and real-estate investment trusts.</p><p>But before diving into the bargain bin, it&#39;s worth considering that the higher valuations of today might actually be justified. Some analysts think comparing today&#39;s stock market to the market of yesteryear simply doesn&#39;t make much sense.</p><p>That&#39;s because, since the 1990s, the technology boom unleashed by the internet has changed many aspects of the U.S. economy.</p><p>And as long as companies like Microsoft Corp. <a href=\"https://laohu8.com/S/MSFT\">$(MSFT)$</a>, Apple Inc. <a href=\"https://laohu8.com/S/AAPL\">$(AAPL)$</a> and Nvidia Corp. <a href=\"https://laohu8.com/S/NVDA\">$(NVDA)$</a> can defend the sizable moats surrounding their businesses and continue growing earnings at a solid pace, investors have good reason to pay a premium for their shares, according to Nicholas Colas, co-founder of DataTrek Research.</p><p>Indeed, many of the biggest companies in the S&amp;P 500 boast wider profit margins and lower debt than their predecessors from decades past. These firms tend to be &#34;asset light,&#34; meaning they don&#39;t require heavy investment in factories and other capital goods. Because of this, their earnings have been much more stable from quarter to quarter.</p><p>All of this helps to justify higher earnings multiples, according to Ohsung Kwon, a strategist at Bank of America global research.</p><p>&#34;Yes, valuations are more expensive today versus historical levels for sure,&#34; Kwon said. &#34;But there are reasons why multiples should be higher.&#34;</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Stocks Are Crazy Expensive Right Now. These 5 Charts Show Just How Extreme Valuations Have Become</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nStocks Are Crazy Expensive Right Now. These 5 Charts Show Just How Extreme Valuations Have Become\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2024-11-18 11:53</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>A popular metric shows stocks haven&#39;t been this richly valued since the dot-com era</p><p>There&#39;s no getting around it. Shares of America&#39;s largest companies have been looking pretty expensive lately.</p><p>The thinking holds whether looking at valuation metrics based on corporate earnings over the past decade, or Wall Street&#39;s expectations for profits and sales over the coming year. Major gauges for measuring how expensive stocks have become, relative to their fundamentals - including the earnings and sales these companies stand to reap - send a similar message: Prices for U.S. large-cap stocks haven&#39;t been this elevated since at least 2021. That was right before the bull market that followed the advent of the COVID-19 pandemic reached a peak.</p><p>For many investors, high valuations can be reason enough to question whether stocks look like a smart buy at current prices. But strategists who spoke with MarketWatch also offered a word of caution: just because stocks look expensive, doesn&#39;t mean they can&#39;t get more expensive.</p><p>&#34;What we&#39;ve found is that valuations aren&#39;t a particularly good timing indicator,&#34; said Rob Haworth, senior investment strategist at U.S. Bank, during an interview with MarketWatch.</p><p>Keep that in mind while perusing the five charts below, which offer a picture of some of the most commonly used metrics employed by financial analysts.</p><h3 id=\"id_4232437895\">CAPE</h3><p>The CAPE ratio, or cyclically adjusted price-to-earnings ratio, compares the price of a stock (or index) to average earnings over the previous decade, while taking care to adjust for inflation.</p><p>It was developed by Robert Shiller, an American economist and a Nobel Prize laureate in economics.</p><p>For the S&amp;P 500 SPX, the ratio rose as high as 38.11 in November, its highest level since late 2021, according to data featured on a website maintained by Shiller. Prior to that, it has only been higher around the peak of the dot-com bubble.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/9f8dfd3ad811863971e721736ce19c33\" tg-width=\"600\" tg-height=\"800\"/></p><h3 id=\"id_340986063\">Price-to-sales</h3><p>The forward price-to-sales ratio also has been giving investors dot-com-era vibes.</p><p>The level of the S&amp;P 500 compared with its member firms&#39; expected earnings over the coming year rose as high as 2.98 earlier this month. At that level, it has surpassed its recent highs from 2021, and was nearing its record peak north of 3 from the summer of 2000.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/4f4e90debd787ce9a6e4bac142d0676a\" tg-width=\"600\" tg-height=\"800\"/></p><p>Most equity strategists consider a price-to-sales ratio above 3 to be extremely expensive.</p><p>However, individual stocks also trade at many times that level, including Palantir Inc. <a href=\"https://laohu8.com/S/PLTR\">$(PLTR)$</a>, which recently boasted a forward price-to-sales ratio just shy of 40, according to FactSet data.</p><p>Steve Sosnick, chief strategist at Interactive Brokers, said that in some ways, price-to-sales offers a more accurate picture of a stock&#39;s valuation.</p><p>That&#39;s because companies have far less discretion to make adjustments to raw revenue numbers.</p><p>&#34;It&#39;s easier for companies to massage their earnings than it is to massage revenues or cash flows,&#34; Sosnick told MarketWatch during an interview.</p><h3 id=\"id_3446670872\">Price-to-earnings</h3><p>This was, perhaps, the most widely used of the metrics included here.</p><p>The forward price-to-earnings ratio for the S&amp;P 500 crossed above 22 in November for the first time since 2021, Dow Jones Market Data showed. This means stocks were richly valued relative to the profits these firms were expected to generate over the next 12 months.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/75c0efd37c59ffd5176361382c39f5c7\" tg-width=\"600\" tg-height=\"800\"/></p><h3 id=\"id_1182956212\">The Buffett Indicator</h3><p>Relative to the size of the U.S. economy, stocks have never been more expensive.</p><p>Taken together, every stock in the S&amp;P 500 was worth 1.7 times the entire U.S. gross domestic product as of the end of the third quarter this past week.</p><p>Some call this &#34;the Buffett Indicator,&#34; although we should clarify that the standard version of the Buffett Indicator uses the Wilshire 5000, an index that captures all actively traded U.S. stocks, rather than the S&amp;P 500.</p><p>But given that the S&amp;P 500 captures the majority of total U.S. stock-market value, there lately has been very little daylight between the two ratios.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/bccfba260929713734b73d7aa89d0ad8\" tg-width=\"600\" tg-height=\"800\"/></p><p>The indicator got its name from a comment Berkshire Hathaway Chief Executive Officer Warren Buffett once made to a reporter years ago, when he said that comparing the market capitalization of all U.S. stocks to the size of the U.S. economy offered the clearest picture of where valuations stand at any given moment.</p><p>However, the &#34;Oracle of Omaha&#34; has since distanced himself from his namesake indicator. One of Buffett&#39;s assistants told MarketWatch a few months ago that throughout his adult life, Buffett has cautioned against trying to predict stock-market behavior.</p><p>Recently, some investors have been paying more attention to another Buffett indicator - the man himself. Berkshire&#39;s decision to sell some stocks and build up its cash reserves has made some on Wall Street nervous.</p><p>Cash and equivalents, plus short-term U.S. Treasury investments, held by the conglomerate rose to $325.2 billion in the third quarter, a record high.</p><p>But before panic sets in, it&#39;s worth pointing out that increases in Berkshire&#39;s cash holdings have had little predictive power for markets in the past, according to one stock-market strategist.</p><h3 id=\"id_666079845\">Equity risk premium</h3><p>Compared with historically elevated returns investors can reap from holding Treasurys backed entirely by the U.S. government, stocks may no longer offer a compelling return, given the additional risk.</p><p>At least, in theory.</p><p>The equity risk premium, which compares the S&amp;P 500&#39;s expected earnings yield with the actual yield on the 10-year Treasury note BX:TMUBMUSD10Y, slumped to its lowest level since 2002 this week, according to MarketWatch&#39;s calculations.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/fc7a568494a59da3c0b3ab0c893a83ea\" tg-width=\"600\" tg-height=\"800\"/></p><p>While a negative premium suggests more risk-averse investors might want to stick with Treasurys and steer clear of stocks, the &#34;ERP&#34; in the past has remained in deeply negative territory for years, while the stock market kept on climbing. That was the case in the late 1990s, and it remained in negative territory as stocks tumbled after the dot-com bubble burst.</p><p>More conservative strategists have been howling about the decline in the ERP largely since the bull-market began. Its decline since the start of 2022 has mostly been driven by a rise in Treasury yields to levels last since before the 2008 financial crisis.</p><h3 id=\"id_407617341\">A new normal?</h3><p>Moreover, while many stocks look expensive, it doesn&#39;t mean investors can&#39;t still find a good deal.</p><p>Small-cap and mid-cap stocks still look relatively cheap, several strategists told MarketWatch. Underperforming S&amp;P 500 sectors remain, like healthcare stocks, materials and real-estate investment trusts.</p><p>But before diving into the bargain bin, it&#39;s worth considering that the higher valuations of today might actually be justified. Some analysts think comparing today&#39;s stock market to the market of yesteryear simply doesn&#39;t make much sense.</p><p>That&#39;s because, since the 1990s, the technology boom unleashed by the internet has changed many aspects of the U.S. economy.</p><p>And as long as companies like Microsoft Corp. <a href=\"https://laohu8.com/S/MSFT\">$(MSFT)$</a>, Apple Inc. <a href=\"https://laohu8.com/S/AAPL\">$(AAPL)$</a> and Nvidia Corp. <a href=\"https://laohu8.com/S/NVDA\">$(NVDA)$</a> can defend the sizable moats surrounding their businesses and continue growing earnings at a solid pace, investors have good reason to pay a premium for their shares, according to Nicholas Colas, co-founder of DataTrek Research.</p><p>Indeed, many of the biggest companies in the S&amp;P 500 boast wider profit margins and lower debt than their predecessors from decades past. These firms tend to be &#34;asset light,&#34; meaning they don&#39;t require heavy investment in factories and other capital goods. Because of this, their earnings have been much more stable from quarter to quarter.</p><p>All of this helps to justify higher earnings multiples, according to Ohsung Kwon, a strategist at Bank of America global research.</p><p>&#34;Yes, valuations are more expensive today versus historical levels for sure,&#34; Kwon said. &#34;But there are reasons why multiples should be higher.&#34;</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0894486033.HKD":"SCHRODER ISF GLOBAL MULTI-ASSET INCOME \"A\" (HKD) INC MF",".DJI":"道琼斯","IE00B5949003.HKD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A\" (HKD) ACC","SQQQ":"纳指三倍做空ETF",".IXIC":"NASDAQ Composite","BK4503":"景林资产持仓",".SPX":"S&P 500 Index","QQQ":"纳指100ETF","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","LU0251132253.USD":"FIDELITY FUNDS  GLOBAL THEMATIC OPPORTUNITIES \"A\" (USD) ACC","BK4538":"云计算","TQQQ":"纳指三倍做多ETF","LU1804176565.USD":"EASTSPRING INV GLOBAL GROWTH EQUITY \"A\" (USD) ACC","IE00B4JS1V06.HKD":"JANUS HENDERSON BALANCED \"A2\" (HKD) ACC","LU1340139317.AUD":"JPMorgan Investment Funds - Global Macro Opportunities A (acc) AUD-H","LU2362541273.HKD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (HKD) ACC","LU2552382058.USD":"WELLINGTON US BRAND POWER \"A\" (USD) ACC","LU1564329461.SGD":"Blackrock Dynamic High Income A6 SGD-H","LU0642271901.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD-H","LU0820562030.AUD":"ALLIANZ INCOME AND GROWTH \"AMH2\" (AUDHDG) H2 INC","LU0648001328.SGD":"Natixis Harris Associates US Equity RA SGD","LU1712237335.SGD":"Natixis Mirova Global Sustainable Equity H-R-NPF/A SGD","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","SG9999002232.USD":"Allianz Global High Payout USD","IE00BFXG0V08.USD":"BNY MELLON GLOBAL LEADERS \"B\" (USD) ACC"},"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2483590736","content_text":"A popular metric shows stocks haven't been this richly valued since the dot-com eraThere's no getting around it. Shares of America's largest companies have been looking pretty expensive lately.The thinking holds whether looking at valuation metrics based on corporate earnings over the past decade, or Wall Street's expectations for profits and sales over the coming year. Major gauges for measuring how expensive stocks have become, relative to their fundamentals - including the earnings and sales these companies stand to reap - send a similar message: Prices for U.S. large-cap stocks haven't been this elevated since at least 2021. That was right before the bull market that followed the advent of the COVID-19 pandemic reached a peak.For many investors, high valuations can be reason enough to question whether stocks look like a smart buy at current prices. But strategists who spoke with MarketWatch also offered a word of caution: just because stocks look expensive, doesn't mean they can't get more expensive.\"What we've found is that valuations aren't a particularly good timing indicator,\" said Rob Haworth, senior investment strategist at U.S. Bank, during an interview with MarketWatch.Keep that in mind while perusing the five charts below, which offer a picture of some of the most commonly used metrics employed by financial analysts.CAPEThe CAPE ratio, or cyclically adjusted price-to-earnings ratio, compares the price of a stock (or index) to average earnings over the previous decade, while taking care to adjust for inflation.It was developed by Robert Shiller, an American economist and a Nobel Prize laureate in economics.For the S&P 500 SPX, the ratio rose as high as 38.11 in November, its highest level since late 2021, according to data featured on a website maintained by Shiller. Prior to that, it has only been higher around the peak of the dot-com bubble.Price-to-salesThe forward price-to-sales ratio also has been giving investors dot-com-era vibes.The level of the S&P 500 compared with its member firms' expected earnings over the coming year rose as high as 2.98 earlier this month. At that level, it has surpassed its recent highs from 2021, and was nearing its record peak north of 3 from the summer of 2000.Most equity strategists consider a price-to-sales ratio above 3 to be extremely expensive.However, individual stocks also trade at many times that level, including Palantir Inc. $(PLTR)$, which recently boasted a forward price-to-sales ratio just shy of 40, according to FactSet data.Steve Sosnick, chief strategist at Interactive Brokers, said that in some ways, price-to-sales offers a more accurate picture of a stock's valuation.That's because companies have far less discretion to make adjustments to raw revenue numbers.\"It's easier for companies to massage their earnings than it is to massage revenues or cash flows,\" Sosnick told MarketWatch during an interview.Price-to-earningsThis was, perhaps, the most widely used of the metrics included here.The forward price-to-earnings ratio for the S&P 500 crossed above 22 in November for the first time since 2021, Dow Jones Market Data showed. This means stocks were richly valued relative to the profits these firms were expected to generate over the next 12 months.The Buffett IndicatorRelative to the size of the U.S. economy, stocks have never been more expensive.Taken together, every stock in the S&P 500 was worth 1.7 times the entire U.S. gross domestic product as of the end of the third quarter this past week.Some call this \"the Buffett Indicator,\" although we should clarify that the standard version of the Buffett Indicator uses the Wilshire 5000, an index that captures all actively traded U.S. stocks, rather than the S&P 500.But given that the S&P 500 captures the majority of total U.S. stock-market value, there lately has been very little daylight between the two ratios.The indicator got its name from a comment Berkshire Hathaway Chief Executive Officer Warren Buffett once made to a reporter years ago, when he said that comparing the market capitalization of all U.S. stocks to the size of the U.S. economy offered the clearest picture of where valuations stand at any given moment.However, the \"Oracle of Omaha\" has since distanced himself from his namesake indicator. One of Buffett's assistants told MarketWatch a few months ago that throughout his adult life, Buffett has cautioned against trying to predict stock-market behavior.Recently, some investors have been paying more attention to another Buffett indicator - the man himself. Berkshire's decision to sell some stocks and build up its cash reserves has made some on Wall Street nervous.Cash and equivalents, plus short-term U.S. Treasury investments, held by the conglomerate rose to $325.2 billion in the third quarter, a record high.But before panic sets in, it's worth pointing out that increases in Berkshire's cash holdings have had little predictive power for markets in the past, according to one stock-market strategist.Equity risk premiumCompared with historically elevated returns investors can reap from holding Treasurys backed entirely by the U.S. government, stocks may no longer offer a compelling return, given the additional risk.At least, in theory.The equity risk premium, which compares the S&P 500's expected earnings yield with the actual yield on the 10-year Treasury note BX:TMUBMUSD10Y, slumped to its lowest level since 2002 this week, according to MarketWatch's calculations.While a negative premium suggests more risk-averse investors might want to stick with Treasurys and steer clear of stocks, the \"ERP\" in the past has remained in deeply negative territory for years, while the stock market kept on climbing. That was the case in the late 1990s, and it remained in negative territory as stocks tumbled after the dot-com bubble burst.More conservative strategists have been howling about the decline in the ERP largely since the bull-market began. Its decline since the start of 2022 has mostly been driven by a rise in Treasury yields to levels last since before the 2008 financial crisis.A new normal?Moreover, while many stocks look expensive, it doesn't mean investors can't still find a good deal.Small-cap and mid-cap stocks still look relatively cheap, several strategists told MarketWatch. Underperforming S&P 500 sectors remain, like healthcare stocks, materials and real-estate investment trusts.But before diving into the bargain bin, it's worth considering that the higher valuations of today might actually be justified. Some analysts think comparing today's stock market to the market of yesteryear simply doesn't make much sense.That's because, since the 1990s, the technology boom unleashed by the internet has changed many aspects of the U.S. economy.And as long as companies like Microsoft Corp. $(MSFT)$, Apple Inc. $(AAPL)$ and Nvidia Corp. $(NVDA)$ can defend the sizable moats surrounding their businesses and continue growing earnings at a solid pace, investors have good reason to pay a premium for their shares, according to Nicholas Colas, co-founder of DataTrek Research.Indeed, many of the biggest companies in the S&P 500 boast wider profit margins and lower debt than their predecessors from decades past. These firms tend to be \"asset light,\" meaning they don't require heavy investment in factories and other capital goods. Because of this, their earnings have been much more stable from quarter to quarter.All of this helps to justify higher earnings multiples, according to Ohsung Kwon, a strategist at Bank of America global research.\"Yes, valuations are more expensive today versus historical levels for sure,\" Kwon said. \"But there are reasons why multiples should be higher.\"","news_type":1},"isVote":1,"tweetType":1,"viewCount":194,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":372321230524616,"gmtCreate":1731907936076,"gmtModify":1731907939744,"author":{"id":"4151941377592162","authorId":"4151941377592162","name":"zelia","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4151941377592162","authorIdStr":"4151941377592162"},"themes":[],"htmlText":"What's yr intention of this article? To talk down stock?","listText":"What's yr intention of this article? To talk down stock?","text":"What's yr intention of this article? To talk down stock?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/372321230524616","repostId":"2483590736","repostType":2,"repost":{"id":"2483590736","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1731902018,"share":"https://ttm.financial/m/news/2483590736?lang=&edition=fundamental","pubTime":"2024-11-18 11:53","market":"nz","language":"en","title":"Stocks Are Crazy Expensive Right Now. These 5 Charts Show Just How Extreme Valuations Have Become","url":"https://stock-news.laohu8.com/highlight/detail?id=2483590736","media":"Dow Jones","summary":"A popular metric shows stocks haven't been this richly valued since the dot-com era. There's no getting around it. Shares of America's largest companies have been looking pretty expensive lately.The thinking holds whether looking at valuation metrics based on corporate earnings over the past decade, or Wall Street's expectations for profits and sales over the coming year. Major gauges for measuring how expensive stocks have become, relative to their fundamentals - including the earnings and sales these companies stand to reap - send a similar message: Prices for U.S. large-cap stocks haven't been this elevated since at least 2021. That was right before the bull market that followed the advent of the COVID-19 pandemic reached a peak.For many investors, high valuations can be reason enough to question whether stocks look like a smart buy at current prices. But strategists who spoke with MarketWatch also offered a word of caution: just because stocks look expensive, doesn't mean they can'","content":"<html><head></head><body><p>A popular metric shows stocks haven&#39;t been this richly valued since the dot-com era</p><p>There&#39;s no getting around it. Shares of America&#39;s largest companies have been looking pretty expensive lately.</p><p>The thinking holds whether looking at valuation metrics based on corporate earnings over the past decade, or Wall Street&#39;s expectations for profits and sales over the coming year. Major gauges for measuring how expensive stocks have become, relative to their fundamentals - including the earnings and sales these companies stand to reap - send a similar message: Prices for U.S. large-cap stocks haven&#39;t been this elevated since at least 2021. That was right before the bull market that followed the advent of the COVID-19 pandemic reached a peak.</p><p>For many investors, high valuations can be reason enough to question whether stocks look like a smart buy at current prices. But strategists who spoke with MarketWatch also offered a word of caution: just because stocks look expensive, doesn&#39;t mean they can&#39;t get more expensive.</p><p>&#34;What we&#39;ve found is that valuations aren&#39;t a particularly good timing indicator,&#34; said Rob Haworth, senior investment strategist at U.S. Bank, during an interview with MarketWatch.</p><p>Keep that in mind while perusing the five charts below, which offer a picture of some of the most commonly used metrics employed by financial analysts.</p><h3 id=\"id_4232437895\">CAPE</h3><p>The CAPE ratio, or cyclically adjusted price-to-earnings ratio, compares the price of a stock (or index) to average earnings over the previous decade, while taking care to adjust for inflation.</p><p>It was developed by Robert Shiller, an American economist and a Nobel Prize laureate in economics.</p><p>For the S&amp;P 500 SPX, the ratio rose as high as 38.11 in November, its highest level since late 2021, according to data featured on a website maintained by Shiller. Prior to that, it has only been higher around the peak of the dot-com bubble.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/9f8dfd3ad811863971e721736ce19c33\" tg-width=\"600\" tg-height=\"800\"/></p><h3 id=\"id_340986063\">Price-to-sales</h3><p>The forward price-to-sales ratio also has been giving investors dot-com-era vibes.</p><p>The level of the S&amp;P 500 compared with its member firms&#39; expected earnings over the coming year rose as high as 2.98 earlier this month. At that level, it has surpassed its recent highs from 2021, and was nearing its record peak north of 3 from the summer of 2000.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/4f4e90debd787ce9a6e4bac142d0676a\" tg-width=\"600\" tg-height=\"800\"/></p><p>Most equity strategists consider a price-to-sales ratio above 3 to be extremely expensive.</p><p>However, individual stocks also trade at many times that level, including Palantir Inc. <a href=\"https://laohu8.com/S/PLTR\">$(PLTR)$</a>, which recently boasted a forward price-to-sales ratio just shy of 40, according to FactSet data.</p><p>Steve Sosnick, chief strategist at Interactive Brokers, said that in some ways, price-to-sales offers a more accurate picture of a stock&#39;s valuation.</p><p>That&#39;s because companies have far less discretion to make adjustments to raw revenue numbers.</p><p>&#34;It&#39;s easier for companies to massage their earnings than it is to massage revenues or cash flows,&#34; Sosnick told MarketWatch during an interview.</p><h3 id=\"id_3446670872\">Price-to-earnings</h3><p>This was, perhaps, the most widely used of the metrics included here.</p><p>The forward price-to-earnings ratio for the S&amp;P 500 crossed above 22 in November for the first time since 2021, Dow Jones Market Data showed. This means stocks were richly valued relative to the profits these firms were expected to generate over the next 12 months.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/75c0efd37c59ffd5176361382c39f5c7\" tg-width=\"600\" tg-height=\"800\"/></p><h3 id=\"id_1182956212\">The Buffett Indicator</h3><p>Relative to the size of the U.S. economy, stocks have never been more expensive.</p><p>Taken together, every stock in the S&amp;P 500 was worth 1.7 times the entire U.S. gross domestic product as of the end of the third quarter this past week.</p><p>Some call this &#34;the Buffett Indicator,&#34; although we should clarify that the standard version of the Buffett Indicator uses the Wilshire 5000, an index that captures all actively traded U.S. stocks, rather than the S&amp;P 500.</p><p>But given that the S&amp;P 500 captures the majority of total U.S. stock-market value, there lately has been very little daylight between the two ratios.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/bccfba260929713734b73d7aa89d0ad8\" tg-width=\"600\" tg-height=\"800\"/></p><p>The indicator got its name from a comment Berkshire Hathaway Chief Executive Officer Warren Buffett once made to a reporter years ago, when he said that comparing the market capitalization of all U.S. stocks to the size of the U.S. economy offered the clearest picture of where valuations stand at any given moment.</p><p>However, the &#34;Oracle of Omaha&#34; has since distanced himself from his namesake indicator. One of Buffett&#39;s assistants told MarketWatch a few months ago that throughout his adult life, Buffett has cautioned against trying to predict stock-market behavior.</p><p>Recently, some investors have been paying more attention to another Buffett indicator - the man himself. Berkshire&#39;s decision to sell some stocks and build up its cash reserves has made some on Wall Street nervous.</p><p>Cash and equivalents, plus short-term U.S. Treasury investments, held by the conglomerate rose to $325.2 billion in the third quarter, a record high.</p><p>But before panic sets in, it&#39;s worth pointing out that increases in Berkshire&#39;s cash holdings have had little predictive power for markets in the past, according to one stock-market strategist.</p><h3 id=\"id_666079845\">Equity risk premium</h3><p>Compared with historically elevated returns investors can reap from holding Treasurys backed entirely by the U.S. government, stocks may no longer offer a compelling return, given the additional risk.</p><p>At least, in theory.</p><p>The equity risk premium, which compares the S&amp;P 500&#39;s expected earnings yield with the actual yield on the 10-year Treasury note BX:TMUBMUSD10Y, slumped to its lowest level since 2002 this week, according to MarketWatch&#39;s calculations.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/fc7a568494a59da3c0b3ab0c893a83ea\" tg-width=\"600\" tg-height=\"800\"/></p><p>While a negative premium suggests more risk-averse investors might want to stick with Treasurys and steer clear of stocks, the &#34;ERP&#34; in the past has remained in deeply negative territory for years, while the stock market kept on climbing. That was the case in the late 1990s, and it remained in negative territory as stocks tumbled after the dot-com bubble burst.</p><p>More conservative strategists have been howling about the decline in the ERP largely since the bull-market began. Its decline since the start of 2022 has mostly been driven by a rise in Treasury yields to levels last since before the 2008 financial crisis.</p><h3 id=\"id_407617341\">A new normal?</h3><p>Moreover, while many stocks look expensive, it doesn&#39;t mean investors can&#39;t still find a good deal.</p><p>Small-cap and mid-cap stocks still look relatively cheap, several strategists told MarketWatch. Underperforming S&amp;P 500 sectors remain, like healthcare stocks, materials and real-estate investment trusts.</p><p>But before diving into the bargain bin, it&#39;s worth considering that the higher valuations of today might actually be justified. Some analysts think comparing today&#39;s stock market to the market of yesteryear simply doesn&#39;t make much sense.</p><p>That&#39;s because, since the 1990s, the technology boom unleashed by the internet has changed many aspects of the U.S. economy.</p><p>And as long as companies like Microsoft Corp. <a href=\"https://laohu8.com/S/MSFT\">$(MSFT)$</a>, Apple Inc. <a href=\"https://laohu8.com/S/AAPL\">$(AAPL)$</a> and Nvidia Corp. <a href=\"https://laohu8.com/S/NVDA\">$(NVDA)$</a> can defend the sizable moats surrounding their businesses and continue growing earnings at a solid pace, investors have good reason to pay a premium for their shares, according to Nicholas Colas, co-founder of DataTrek Research.</p><p>Indeed, many of the biggest companies in the S&amp;P 500 boast wider profit margins and lower debt than their predecessors from decades past. These firms tend to be &#34;asset light,&#34; meaning they don&#39;t require heavy investment in factories and other capital goods. Because of this, their earnings have been much more stable from quarter to quarter.</p><p>All of this helps to justify higher earnings multiples, according to Ohsung Kwon, a strategist at Bank of America global research.</p><p>&#34;Yes, valuations are more expensive today versus historical levels for sure,&#34; Kwon said. &#34;But there are reasons why multiples should be higher.&#34;</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Stocks Are Crazy Expensive Right Now. These 5 Charts Show Just How Extreme Valuations Have Become</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nStocks Are Crazy Expensive Right Now. These 5 Charts Show Just How Extreme Valuations Have Become\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2024-11-18 11:53</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>A popular metric shows stocks haven&#39;t been this richly valued since the dot-com era</p><p>There&#39;s no getting around it. Shares of America&#39;s largest companies have been looking pretty expensive lately.</p><p>The thinking holds whether looking at valuation metrics based on corporate earnings over the past decade, or Wall Street&#39;s expectations for profits and sales over the coming year. Major gauges for measuring how expensive stocks have become, relative to their fundamentals - including the earnings and sales these companies stand to reap - send a similar message: Prices for U.S. large-cap stocks haven&#39;t been this elevated since at least 2021. That was right before the bull market that followed the advent of the COVID-19 pandemic reached a peak.</p><p>For many investors, high valuations can be reason enough to question whether stocks look like a smart buy at current prices. But strategists who spoke with MarketWatch also offered a word of caution: just because stocks look expensive, doesn&#39;t mean they can&#39;t get more expensive.</p><p>&#34;What we&#39;ve found is that valuations aren&#39;t a particularly good timing indicator,&#34; said Rob Haworth, senior investment strategist at U.S. Bank, during an interview with MarketWatch.</p><p>Keep that in mind while perusing the five charts below, which offer a picture of some of the most commonly used metrics employed by financial analysts.</p><h3 id=\"id_4232437895\">CAPE</h3><p>The CAPE ratio, or cyclically adjusted price-to-earnings ratio, compares the price of a stock (or index) to average earnings over the previous decade, while taking care to adjust for inflation.</p><p>It was developed by Robert Shiller, an American economist and a Nobel Prize laureate in economics.</p><p>For the S&amp;P 500 SPX, the ratio rose as high as 38.11 in November, its highest level since late 2021, according to data featured on a website maintained by Shiller. Prior to that, it has only been higher around the peak of the dot-com bubble.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/9f8dfd3ad811863971e721736ce19c33\" tg-width=\"600\" tg-height=\"800\"/></p><h3 id=\"id_340986063\">Price-to-sales</h3><p>The forward price-to-sales ratio also has been giving investors dot-com-era vibes.</p><p>The level of the S&amp;P 500 compared with its member firms&#39; expected earnings over the coming year rose as high as 2.98 earlier this month. At that level, it has surpassed its recent highs from 2021, and was nearing its record peak north of 3 from the summer of 2000.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/4f4e90debd787ce9a6e4bac142d0676a\" tg-width=\"600\" tg-height=\"800\"/></p><p>Most equity strategists consider a price-to-sales ratio above 3 to be extremely expensive.</p><p>However, individual stocks also trade at many times that level, including Palantir Inc. <a href=\"https://laohu8.com/S/PLTR\">$(PLTR)$</a>, which recently boasted a forward price-to-sales ratio just shy of 40, according to FactSet data.</p><p>Steve Sosnick, chief strategist at Interactive Brokers, said that in some ways, price-to-sales offers a more accurate picture of a stock&#39;s valuation.</p><p>That&#39;s because companies have far less discretion to make adjustments to raw revenue numbers.</p><p>&#34;It&#39;s easier for companies to massage their earnings than it is to massage revenues or cash flows,&#34; Sosnick told MarketWatch during an interview.</p><h3 id=\"id_3446670872\">Price-to-earnings</h3><p>This was, perhaps, the most widely used of the metrics included here.</p><p>The forward price-to-earnings ratio for the S&amp;P 500 crossed above 22 in November for the first time since 2021, Dow Jones Market Data showed. This means stocks were richly valued relative to the profits these firms were expected to generate over the next 12 months.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/75c0efd37c59ffd5176361382c39f5c7\" tg-width=\"600\" tg-height=\"800\"/></p><h3 id=\"id_1182956212\">The Buffett Indicator</h3><p>Relative to the size of the U.S. economy, stocks have never been more expensive.</p><p>Taken together, every stock in the S&amp;P 500 was worth 1.7 times the entire U.S. gross domestic product as of the end of the third quarter this past week.</p><p>Some call this &#34;the Buffett Indicator,&#34; although we should clarify that the standard version of the Buffett Indicator uses the Wilshire 5000, an index that captures all actively traded U.S. stocks, rather than the S&amp;P 500.</p><p>But given that the S&amp;P 500 captures the majority of total U.S. stock-market value, there lately has been very little daylight between the two ratios.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/bccfba260929713734b73d7aa89d0ad8\" tg-width=\"600\" tg-height=\"800\"/></p><p>The indicator got its name from a comment Berkshire Hathaway Chief Executive Officer Warren Buffett once made to a reporter years ago, when he said that comparing the market capitalization of all U.S. stocks to the size of the U.S. economy offered the clearest picture of where valuations stand at any given moment.</p><p>However, the &#34;Oracle of Omaha&#34; has since distanced himself from his namesake indicator. One of Buffett&#39;s assistants told MarketWatch a few months ago that throughout his adult life, Buffett has cautioned against trying to predict stock-market behavior.</p><p>Recently, some investors have been paying more attention to another Buffett indicator - the man himself. Berkshire&#39;s decision to sell some stocks and build up its cash reserves has made some on Wall Street nervous.</p><p>Cash and equivalents, plus short-term U.S. Treasury investments, held by the conglomerate rose to $325.2 billion in the third quarter, a record high.</p><p>But before panic sets in, it&#39;s worth pointing out that increases in Berkshire&#39;s cash holdings have had little predictive power for markets in the past, according to one stock-market strategist.</p><h3 id=\"id_666079845\">Equity risk premium</h3><p>Compared with historically elevated returns investors can reap from holding Treasurys backed entirely by the U.S. government, stocks may no longer offer a compelling return, given the additional risk.</p><p>At least, in theory.</p><p>The equity risk premium, which compares the S&amp;P 500&#39;s expected earnings yield with the actual yield on the 10-year Treasury note BX:TMUBMUSD10Y, slumped to its lowest level since 2002 this week, according to MarketWatch&#39;s calculations.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/fc7a568494a59da3c0b3ab0c893a83ea\" tg-width=\"600\" tg-height=\"800\"/></p><p>While a negative premium suggests more risk-averse investors might want to stick with Treasurys and steer clear of stocks, the &#34;ERP&#34; in the past has remained in deeply negative territory for years, while the stock market kept on climbing. That was the case in the late 1990s, and it remained in negative territory as stocks tumbled after the dot-com bubble burst.</p><p>More conservative strategists have been howling about the decline in the ERP largely since the bull-market began. Its decline since the start of 2022 has mostly been driven by a rise in Treasury yields to levels last since before the 2008 financial crisis.</p><h3 id=\"id_407617341\">A new normal?</h3><p>Moreover, while many stocks look expensive, it doesn&#39;t mean investors can&#39;t still find a good deal.</p><p>Small-cap and mid-cap stocks still look relatively cheap, several strategists told MarketWatch. Underperforming S&amp;P 500 sectors remain, like healthcare stocks, materials and real-estate investment trusts.</p><p>But before diving into the bargain bin, it&#39;s worth considering that the higher valuations of today might actually be justified. Some analysts think comparing today&#39;s stock market to the market of yesteryear simply doesn&#39;t make much sense.</p><p>That&#39;s because, since the 1990s, the technology boom unleashed by the internet has changed many aspects of the U.S. economy.</p><p>And as long as companies like Microsoft Corp. <a href=\"https://laohu8.com/S/MSFT\">$(MSFT)$</a>, Apple Inc. <a href=\"https://laohu8.com/S/AAPL\">$(AAPL)$</a> and Nvidia Corp. <a href=\"https://laohu8.com/S/NVDA\">$(NVDA)$</a> can defend the sizable moats surrounding their businesses and continue growing earnings at a solid pace, investors have good reason to pay a premium for their shares, according to Nicholas Colas, co-founder of DataTrek Research.</p><p>Indeed, many of the biggest companies in the S&amp;P 500 boast wider profit margins and lower debt than their predecessors from decades past. These firms tend to be &#34;asset light,&#34; meaning they don&#39;t require heavy investment in factories and other capital goods. Because of this, their earnings have been much more stable from quarter to quarter.</p><p>All of this helps to justify higher earnings multiples, according to Ohsung Kwon, a strategist at Bank of America global research.</p><p>&#34;Yes, valuations are more expensive today versus historical levels for sure,&#34; Kwon said. &#34;But there are reasons why multiples should be higher.&#34;</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0894486033.HKD":"SCHRODER ISF GLOBAL MULTI-ASSET INCOME \"A\" (HKD) INC MF",".DJI":"道琼斯","IE00B5949003.HKD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A\" (HKD) ACC","SQQQ":"纳指三倍做空ETF",".IXIC":"NASDAQ Composite","BK4503":"景林资产持仓",".SPX":"S&P 500 Index","QQQ":"纳指100ETF","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","LU0251132253.USD":"FIDELITY FUNDS  GLOBAL THEMATIC OPPORTUNITIES \"A\" (USD) ACC","BK4538":"云计算","TQQQ":"纳指三倍做多ETF","LU1804176565.USD":"EASTSPRING INV GLOBAL GROWTH EQUITY \"A\" (USD) ACC","IE00B4JS1V06.HKD":"JANUS HENDERSON BALANCED \"A2\" (HKD) ACC","LU1340139317.AUD":"JPMorgan Investment Funds - Global Macro Opportunities A (acc) AUD-H","LU2362541273.HKD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (HKD) ACC","LU2552382058.USD":"WELLINGTON US BRAND POWER \"A\" (USD) ACC","LU1564329461.SGD":"Blackrock Dynamic High Income A6 SGD-H","LU0642271901.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD-H","LU0820562030.AUD":"ALLIANZ INCOME AND GROWTH \"AMH2\" (AUDHDG) H2 INC","LU0648001328.SGD":"Natixis Harris Associates US Equity RA SGD","LU1712237335.SGD":"Natixis Mirova Global Sustainable Equity H-R-NPF/A SGD","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","SG9999002232.USD":"Allianz Global High Payout USD","IE00BFXG0V08.USD":"BNY MELLON GLOBAL LEADERS \"B\" (USD) ACC"},"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2483590736","content_text":"A popular metric shows stocks haven't been this richly valued since the dot-com eraThere's no getting around it. Shares of America's largest companies have been looking pretty expensive lately.The thinking holds whether looking at valuation metrics based on corporate earnings over the past decade, or Wall Street's expectations for profits and sales over the coming year. Major gauges for measuring how expensive stocks have become, relative to their fundamentals - including the earnings and sales these companies stand to reap - send a similar message: Prices for U.S. large-cap stocks haven't been this elevated since at least 2021. That was right before the bull market that followed the advent of the COVID-19 pandemic reached a peak.For many investors, high valuations can be reason enough to question whether stocks look like a smart buy at current prices. But strategists who spoke with MarketWatch also offered a word of caution: just because stocks look expensive, doesn't mean they can't get more expensive.\"What we've found is that valuations aren't a particularly good timing indicator,\" said Rob Haworth, senior investment strategist at U.S. Bank, during an interview with MarketWatch.Keep that in mind while perusing the five charts below, which offer a picture of some of the most commonly used metrics employed by financial analysts.CAPEThe CAPE ratio, or cyclically adjusted price-to-earnings ratio, compares the price of a stock (or index) to average earnings over the previous decade, while taking care to adjust for inflation.It was developed by Robert Shiller, an American economist and a Nobel Prize laureate in economics.For the S&P 500 SPX, the ratio rose as high as 38.11 in November, its highest level since late 2021, according to data featured on a website maintained by Shiller. Prior to that, it has only been higher around the peak of the dot-com bubble.Price-to-salesThe forward price-to-sales ratio also has been giving investors dot-com-era vibes.The level of the S&P 500 compared with its member firms' expected earnings over the coming year rose as high as 2.98 earlier this month. At that level, it has surpassed its recent highs from 2021, and was nearing its record peak north of 3 from the summer of 2000.Most equity strategists consider a price-to-sales ratio above 3 to be extremely expensive.However, individual stocks also trade at many times that level, including Palantir Inc. $(PLTR)$, which recently boasted a forward price-to-sales ratio just shy of 40, according to FactSet data.Steve Sosnick, chief strategist at Interactive Brokers, said that in some ways, price-to-sales offers a more accurate picture of a stock's valuation.That's because companies have far less discretion to make adjustments to raw revenue numbers.\"It's easier for companies to massage their earnings than it is to massage revenues or cash flows,\" Sosnick told MarketWatch during an interview.Price-to-earningsThis was, perhaps, the most widely used of the metrics included here.The forward price-to-earnings ratio for the S&P 500 crossed above 22 in November for the first time since 2021, Dow Jones Market Data showed. This means stocks were richly valued relative to the profits these firms were expected to generate over the next 12 months.The Buffett IndicatorRelative to the size of the U.S. economy, stocks have never been more expensive.Taken together, every stock in the S&P 500 was worth 1.7 times the entire U.S. gross domestic product as of the end of the third quarter this past week.Some call this \"the Buffett Indicator,\" although we should clarify that the standard version of the Buffett Indicator uses the Wilshire 5000, an index that captures all actively traded U.S. stocks, rather than the S&P 500.But given that the S&P 500 captures the majority of total U.S. stock-market value, there lately has been very little daylight between the two ratios.The indicator got its name from a comment Berkshire Hathaway Chief Executive Officer Warren Buffett once made to a reporter years ago, when he said that comparing the market capitalization of all U.S. stocks to the size of the U.S. economy offered the clearest picture of where valuations stand at any given moment.However, the \"Oracle of Omaha\" has since distanced himself from his namesake indicator. One of Buffett's assistants told MarketWatch a few months ago that throughout his adult life, Buffett has cautioned against trying to predict stock-market behavior.Recently, some investors have been paying more attention to another Buffett indicator - the man himself. Berkshire's decision to sell some stocks and build up its cash reserves has made some on Wall Street nervous.Cash and equivalents, plus short-term U.S. Treasury investments, held by the conglomerate rose to $325.2 billion in the third quarter, a record high.But before panic sets in, it's worth pointing out that increases in Berkshire's cash holdings have had little predictive power for markets in the past, according to one stock-market strategist.Equity risk premiumCompared with historically elevated returns investors can reap from holding Treasurys backed entirely by the U.S. government, stocks may no longer offer a compelling return, given the additional risk.At least, in theory.The equity risk premium, which compares the S&P 500's expected earnings yield with the actual yield on the 10-year Treasury note BX:TMUBMUSD10Y, slumped to its lowest level since 2002 this week, according to MarketWatch's calculations.While a negative premium suggests more risk-averse investors might want to stick with Treasurys and steer clear of stocks, the \"ERP\" in the past has remained in deeply negative territory for years, while the stock market kept on climbing. That was the case in the late 1990s, and it remained in negative territory as stocks tumbled after the dot-com bubble burst.More conservative strategists have been howling about the decline in the ERP largely since the bull-market began. Its decline since the start of 2022 has mostly been driven by a rise in Treasury yields to levels last since before the 2008 financial crisis.A new normal?Moreover, while many stocks look expensive, it doesn't mean investors can't still find a good deal.Small-cap and mid-cap stocks still look relatively cheap, several strategists told MarketWatch. Underperforming S&P 500 sectors remain, like healthcare stocks, materials and real-estate investment trusts.But before diving into the bargain bin, it's worth considering that the higher valuations of today might actually be justified. Some analysts think comparing today's stock market to the market of yesteryear simply doesn't make much sense.That's because, since the 1990s, the technology boom unleashed by the internet has changed many aspects of the U.S. economy.And as long as companies like Microsoft Corp. $(MSFT)$, Apple Inc. $(AAPL)$ and Nvidia Corp. $(NVDA)$ can defend the sizable moats surrounding their businesses and continue growing earnings at a solid pace, investors have good reason to pay a premium for their shares, according to Nicholas Colas, co-founder of DataTrek Research.Indeed, many of the biggest companies in the S&P 500 boast wider profit margins and lower debt than their predecessors from decades past. These firms tend to be \"asset light,\" meaning they don't require heavy investment in factories and other capital goods. Because of this, their earnings have been much more stable from quarter to quarter.All of this helps to justify higher earnings multiples, according to Ohsung Kwon, a strategist at Bank of America global research.\"Yes, valuations are more expensive today versus historical levels for sure,\" Kwon said. \"But there are reasons why multiples should be higher.\"","news_type":1},"isVote":1,"tweetType":1,"viewCount":134,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":372321478988072,"gmtCreate":1731907917892,"gmtModify":1731907923945,"author":{"id":"4151941377592162","authorId":"4151941377592162","name":"zelia","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4151941377592162","authorIdStr":"4151941377592162"},"themes":[],"htmlText":"Another sour grape....","listText":"Another sour grape....","text":"Another sour grape....","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/372321478988072","repostId":"2483590736","repostType":2,"repost":{"id":"2483590736","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1731902018,"share":"https://ttm.financial/m/news/2483590736?lang=&edition=fundamental","pubTime":"2024-11-18 11:53","market":"nz","language":"en","title":"Stocks Are Crazy Expensive Right Now. These 5 Charts Show Just How Extreme Valuations Have Become","url":"https://stock-news.laohu8.com/highlight/detail?id=2483590736","media":"Dow Jones","summary":"A popular metric shows stocks haven't been this richly valued since the dot-com era. There's no getting around it. Shares of America's largest companies have been looking pretty expensive lately.The thinking holds whether looking at valuation metrics based on corporate earnings over the past decade, or Wall Street's expectations for profits and sales over the coming year. Major gauges for measuring how expensive stocks have become, relative to their fundamentals - including the earnings and sales these companies stand to reap - send a similar message: Prices for U.S. large-cap stocks haven't been this elevated since at least 2021. That was right before the bull market that followed the advent of the COVID-19 pandemic reached a peak.For many investors, high valuations can be reason enough to question whether stocks look like a smart buy at current prices. But strategists who spoke with MarketWatch also offered a word of caution: just because stocks look expensive, doesn't mean they can'","content":"<html><head></head><body><p>A popular metric shows stocks haven&#39;t been this richly valued since the dot-com era</p><p>There&#39;s no getting around it. Shares of America&#39;s largest companies have been looking pretty expensive lately.</p><p>The thinking holds whether looking at valuation metrics based on corporate earnings over the past decade, or Wall Street&#39;s expectations for profits and sales over the coming year. Major gauges for measuring how expensive stocks have become, relative to their fundamentals - including the earnings and sales these companies stand to reap - send a similar message: Prices for U.S. large-cap stocks haven&#39;t been this elevated since at least 2021. That was right before the bull market that followed the advent of the COVID-19 pandemic reached a peak.</p><p>For many investors, high valuations can be reason enough to question whether stocks look like a smart buy at current prices. But strategists who spoke with MarketWatch also offered a word of caution: just because stocks look expensive, doesn&#39;t mean they can&#39;t get more expensive.</p><p>&#34;What we&#39;ve found is that valuations aren&#39;t a particularly good timing indicator,&#34; said Rob Haworth, senior investment strategist at U.S. Bank, during an interview with MarketWatch.</p><p>Keep that in mind while perusing the five charts below, which offer a picture of some of the most commonly used metrics employed by financial analysts.</p><h3 id=\"id_4232437895\">CAPE</h3><p>The CAPE ratio, or cyclically adjusted price-to-earnings ratio, compares the price of a stock (or index) to average earnings over the previous decade, while taking care to adjust for inflation.</p><p>It was developed by Robert Shiller, an American economist and a Nobel Prize laureate in economics.</p><p>For the S&amp;P 500 SPX, the ratio rose as high as 38.11 in November, its highest level since late 2021, according to data featured on a website maintained by Shiller. Prior to that, it has only been higher around the peak of the dot-com bubble.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/9f8dfd3ad811863971e721736ce19c33\" tg-width=\"600\" tg-height=\"800\"/></p><h3 id=\"id_340986063\">Price-to-sales</h3><p>The forward price-to-sales ratio also has been giving investors dot-com-era vibes.</p><p>The level of the S&amp;P 500 compared with its member firms&#39; expected earnings over the coming year rose as high as 2.98 earlier this month. At that level, it has surpassed its recent highs from 2021, and was nearing its record peak north of 3 from the summer of 2000.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/4f4e90debd787ce9a6e4bac142d0676a\" tg-width=\"600\" tg-height=\"800\"/></p><p>Most equity strategists consider a price-to-sales ratio above 3 to be extremely expensive.</p><p>However, individual stocks also trade at many times that level, including Palantir Inc. <a href=\"https://laohu8.com/S/PLTR\">$(PLTR)$</a>, which recently boasted a forward price-to-sales ratio just shy of 40, according to FactSet data.</p><p>Steve Sosnick, chief strategist at Interactive Brokers, said that in some ways, price-to-sales offers a more accurate picture of a stock&#39;s valuation.</p><p>That&#39;s because companies have far less discretion to make adjustments to raw revenue numbers.</p><p>&#34;It&#39;s easier for companies to massage their earnings than it is to massage revenues or cash flows,&#34; Sosnick told MarketWatch during an interview.</p><h3 id=\"id_3446670872\">Price-to-earnings</h3><p>This was, perhaps, the most widely used of the metrics included here.</p><p>The forward price-to-earnings ratio for the S&amp;P 500 crossed above 22 in November for the first time since 2021, Dow Jones Market Data showed. This means stocks were richly valued relative to the profits these firms were expected to generate over the next 12 months.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/75c0efd37c59ffd5176361382c39f5c7\" tg-width=\"600\" tg-height=\"800\"/></p><h3 id=\"id_1182956212\">The Buffett Indicator</h3><p>Relative to the size of the U.S. economy, stocks have never been more expensive.</p><p>Taken together, every stock in the S&amp;P 500 was worth 1.7 times the entire U.S. gross domestic product as of the end of the third quarter this past week.</p><p>Some call this &#34;the Buffett Indicator,&#34; although we should clarify that the standard version of the Buffett Indicator uses the Wilshire 5000, an index that captures all actively traded U.S. stocks, rather than the S&amp;P 500.</p><p>But given that the S&amp;P 500 captures the majority of total U.S. stock-market value, there lately has been very little daylight between the two ratios.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/bccfba260929713734b73d7aa89d0ad8\" tg-width=\"600\" tg-height=\"800\"/></p><p>The indicator got its name from a comment Berkshire Hathaway Chief Executive Officer Warren Buffett once made to a reporter years ago, when he said that comparing the market capitalization of all U.S. stocks to the size of the U.S. economy offered the clearest picture of where valuations stand at any given moment.</p><p>However, the &#34;Oracle of Omaha&#34; has since distanced himself from his namesake indicator. One of Buffett&#39;s assistants told MarketWatch a few months ago that throughout his adult life, Buffett has cautioned against trying to predict stock-market behavior.</p><p>Recently, some investors have been paying more attention to another Buffett indicator - the man himself. Berkshire&#39;s decision to sell some stocks and build up its cash reserves has made some on Wall Street nervous.</p><p>Cash and equivalents, plus short-term U.S. Treasury investments, held by the conglomerate rose to $325.2 billion in the third quarter, a record high.</p><p>But before panic sets in, it&#39;s worth pointing out that increases in Berkshire&#39;s cash holdings have had little predictive power for markets in the past, according to one stock-market strategist.</p><h3 id=\"id_666079845\">Equity risk premium</h3><p>Compared with historically elevated returns investors can reap from holding Treasurys backed entirely by the U.S. government, stocks may no longer offer a compelling return, given the additional risk.</p><p>At least, in theory.</p><p>The equity risk premium, which compares the S&amp;P 500&#39;s expected earnings yield with the actual yield on the 10-year Treasury note BX:TMUBMUSD10Y, slumped to its lowest level since 2002 this week, according to MarketWatch&#39;s calculations.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/fc7a568494a59da3c0b3ab0c893a83ea\" tg-width=\"600\" tg-height=\"800\"/></p><p>While a negative premium suggests more risk-averse investors might want to stick with Treasurys and steer clear of stocks, the &#34;ERP&#34; in the past has remained in deeply negative territory for years, while the stock market kept on climbing. That was the case in the late 1990s, and it remained in negative territory as stocks tumbled after the dot-com bubble burst.</p><p>More conservative strategists have been howling about the decline in the ERP largely since the bull-market began. Its decline since the start of 2022 has mostly been driven by a rise in Treasury yields to levels last since before the 2008 financial crisis.</p><h3 id=\"id_407617341\">A new normal?</h3><p>Moreover, while many stocks look expensive, it doesn&#39;t mean investors can&#39;t still find a good deal.</p><p>Small-cap and mid-cap stocks still look relatively cheap, several strategists told MarketWatch. Underperforming S&amp;P 500 sectors remain, like healthcare stocks, materials and real-estate investment trusts.</p><p>But before diving into the bargain bin, it&#39;s worth considering that the higher valuations of today might actually be justified. Some analysts think comparing today&#39;s stock market to the market of yesteryear simply doesn&#39;t make much sense.</p><p>That&#39;s because, since the 1990s, the technology boom unleashed by the internet has changed many aspects of the U.S. economy.</p><p>And as long as companies like Microsoft Corp. <a href=\"https://laohu8.com/S/MSFT\">$(MSFT)$</a>, Apple Inc. <a href=\"https://laohu8.com/S/AAPL\">$(AAPL)$</a> and Nvidia Corp. <a href=\"https://laohu8.com/S/NVDA\">$(NVDA)$</a> can defend the sizable moats surrounding their businesses and continue growing earnings at a solid pace, investors have good reason to pay a premium for their shares, according to Nicholas Colas, co-founder of DataTrek Research.</p><p>Indeed, many of the biggest companies in the S&amp;P 500 boast wider profit margins and lower debt than their predecessors from decades past. These firms tend to be &#34;asset light,&#34; meaning they don&#39;t require heavy investment in factories and other capital goods. Because of this, their earnings have been much more stable from quarter to quarter.</p><p>All of this helps to justify higher earnings multiples, according to Ohsung Kwon, a strategist at Bank of America global research.</p><p>&#34;Yes, valuations are more expensive today versus historical levels for sure,&#34; Kwon said. &#34;But there are reasons why multiples should be higher.&#34;</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Stocks Are Crazy Expensive Right Now. These 5 Charts Show Just How Extreme Valuations Have Become</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nStocks Are Crazy Expensive Right Now. These 5 Charts Show Just How Extreme Valuations Have Become\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2024-11-18 11:53</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>A popular metric shows stocks haven&#39;t been this richly valued since the dot-com era</p><p>There&#39;s no getting around it. Shares of America&#39;s largest companies have been looking pretty expensive lately.</p><p>The thinking holds whether looking at valuation metrics based on corporate earnings over the past decade, or Wall Street&#39;s expectations for profits and sales over the coming year. Major gauges for measuring how expensive stocks have become, relative to their fundamentals - including the earnings and sales these companies stand to reap - send a similar message: Prices for U.S. large-cap stocks haven&#39;t been this elevated since at least 2021. That was right before the bull market that followed the advent of the COVID-19 pandemic reached a peak.</p><p>For many investors, high valuations can be reason enough to question whether stocks look like a smart buy at current prices. But strategists who spoke with MarketWatch also offered a word of caution: just because stocks look expensive, doesn&#39;t mean they can&#39;t get more expensive.</p><p>&#34;What we&#39;ve found is that valuations aren&#39;t a particularly good timing indicator,&#34; said Rob Haworth, senior investment strategist at U.S. Bank, during an interview with MarketWatch.</p><p>Keep that in mind while perusing the five charts below, which offer a picture of some of the most commonly used metrics employed by financial analysts.</p><h3 id=\"id_4232437895\">CAPE</h3><p>The CAPE ratio, or cyclically adjusted price-to-earnings ratio, compares the price of a stock (or index) to average earnings over the previous decade, while taking care to adjust for inflation.</p><p>It was developed by Robert Shiller, an American economist and a Nobel Prize laureate in economics.</p><p>For the S&amp;P 500 SPX, the ratio rose as high as 38.11 in November, its highest level since late 2021, according to data featured on a website maintained by Shiller. Prior to that, it has only been higher around the peak of the dot-com bubble.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/9f8dfd3ad811863971e721736ce19c33\" tg-width=\"600\" tg-height=\"800\"/></p><h3 id=\"id_340986063\">Price-to-sales</h3><p>The forward price-to-sales ratio also has been giving investors dot-com-era vibes.</p><p>The level of the S&amp;P 500 compared with its member firms&#39; expected earnings over the coming year rose as high as 2.98 earlier this month. At that level, it has surpassed its recent highs from 2021, and was nearing its record peak north of 3 from the summer of 2000.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/4f4e90debd787ce9a6e4bac142d0676a\" tg-width=\"600\" tg-height=\"800\"/></p><p>Most equity strategists consider a price-to-sales ratio above 3 to be extremely expensive.</p><p>However, individual stocks also trade at many times that level, including Palantir Inc. <a href=\"https://laohu8.com/S/PLTR\">$(PLTR)$</a>, which recently boasted a forward price-to-sales ratio just shy of 40, according to FactSet data.</p><p>Steve Sosnick, chief strategist at Interactive Brokers, said that in some ways, price-to-sales offers a more accurate picture of a stock&#39;s valuation.</p><p>That&#39;s because companies have far less discretion to make adjustments to raw revenue numbers.</p><p>&#34;It&#39;s easier for companies to massage their earnings than it is to massage revenues or cash flows,&#34; Sosnick told MarketWatch during an interview.</p><h3 id=\"id_3446670872\">Price-to-earnings</h3><p>This was, perhaps, the most widely used of the metrics included here.</p><p>The forward price-to-earnings ratio for the S&amp;P 500 crossed above 22 in November for the first time since 2021, Dow Jones Market Data showed. This means stocks were richly valued relative to the profits these firms were expected to generate over the next 12 months.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/75c0efd37c59ffd5176361382c39f5c7\" tg-width=\"600\" tg-height=\"800\"/></p><h3 id=\"id_1182956212\">The Buffett Indicator</h3><p>Relative to the size of the U.S. economy, stocks have never been more expensive.</p><p>Taken together, every stock in the S&amp;P 500 was worth 1.7 times the entire U.S. gross domestic product as of the end of the third quarter this past week.</p><p>Some call this &#34;the Buffett Indicator,&#34; although we should clarify that the standard version of the Buffett Indicator uses the Wilshire 5000, an index that captures all actively traded U.S. stocks, rather than the S&amp;P 500.</p><p>But given that the S&amp;P 500 captures the majority of total U.S. stock-market value, there lately has been very little daylight between the two ratios.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/bccfba260929713734b73d7aa89d0ad8\" tg-width=\"600\" tg-height=\"800\"/></p><p>The indicator got its name from a comment Berkshire Hathaway Chief Executive Officer Warren Buffett once made to a reporter years ago, when he said that comparing the market capitalization of all U.S. stocks to the size of the U.S. economy offered the clearest picture of where valuations stand at any given moment.</p><p>However, the &#34;Oracle of Omaha&#34; has since distanced himself from his namesake indicator. One of Buffett&#39;s assistants told MarketWatch a few months ago that throughout his adult life, Buffett has cautioned against trying to predict stock-market behavior.</p><p>Recently, some investors have been paying more attention to another Buffett indicator - the man himself. Berkshire&#39;s decision to sell some stocks and build up its cash reserves has made some on Wall Street nervous.</p><p>Cash and equivalents, plus short-term U.S. Treasury investments, held by the conglomerate rose to $325.2 billion in the third quarter, a record high.</p><p>But before panic sets in, it&#39;s worth pointing out that increases in Berkshire&#39;s cash holdings have had little predictive power for markets in the past, according to one stock-market strategist.</p><h3 id=\"id_666079845\">Equity risk premium</h3><p>Compared with historically elevated returns investors can reap from holding Treasurys backed entirely by the U.S. government, stocks may no longer offer a compelling return, given the additional risk.</p><p>At least, in theory.</p><p>The equity risk premium, which compares the S&amp;P 500&#39;s expected earnings yield with the actual yield on the 10-year Treasury note BX:TMUBMUSD10Y, slumped to its lowest level since 2002 this week, according to MarketWatch&#39;s calculations.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/fc7a568494a59da3c0b3ab0c893a83ea\" tg-width=\"600\" tg-height=\"800\"/></p><p>While a negative premium suggests more risk-averse investors might want to stick with Treasurys and steer clear of stocks, the &#34;ERP&#34; in the past has remained in deeply negative territory for years, while the stock market kept on climbing. That was the case in the late 1990s, and it remained in negative territory as stocks tumbled after the dot-com bubble burst.</p><p>More conservative strategists have been howling about the decline in the ERP largely since the bull-market began. Its decline since the start of 2022 has mostly been driven by a rise in Treasury yields to levels last since before the 2008 financial crisis.</p><h3 id=\"id_407617341\">A new normal?</h3><p>Moreover, while many stocks look expensive, it doesn&#39;t mean investors can&#39;t still find a good deal.</p><p>Small-cap and mid-cap stocks still look relatively cheap, several strategists told MarketWatch. Underperforming S&amp;P 500 sectors remain, like healthcare stocks, materials and real-estate investment trusts.</p><p>But before diving into the bargain bin, it&#39;s worth considering that the higher valuations of today might actually be justified. Some analysts think comparing today&#39;s stock market to the market of yesteryear simply doesn&#39;t make much sense.</p><p>That&#39;s because, since the 1990s, the technology boom unleashed by the internet has changed many aspects of the U.S. economy.</p><p>And as long as companies like Microsoft Corp. <a href=\"https://laohu8.com/S/MSFT\">$(MSFT)$</a>, Apple Inc. <a href=\"https://laohu8.com/S/AAPL\">$(AAPL)$</a> and Nvidia Corp. <a href=\"https://laohu8.com/S/NVDA\">$(NVDA)$</a> can defend the sizable moats surrounding their businesses and continue growing earnings at a solid pace, investors have good reason to pay a premium for their shares, according to Nicholas Colas, co-founder of DataTrek Research.</p><p>Indeed, many of the biggest companies in the S&amp;P 500 boast wider profit margins and lower debt than their predecessors from decades past. These firms tend to be &#34;asset light,&#34; meaning they don&#39;t require heavy investment in factories and other capital goods. Because of this, their earnings have been much more stable from quarter to quarter.</p><p>All of this helps to justify higher earnings multiples, according to Ohsung Kwon, a strategist at Bank of America global research.</p><p>&#34;Yes, valuations are more expensive today versus historical levels for sure,&#34; Kwon said. &#34;But there are reasons why multiples should be higher.&#34;</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0894486033.HKD":"SCHRODER ISF GLOBAL MULTI-ASSET INCOME \"A\" (HKD) INC MF",".DJI":"道琼斯","IE00B5949003.HKD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A\" (HKD) ACC","SQQQ":"纳指三倍做空ETF",".IXIC":"NASDAQ Composite","BK4503":"景林资产持仓",".SPX":"S&P 500 Index","QQQ":"纳指100ETF","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","LU0251132253.USD":"FIDELITY FUNDS  GLOBAL THEMATIC OPPORTUNITIES \"A\" (USD) ACC","BK4538":"云计算","TQQQ":"纳指三倍做多ETF","LU1804176565.USD":"EASTSPRING INV GLOBAL GROWTH EQUITY \"A\" (USD) ACC","IE00B4JS1V06.HKD":"JANUS HENDERSON BALANCED \"A2\" (HKD) ACC","LU1340139317.AUD":"JPMorgan Investment Funds - Global Macro Opportunities A (acc) AUD-H","LU2362541273.HKD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (HKD) ACC","LU2552382058.USD":"WELLINGTON US BRAND POWER \"A\" (USD) ACC","LU1564329461.SGD":"Blackrock Dynamic High Income A6 SGD-H","LU0642271901.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD-H","LU0820562030.AUD":"ALLIANZ INCOME AND GROWTH \"AMH2\" (AUDHDG) H2 INC","LU0648001328.SGD":"Natixis Harris Associates US Equity RA SGD","LU1712237335.SGD":"Natixis Mirova Global Sustainable Equity H-R-NPF/A SGD","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","SG9999002232.USD":"Allianz Global High Payout USD","IE00BFXG0V08.USD":"BNY MELLON GLOBAL LEADERS \"B\" (USD) ACC"},"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2483590736","content_text":"A popular metric shows stocks haven't been this richly valued since the dot-com eraThere's no getting around it. Shares of America's largest companies have been looking pretty expensive lately.The thinking holds whether looking at valuation metrics based on corporate earnings over the past decade, or Wall Street's expectations for profits and sales over the coming year. Major gauges for measuring how expensive stocks have become, relative to their fundamentals - including the earnings and sales these companies stand to reap - send a similar message: Prices for U.S. large-cap stocks haven't been this elevated since at least 2021. That was right before the bull market that followed the advent of the COVID-19 pandemic reached a peak.For many investors, high valuations can be reason enough to question whether stocks look like a smart buy at current prices. But strategists who spoke with MarketWatch also offered a word of caution: just because stocks look expensive, doesn't mean they can't get more expensive.\"What we've found is that valuations aren't a particularly good timing indicator,\" said Rob Haworth, senior investment strategist at U.S. Bank, during an interview with MarketWatch.Keep that in mind while perusing the five charts below, which offer a picture of some of the most commonly used metrics employed by financial analysts.CAPEThe CAPE ratio, or cyclically adjusted price-to-earnings ratio, compares the price of a stock (or index) to average earnings over the previous decade, while taking care to adjust for inflation.It was developed by Robert Shiller, an American economist and a Nobel Prize laureate in economics.For the S&P 500 SPX, the ratio rose as high as 38.11 in November, its highest level since late 2021, according to data featured on a website maintained by Shiller. Prior to that, it has only been higher around the peak of the dot-com bubble.Price-to-salesThe forward price-to-sales ratio also has been giving investors dot-com-era vibes.The level of the S&P 500 compared with its member firms' expected earnings over the coming year rose as high as 2.98 earlier this month. At that level, it has surpassed its recent highs from 2021, and was nearing its record peak north of 3 from the summer of 2000.Most equity strategists consider a price-to-sales ratio above 3 to be extremely expensive.However, individual stocks also trade at many times that level, including Palantir Inc. $(PLTR)$, which recently boasted a forward price-to-sales ratio just shy of 40, according to FactSet data.Steve Sosnick, chief strategist at Interactive Brokers, said that in some ways, price-to-sales offers a more accurate picture of a stock's valuation.That's because companies have far less discretion to make adjustments to raw revenue numbers.\"It's easier for companies to massage their earnings than it is to massage revenues or cash flows,\" Sosnick told MarketWatch during an interview.Price-to-earningsThis was, perhaps, the most widely used of the metrics included here.The forward price-to-earnings ratio for the S&P 500 crossed above 22 in November for the first time since 2021, Dow Jones Market Data showed. This means stocks were richly valued relative to the profits these firms were expected to generate over the next 12 months.The Buffett IndicatorRelative to the size of the U.S. economy, stocks have never been more expensive.Taken together, every stock in the S&P 500 was worth 1.7 times the entire U.S. gross domestic product as of the end of the third quarter this past week.Some call this \"the Buffett Indicator,\" although we should clarify that the standard version of the Buffett Indicator uses the Wilshire 5000, an index that captures all actively traded U.S. stocks, rather than the S&P 500.But given that the S&P 500 captures the majority of total U.S. stock-market value, there lately has been very little daylight between the two ratios.The indicator got its name from a comment Berkshire Hathaway Chief Executive Officer Warren Buffett once made to a reporter years ago, when he said that comparing the market capitalization of all U.S. stocks to the size of the U.S. economy offered the clearest picture of where valuations stand at any given moment.However, the \"Oracle of Omaha\" has since distanced himself from his namesake indicator. One of Buffett's assistants told MarketWatch a few months ago that throughout his adult life, Buffett has cautioned against trying to predict stock-market behavior.Recently, some investors have been paying more attention to another Buffett indicator - the man himself. Berkshire's decision to sell some stocks and build up its cash reserves has made some on Wall Street nervous.Cash and equivalents, plus short-term U.S. Treasury investments, held by the conglomerate rose to $325.2 billion in the third quarter, a record high.But before panic sets in, it's worth pointing out that increases in Berkshire's cash holdings have had little predictive power for markets in the past, according to one stock-market strategist.Equity risk premiumCompared with historically elevated returns investors can reap from holding Treasurys backed entirely by the U.S. government, stocks may no longer offer a compelling return, given the additional risk.At least, in theory.The equity risk premium, which compares the S&P 500's expected earnings yield with the actual yield on the 10-year Treasury note BX:TMUBMUSD10Y, slumped to its lowest level since 2002 this week, according to MarketWatch's calculations.While a negative premium suggests more risk-averse investors might want to stick with Treasurys and steer clear of stocks, the \"ERP\" in the past has remained in deeply negative territory for years, while the stock market kept on climbing. That was the case in the late 1990s, and it remained in negative territory as stocks tumbled after the dot-com bubble burst.More conservative strategists have been howling about the decline in the ERP largely since the bull-market began. Its decline since the start of 2022 has mostly been driven by a rise in Treasury yields to levels last since before the 2008 financial crisis.A new normal?Moreover, while many stocks look expensive, it doesn't mean investors can't still find a good deal.Small-cap and mid-cap stocks still look relatively cheap, several strategists told MarketWatch. Underperforming S&P 500 sectors remain, like healthcare stocks, materials and real-estate investment trusts.But before diving into the bargain bin, it's worth considering that the higher valuations of today might actually be justified. Some analysts think comparing today's stock market to the market of yesteryear simply doesn't make much sense.That's because, since the 1990s, the technology boom unleashed by the internet has changed many aspects of the U.S. economy.And as long as companies like Microsoft Corp. $(MSFT)$, Apple Inc. $(AAPL)$ and Nvidia Corp. $(NVDA)$ can defend the sizable moats surrounding their businesses and continue growing earnings at a solid pace, investors have good reason to pay a premium for their shares, according to Nicholas Colas, co-founder of DataTrek Research.Indeed, many of the biggest companies in the S&P 500 boast wider profit margins and lower debt than their predecessors from decades past. These firms tend to be \"asset light,\" meaning they don't require heavy investment in factories and other capital goods. Because of this, their earnings have been much more stable from quarter to quarter.All of this helps to justify higher earnings multiples, according to Ohsung Kwon, a strategist at Bank of America global research.\"Yes, valuations are more expensive today versus historical levels for sure,\" Kwon said. \"But there are reasons why multiples should be higher.\"","news_type":1},"isVote":1,"tweetType":1,"viewCount":154,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":371879335067960,"gmtCreate":1731830572819,"gmtModify":1731830577025,"author":{"id":"4151941377592162","authorId":"4151941377592162","name":"zelia","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4151941377592162","authorIdStr":"4151941377592162"},"themes":[],"htmlText":"So many sour grapes here who missed the rally. Sour grapes&nbsp;","listText":"So many sour grapes here who missed the rally. Sour grapes&nbsp;","text":"So many sour grapes here who missed the rally. Sour grapes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/371879335067960","repostId":"2483945685","repostType":2,"repost":{"id":"2483945685","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1731804456,"share":"https://ttm.financial/m/news/2483945685?lang=&edition=fundamental","pubTime":"2024-11-17 08:47","market":"hk","language":"en","title":"The Withering Dream of a Cheap American Electric Car","url":"https://stock-news.laohu8.com/highlight/detail?id=2483945685","media":"Dow Jones","summary":"The dream of a $25,000 electric vehicle for U.S. drivers is in trouble.Elon Musk has abandoned it. President-elect Donald Trump is unlikely to help. And the current economics of the U.S. auto industry don't support it.The key problem: America doesn't really sell cheap new cars anymore.Why would any automaker offer an EV -- with all of that costly technology -- at a price point that's half of what the average new vehicle goes for these days?Lucid which has begun taking orders for its coming $90,000 version of the new electric SUV called the Gravity, aims to bring out a more affordable midsize vehicle to compete against the Tesla Model Y in late 2026. That vehicle is said to cost less than $50,000, but a cheap EV is something Rawlinson said he would only support by licensing his technology to another company.A slowdown in the rate of EV sales growth has complicated the picture. So has the growing anticipation that the new Trump administration will eliminate federal tax credits that have ","content":"<html><head></head><body><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/f84d4eadce68c2473c982dcb5199c769\" alt=\"Lucid under Peter Rawlinson has begun taking orders for its coming $90,000 version of a new electric SUV. Photo: Helynn Ospina for WSJ\" title=\"Lucid under Peter Rawlinson has begun taking orders for its coming $90,000 version of a new electric SUV. Photo: Helynn Ospina for WSJ\" tg-width=\"700\" tg-height=\"875\"/><span>Lucid under Peter Rawlinson has begun taking orders for its coming $90,000 version of a new electric SUV. Photo: Helynn Ospina for WSJ</span></p><p>By Tim Higgins</p><p>The dream of a $25,000 electric vehicle for U.S. drivers is in trouble.</p><p>Elon Musk has abandoned it. President-elect Donald Trump is unlikely to help. And the current economics of the U.S. auto industry don&#39;t support it.</p><p>The key problem: America doesn&#39;t really sell cheap new cars anymore.</p><p>Why would any automaker offer an EV -- with all of that costly technology -- at a price point that&#39;s half of what the average new vehicle goes for these days?</p><p>&#34;I think having a regular $25,000 model is pointless,&#34; Musk said a few weeks ago. &#34;It would be silly.&#34;</p><p>Yes, the chief executive says Tesla is still working on a $25,000 robotaxi to arrive in 2026. But for those who don&#39;t think his driverless cars are actually going to happen by then or for Luddites who just want to buy a new $25,000 EV with a steering wheel and pedals -- no luck.</p><p>Musk isn&#39;t alone in taking a sour view of making a cheap EV for the U.S.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/e5d55a098786e56c1db04690d64f2db9\" alt=\"A Cybercab robotaxi prototype at a Tesla store in San Jose, Calif., this month. Photo: David Paul Morris/Bloomberg\" title=\"A Cybercab robotaxi prototype at a Tesla store in San Jose, Calif., this month. Photo: David Paul Morris/Bloomberg\" tg-width=\"700\" tg-height=\"466\"/><span>A Cybercab robotaxi prototype at a Tesla store in San Jose, Calif., this month. Photo: David Paul Morris/Bloomberg</span></p><p>&#34;That market sucks,&#34; Peter Rawlinson, chief executive of Lucid Motors, told me and my colleague Christopher Mims for our new podcast, called &#34;Bold Names.&#34;</p><p>Lucid which has begun taking orders for its coming $90,000 version of the new electric SUV called the Gravity, aims to bring out a more affordable midsize vehicle to compete against the Tesla Model Y in late 2026. That vehicle is said to cost less than $50,000, but a cheap EV is something Rawlinson said he would only support by licensing his technology to another company.</p><p>&#34;That market is notorious because you get into mass manufacture -- terrible, low margins,&#34; he said of the low-price EVs. &#34;To install the manufacturing base for millions of these units makes little sense to me.&#34;</p><p>Abandoning the idea of a $25,000 car comes as a blow to those who were betting that the electrification of the automobile was on track to happen seemingly overnight -- with EVs for every pocketbook replacing the tens of millions of vehicles on the roadways.</p><p>Instead, we&#39;ve swung back to a belief that the transition, at least in the U.S., is going to be slower.</p><p>Musk upended the car industry almost two years ago with his incredible claims about Tesla&#39;s ability to slash costs as it sought to develop a lower-priced EV while at the same time starting a price war by cutting the prices of the Model 3 sedan and Model Y sport-utility vehicle.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/d1c19151eaf12aa963979a613d6d3511\" alt=\"Rawlinson presenting the Lucid Gravity at the Los Angeles Auto Show in November 2023. Photo: Robyn Beck/AFP/Getty Images\" title=\"Rawlinson presenting the Lucid Gravity at the Los Angeles Auto Show in November 2023. Photo: Robyn Beck/AFP/Getty Images\" tg-width=\"700\" tg-height=\"466\"/><span>Rawlinson presenting the Lucid Gravity at the Los Angeles Auto Show in November 2023. Photo: Robyn Beck/AFP/Getty Images</span></p><p>Rivals, lest they be left behind Tesla and its now-discarded claims, have aimed for cheap EVs of their own. But their broader efforts to electrify have been running into trouble. Ford Motor, for example, last month said it was pausing production of its electric F-150 Lightning, which starts at around $63,000, in the midst of slumping demand.</p><p>A slowdown in the rate of EV sales growth has complicated the picture. So has the growing anticipation that the new Trump administration will eliminate federal tax credits that have made EVs more affordable for buyers. The cheapest car Tesla currently sells in the U.S. starts at around $43,000 -- or $35,500 with a federal tax credit of $7,500.</p><p>Building and selling a cheap car for the U.S. -- EV or not -- was already difficult.</p><p>To start, profits can be thin. And that&#39;s before adding expensive batteries to the equation, before inflation jacked prices up for everything, and before Chinese rivals got really, really good at making really, really inexpensive EVs of their own.</p><p>A lot of attention has focused on the fact that new cars, like everything these days, just cost way more than they used to.</p><p>The average transaction price for a new vehicle sold in the U.S. last month was $48,623, according to Kelley Blue Book, roughly $10,000 higher than in 2019, before the pandemic.</p><p>A decade ago, about 40% of the new-vehicle transactions in the U.S. were less than $25,000, including incentives and discounts, according to the researcher J.D. Power. This year, that figure is 9%.</p><p>In 2020, when Musk fanned the flames of excitement for a $25,000 car that he said was in the offing, the new-vehicle market in the U.S. was a much different thing. Even then, roughly a quarter of the new-vehicle transactions were for less than $25,000.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/1cfaf5aca179b0fa933c52a7f40d82d9\" alt=\"A cheap EV is something Rawlinson says he would only support by licensing technology to another company. Photo: Helynn Ospina for WSJ\" title=\"A cheap EV is something Rawlinson says he would only support by licensing technology to another company. Photo: Helynn Ospina for WSJ\" tg-width=\"700\" tg-height=\"466\"/><span>A cheap EV is something Rawlinson says he would only support by licensing technology to another company. Photo: Helynn Ospina for WSJ</span></p><p>A year later, according to J.D. Power, it was 15%. It then fell to 6% before slightly rebounding this year as car companies offered deals to help move vehicles as higher interest rates made buying a car harder for some.</p><p>What happened? The pandemic. Prices shot up -- first in the midst of supply shortages, and then they stayed high as automakers adjusted their lineup to cut out low-profit vehicles.</p><p>&#34;As automakers were profit maximizing during the supply chain crisis era, you are going to prioritize the bigger vehicles, the more expensive vehicles with their higher margins,&#34; Tyson Jominy, vice president of data and analytics at J.D. Power, told me. &#34;Now we just don&#39;t have&#34; these cheaper models.</p><p>Today, just four models account for more than two-thirds of all vehicles with suggested retail prices of less than $25,000 in the U.S. -- Toyota&#39;s Corolla, Kia&#39;s Forte, Nissan&#39;s Sentra and Chevrolet&#39;s Trax.</p><p>It isn&#39;t as though people don&#39;t want cheap cars. Now, many are just left buying used cars.</p><p>What has Western automotive executives&#39; stomachs churning is that they might have inadvertently left a huge opening for Chinese rivals who have shown an ability to build inexpensive EVs that consumers outside the U.S. are gobbling up.</p><p>While Trump has promised even heftier tariffs to effectively keep Chinese imports out, the president-elect has suggested he might be open to Chinese automakers&#39; setting up factories in the U.S. -- though such a move would mean their labor costs would surely increase compared with what they&#39;re accustomed to back home.</p><p>Even for Musk, though, the world seems to be shifting quickly. He has said Tesla sales could rise as much as 30% next year by offering cheaper versions of existing models.</p><p>&#34;The amount of work required to make a lower-cost car is insanely high,&#34; Musk told analysts in October. &#34;It is harder to get like 20% of the cost out of a car than it is to design the car and build the entire factory in the first place -- it&#39;s like excruciating.&#34;</p><p>He added: &#34;There&#39;s not a lot of movies made about the heroes who got 20% of the cost out of a car, but let me tell you, there should be.&#34;</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Withering Dream of a Cheap American Electric Car</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Withering Dream of a Cheap American Electric Car\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2024-11-17 08:47</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/f84d4eadce68c2473c982dcb5199c769\" alt=\"Lucid under Peter Rawlinson has begun taking orders for its coming $90,000 version of a new electric SUV. Photo: Helynn Ospina for WSJ\" title=\"Lucid under Peter Rawlinson has begun taking orders for its coming $90,000 version of a new electric SUV. Photo: Helynn Ospina for WSJ\" tg-width=\"700\" tg-height=\"875\"/><span>Lucid under Peter Rawlinson has begun taking orders for its coming $90,000 version of a new electric SUV. Photo: Helynn Ospina for WSJ</span></p><p>By Tim Higgins</p><p>The dream of a $25,000 electric vehicle for U.S. drivers is in trouble.</p><p>Elon Musk has abandoned it. President-elect Donald Trump is unlikely to help. And the current economics of the U.S. auto industry don&#39;t support it.</p><p>The key problem: America doesn&#39;t really sell cheap new cars anymore.</p><p>Why would any automaker offer an EV -- with all of that costly technology -- at a price point that&#39;s half of what the average new vehicle goes for these days?</p><p>&#34;I think having a regular $25,000 model is pointless,&#34; Musk said a few weeks ago. &#34;It would be silly.&#34;</p><p>Yes, the chief executive says Tesla is still working on a $25,000 robotaxi to arrive in 2026. But for those who don&#39;t think his driverless cars are actually going to happen by then or for Luddites who just want to buy a new $25,000 EV with a steering wheel and pedals -- no luck.</p><p>Musk isn&#39;t alone in taking a sour view of making a cheap EV for the U.S.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/e5d55a098786e56c1db04690d64f2db9\" alt=\"A Cybercab robotaxi prototype at a Tesla store in San Jose, Calif., this month. Photo: David Paul Morris/Bloomberg\" title=\"A Cybercab robotaxi prototype at a Tesla store in San Jose, Calif., this month. Photo: David Paul Morris/Bloomberg\" tg-width=\"700\" tg-height=\"466\"/><span>A Cybercab robotaxi prototype at a Tesla store in San Jose, Calif., this month. Photo: David Paul Morris/Bloomberg</span></p><p>&#34;That market sucks,&#34; Peter Rawlinson, chief executive of Lucid Motors, told me and my colleague Christopher Mims for our new podcast, called &#34;Bold Names.&#34;</p><p>Lucid which has begun taking orders for its coming $90,000 version of the new electric SUV called the Gravity, aims to bring out a more affordable midsize vehicle to compete against the Tesla Model Y in late 2026. That vehicle is said to cost less than $50,000, but a cheap EV is something Rawlinson said he would only support by licensing his technology to another company.</p><p>&#34;That market is notorious because you get into mass manufacture -- terrible, low margins,&#34; he said of the low-price EVs. &#34;To install the manufacturing base for millions of these units makes little sense to me.&#34;</p><p>Abandoning the idea of a $25,000 car comes as a blow to those who were betting that the electrification of the automobile was on track to happen seemingly overnight -- with EVs for every pocketbook replacing the tens of millions of vehicles on the roadways.</p><p>Instead, we&#39;ve swung back to a belief that the transition, at least in the U.S., is going to be slower.</p><p>Musk upended the car industry almost two years ago with his incredible claims about Tesla&#39;s ability to slash costs as it sought to develop a lower-priced EV while at the same time starting a price war by cutting the prices of the Model 3 sedan and Model Y sport-utility vehicle.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/d1c19151eaf12aa963979a613d6d3511\" alt=\"Rawlinson presenting the Lucid Gravity at the Los Angeles Auto Show in November 2023. Photo: Robyn Beck/AFP/Getty Images\" title=\"Rawlinson presenting the Lucid Gravity at the Los Angeles Auto Show in November 2023. Photo: Robyn Beck/AFP/Getty Images\" tg-width=\"700\" tg-height=\"466\"/><span>Rawlinson presenting the Lucid Gravity at the Los Angeles Auto Show in November 2023. Photo: Robyn Beck/AFP/Getty Images</span></p><p>Rivals, lest they be left behind Tesla and its now-discarded claims, have aimed for cheap EVs of their own. But their broader efforts to electrify have been running into trouble. Ford Motor, for example, last month said it was pausing production of its electric F-150 Lightning, which starts at around $63,000, in the midst of slumping demand.</p><p>A slowdown in the rate of EV sales growth has complicated the picture. So has the growing anticipation that the new Trump administration will eliminate federal tax credits that have made EVs more affordable for buyers. The cheapest car Tesla currently sells in the U.S. starts at around $43,000 -- or $35,500 with a federal tax credit of $7,500.</p><p>Building and selling a cheap car for the U.S. -- EV or not -- was already difficult.</p><p>To start, profits can be thin. And that&#39;s before adding expensive batteries to the equation, before inflation jacked prices up for everything, and before Chinese rivals got really, really good at making really, really inexpensive EVs of their own.</p><p>A lot of attention has focused on the fact that new cars, like everything these days, just cost way more than they used to.</p><p>The average transaction price for a new vehicle sold in the U.S. last month was $48,623, according to Kelley Blue Book, roughly $10,000 higher than in 2019, before the pandemic.</p><p>A decade ago, about 40% of the new-vehicle transactions in the U.S. were less than $25,000, including incentives and discounts, according to the researcher J.D. Power. This year, that figure is 9%.</p><p>In 2020, when Musk fanned the flames of excitement for a $25,000 car that he said was in the offing, the new-vehicle market in the U.S. was a much different thing. Even then, roughly a quarter of the new-vehicle transactions were for less than $25,000.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/1cfaf5aca179b0fa933c52a7f40d82d9\" alt=\"A cheap EV is something Rawlinson says he would only support by licensing technology to another company. Photo: Helynn Ospina for WSJ\" title=\"A cheap EV is something Rawlinson says he would only support by licensing technology to another company. Photo: Helynn Ospina for WSJ\" tg-width=\"700\" tg-height=\"466\"/><span>A cheap EV is something Rawlinson says he would only support by licensing technology to another company. Photo: Helynn Ospina for WSJ</span></p><p>A year later, according to J.D. Power, it was 15%. It then fell to 6% before slightly rebounding this year as car companies offered deals to help move vehicles as higher interest rates made buying a car harder for some.</p><p>What happened? The pandemic. Prices shot up -- first in the midst of supply shortages, and then they stayed high as automakers adjusted their lineup to cut out low-profit vehicles.</p><p>&#34;As automakers were profit maximizing during the supply chain crisis era, you are going to prioritize the bigger vehicles, the more expensive vehicles with their higher margins,&#34; Tyson Jominy, vice president of data and analytics at J.D. Power, told me. &#34;Now we just don&#39;t have&#34; these cheaper models.</p><p>Today, just four models account for more than two-thirds of all vehicles with suggested retail prices of less than $25,000 in the U.S. -- Toyota&#39;s Corolla, Kia&#39;s Forte, Nissan&#39;s Sentra and Chevrolet&#39;s Trax.</p><p>It isn&#39;t as though people don&#39;t want cheap cars. Now, many are just left buying used cars.</p><p>What has Western automotive executives&#39; stomachs churning is that they might have inadvertently left a huge opening for Chinese rivals who have shown an ability to build inexpensive EVs that consumers outside the U.S. are gobbling up.</p><p>While Trump has promised even heftier tariffs to effectively keep Chinese imports out, the president-elect has suggested he might be open to Chinese automakers&#39; setting up factories in the U.S. -- though such a move would mean their labor costs would surely increase compared with what they&#39;re accustomed to back home.</p><p>Even for Musk, though, the world seems to be shifting quickly. He has said Tesla sales could rise as much as 30% next year by offering cheaper versions of existing models.</p><p>&#34;The amount of work required to make a lower-cost car is insanely high,&#34; Musk told analysts in October. &#34;It is harder to get like 20% of the cost out of a car than it is to design the car and build the entire factory in the first place -- it&#39;s like excruciating.&#34;</p><p>He added: &#34;There&#39;s not a lot of movies made about the heroes who got 20% of the cost out of a car, but let me tell you, there should be.&#34;</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","LU1861215975.USD":"贝莱德新一代科技基金 A2","LU1548497426.USD":"安联环球人工智能AT Acc","BK4527":"明星科技股","LU1861558580.USD":"日兴方舟颠覆性创新基金B","LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H","BK4550":"红杉资本持仓","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","BK4574":"无人驾驶","LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) INC","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","BK4551":"寇图资本持仓","LU1629891620.HKD":"ALLIANZ INCOME AND GROWTH \"AMG2\" (H2-HKD) INC","BK4117":"多元化保险","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU1429558221.USD":"Natixis Loomis Sayles US Growth Equity RA USD","SG9999015952.SGD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (SGD) ACC","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","LU1435385759.SGD":"Natixis Loomis Sayles US Growth Equity RA SGD-H","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","LU0823411888.USD":"法巴消费创新基金 Cap","BK4099":"汽车制造商","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD","LU0056508442.USD":"贝莱德世界科技基金A2","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","TSLA":"特斯拉","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","BK4107":"财产与意外伤害保险","IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) ACC","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","BK4592":"伊斯兰概念","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","LU2756315318.SGD":"ALLIANZ INCOME AND GROWTH \"AMG\" (SGDHDG) INC A","BK4585":"ETF&股票定投概念","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","BK4555":"新能源车","BK4533":"AQR资本管理(全球第二大对冲基金)","LU0466842654.USD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"A\" (USD) ACC","LU0097036916.USD":"贝莱德美国增长A2 USD","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","LU2087621335.USD":"ALLSPRING GLOBAL FACTOR ENHANCED EQUITY \"A\" (USD) ACC","LCID":"Lucid Group Inc"},"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2483945685","content_text":"Lucid under Peter Rawlinson has begun taking orders for its coming $90,000 version of a new electric SUV. Photo: Helynn Ospina for WSJBy Tim HigginsThe dream of a $25,000 electric vehicle for U.S. drivers is in trouble.Elon Musk has abandoned it. President-elect Donald Trump is unlikely to help. And the current economics of the U.S. auto industry don't support it.The key problem: America doesn't really sell cheap new cars anymore.Why would any automaker offer an EV -- with all of that costly technology -- at a price point that's half of what the average new vehicle goes for these days?\"I think having a regular $25,000 model is pointless,\" Musk said a few weeks ago. \"It would be silly.\"Yes, the chief executive says Tesla is still working on a $25,000 robotaxi to arrive in 2026. But for those who don't think his driverless cars are actually going to happen by then or for Luddites who just want to buy a new $25,000 EV with a steering wheel and pedals -- no luck.Musk isn't alone in taking a sour view of making a cheap EV for the U.S.A Cybercab robotaxi prototype at a Tesla store in San Jose, Calif., this month. Photo: David Paul Morris/Bloomberg\"That market sucks,\" Peter Rawlinson, chief executive of Lucid Motors, told me and my colleague Christopher Mims for our new podcast, called \"Bold Names.\"Lucid which has begun taking orders for its coming $90,000 version of the new electric SUV called the Gravity, aims to bring out a more affordable midsize vehicle to compete against the Tesla Model Y in late 2026. That vehicle is said to cost less than $50,000, but a cheap EV is something Rawlinson said he would only support by licensing his technology to another company.\"That market is notorious because you get into mass manufacture -- terrible, low margins,\" he said of the low-price EVs. \"To install the manufacturing base for millions of these units makes little sense to me.\"Abandoning the idea of a $25,000 car comes as a blow to those who were betting that the electrification of the automobile was on track to happen seemingly overnight -- with EVs for every pocketbook replacing the tens of millions of vehicles on the roadways.Instead, we've swung back to a belief that the transition, at least in the U.S., is going to be slower.Musk upended the car industry almost two years ago with his incredible claims about Tesla's ability to slash costs as it sought to develop a lower-priced EV while at the same time starting a price war by cutting the prices of the Model 3 sedan and Model Y sport-utility vehicle.Rawlinson presenting the Lucid Gravity at the Los Angeles Auto Show in November 2023. Photo: Robyn Beck/AFP/Getty ImagesRivals, lest they be left behind Tesla and its now-discarded claims, have aimed for cheap EVs of their own. But their broader efforts to electrify have been running into trouble. Ford Motor, for example, last month said it was pausing production of its electric F-150 Lightning, which starts at around $63,000, in the midst of slumping demand.A slowdown in the rate of EV sales growth has complicated the picture. So has the growing anticipation that the new Trump administration will eliminate federal tax credits that have made EVs more affordable for buyers. The cheapest car Tesla currently sells in the U.S. starts at around $43,000 -- or $35,500 with a federal tax credit of $7,500.Building and selling a cheap car for the U.S. -- EV or not -- was already difficult.To start, profits can be thin. And that's before adding expensive batteries to the equation, before inflation jacked prices up for everything, and before Chinese rivals got really, really good at making really, really inexpensive EVs of their own.A lot of attention has focused on the fact that new cars, like everything these days, just cost way more than they used to.The average transaction price for a new vehicle sold in the U.S. last month was $48,623, according to Kelley Blue Book, roughly $10,000 higher than in 2019, before the pandemic.A decade ago, about 40% of the new-vehicle transactions in the U.S. were less than $25,000, including incentives and discounts, according to the researcher J.D. Power. This year, that figure is 9%.In 2020, when Musk fanned the flames of excitement for a $25,000 car that he said was in the offing, the new-vehicle market in the U.S. was a much different thing. Even then, roughly a quarter of the new-vehicle transactions were for less than $25,000.A cheap EV is something Rawlinson says he would only support by licensing technology to another company. Photo: Helynn Ospina for WSJA year later, according to J.D. Power, it was 15%. It then fell to 6% before slightly rebounding this year as car companies offered deals to help move vehicles as higher interest rates made buying a car harder for some.What happened? The pandemic. Prices shot up -- first in the midst of supply shortages, and then they stayed high as automakers adjusted their lineup to cut out low-profit vehicles.\"As automakers were profit maximizing during the supply chain crisis era, you are going to prioritize the bigger vehicles, the more expensive vehicles with their higher margins,\" Tyson Jominy, vice president of data and analytics at J.D. Power, told me. \"Now we just don't have\" these cheaper models.Today, just four models account for more than two-thirds of all vehicles with suggested retail prices of less than $25,000 in the U.S. -- Toyota's Corolla, Kia's Forte, Nissan's Sentra and Chevrolet's Trax.It isn't as though people don't want cheap cars. Now, many are just left buying used cars.What has Western automotive executives' stomachs churning is that they might have inadvertently left a huge opening for Chinese rivals who have shown an ability to build inexpensive EVs that consumers outside the U.S. are gobbling up.While Trump has promised even heftier tariffs to effectively keep Chinese imports out, the president-elect has suggested he might be open to Chinese automakers' setting up factories in the U.S. -- though such a move would mean their labor costs would surely increase compared with what they're accustomed to back home.Even for Musk, though, the world seems to be shifting quickly. He has said Tesla sales could rise as much as 30% next year by offering cheaper versions of existing models.\"The amount of work required to make a lower-cost car is insanely high,\" Musk told analysts in October. \"It is harder to get like 20% of the cost out of a car than it is to design the car and build the entire factory in the first place -- it's like excruciating.\"He added: \"There's not a lot of movies made about the heroes who got 20% of the cost out of a car, but let me tell you, there should be.\"","news_type":1},"isVote":1,"tweetType":1,"viewCount":119,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":371866124005480,"gmtCreate":1731827343471,"gmtModify":1731827348015,"author":{"id":"4151941377592162","authorId":"4151941377592162","name":"zelia","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4151941377592162","authorIdStr":"4151941377592162"},"themes":[],"htmlText":"What a sour grape","listText":"What a sour grape","text":"What a sour grape","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/371866124005480","repostId":"2484226755","repostType":2,"repost":{"id":"2484226755","kind":"highlight","pubTimestamp":1731796200,"share":"https://ttm.financial/m/news/2484226755?lang=&edition=fundamental","pubTime":"2024-11-17 06:30","market":"fut","language":"en","title":"Is Tesla Still a Millionaire-Maker Stock?","url":"https://stock-news.laohu8.com/highlight/detail?id=2484226755","media":"Motley Fool","summary":"Shares in this electric vehicle leader have soared after Donald Trump's election victory.","content":"<html><body><ul>\n<li>\n<div>\n<svg fill=\"none\" height=\"15\" viewbox=\"0 0 14 15\" width=\"14\" xmlns=\"http://www.w3.org/2000/svg\">\n<path d=\"M14 5.58984C14 2.91016 11.8398 0.75 9.16016 0.75C6.50781 0.777344 4.375 2.91016 4.375 5.5625C4.375 6.10938 4.45703 6.60156 4.59375 7.09375L0.191406 11.4961C0.0546875 11.6328 0 11.7969 0 11.9609V14.0938C0 14.4766 0.273438 14.75 0.65625 14.75H3.71875C4.07422 14.75 4.375 14.4766 4.375 14.0938V13H5.46875C5.82422 13 6.125 12.7266 6.125 12.3438V11.25H7.13672C7.30078 11.25 7.51953 11.168 7.62891 11.0312L8.28516 10.293C8.55859 10.3477 8.85938 10.375 9.1875 10.375C11.8398 10.375 14 8.24219 14 5.58984ZM9.1875 4.25C9.1875 3.53906 9.76172 2.9375 10.5 2.9375C11.2109 2.9375 11.8125 3.53906 11.8125 4.25C11.8125 4.98828 11.2109 5.5625 10.5 5.5625C9.76172 5.5625 9.1875 4.98828 9.1875 4.25Z\" fill=\"#FFB81C\"></path>\n</svg>\n</div>\n<div>Tesla's CEO Elon Musk may have played an important role in Trump's election victory. </div>\n</li>\n<li>\n<div>\n<svg fill=\"none\" height=\"15\" viewbox=\"0 0 14 15\" width=\"14\" xmlns=\"http://www.w3.org/2000/svg\">\n<path d=\"M14 5.58984C14 2.91016 11.8398 0.75 9.16016 0.75C6.50781 0.777344 4.375 2.91016 4.375 5.5625C4.375 6.10938 4.45703 6.60156 4.59375 7.09375L0.191406 11.4961C0.0546875 11.6328 0 11.7969 0 11.9609V14.0938C0 14.4766 0.273438 14.75 0.65625 14.75H3.71875C4.07422 14.75 4.375 14.4766 4.375 14.0938V13H5.46875C5.82422 13 6.125 12.7266 6.125 12.3438V11.25H7.13672C7.30078 11.25 7.51953 11.168 7.62891 11.0312L8.28516 10.293C8.55859 10.3477 8.85938 10.375 9.1875 10.375C11.8398 10.375 14 8.24219 14 5.58984ZM9.1875 4.25C9.1875 3.53906 9.76172 2.9375 10.5 2.9375C11.2109 2.9375 11.8125 3.53906 11.8125 4.25C11.8125 4.98828 11.2109 5.5625 10.5 5.5625C9.76172 5.5625 9.1875 4.98828 9.1875 4.25Z\" fill=\"#FFB81C\"></path>\n</svg>\n</div>\n<div>Investors should focus on company fundamentals instead of hype.</div>\n</li>\n</ul><div><p><span>With shares up by over 1,700% over the last decade, </span><strong><span>Tesla</span></strong><span> <span>(TSLA<span> 3.07%</span>)</span> has already minted its fair share of wealthy people -- including its famous CEO Elon Musk, the richest man in the world. The recent presidential election victory of Donald Trump seems to have unlocked another bull run. Let's </span><span>dig deeper into</span><span> how the new administration could influence Tesla's millionaire-maker potential. </span></p><h2><span>The Trump effect</span></h2><p><span>Tesla's CEO Elon Musk played an </span><span>important</span><span> role in Trump's 2024 presidential victory. In addition to stumping, the visionary billionaire committed an estimated $200 million to the campaign through his new super PAC, America PAC, which focuses on low-propensity voters. </span><span>The market seems to </span><span>be making a connection between</span><span> Musk's support for Trump and Tesla's economic prospects.</span></p><div><app :collapse_on_load=\"false\" :instrument_id=\"224257\" :show_benchmark_compare=\"true\" amount_change=\"9.54\" average_volume=\"87,915,036\" company_name=\"Tesla\" current_price=\"320.72\" daily_high=\"324.68\" daily_low=\"309.22\" default_period=\"FiveYear\" dividend_yield=\"N/A\" exchange=\"NASDAQ\" fifty_two_week_high=\"358.64\" fifty_two_week_low=\"138.80\" gross_margin=\"18.23\" logo=\"https://g.foolcdn.com/art/companylogos/mark/TSLA.png\" market_cap=\"$1,030B\" pe_ratio=\"87.86\" percent_change=\"3.07\" symbol=\"TSLA\" volume=\"114,440,286\"></app></div><p><span>At the time of this writing, the electric automaker has seen its shares rise around 40% since Trump's win, bringing its </span><span>market cap</span><span> to $1.1 trillion and adding $70 billion to Musk's personal fortune. But investors who are late to the party should ignore the hype and focus on the potential implications of a Trump presidency on Tesla's fundamentals. </span></p><p><span>The good news is that Trump has several generally pro-business policy proposals, such as reducing the corporate tax rate from 21% to 15%. However, these lower rates would only apply to companies that make their products in the U.S. It is unclear if Tesla would even qualify because of its significant operations in the U.S. and China. </span></p><p><span>Trump's protectionist rhetoric could also </span><span>run contrary to</span><span> Tesla's plan to move more vehicle production to Mexico to lower production costs in the increasingly competitive </span><span>electric vehicle</span><span> (EV) industry. The future president's hawkish stance on China could also raise the risk of retaliation against Tesla and other American companies in this </span><span>key</span><span> market. </span></p><div><div><div></div></div></div><h2><span>Pent-up demand for Tesla stock</span></h2><p><span>While Trump's presidential victory may not deliver direct economic benefits to Tesla, it may have eased the growing perception of political persecution against the company and its CEO, which developed under the Biden administration. Alarm bells began to ring when Tesla </span><span>was inexplicably snubbed</span><span> from the 2021 EV Summit in Washington, </span><span>D.C</span><span>.</span></p><p><span>And in October, another Musk-led company,</span><strong><span> SpaceX</span></strong><span>, sued California regulators after members of the Coastal Commission cited the executive's political beliefs when denying its bid to launch more rockets in the state.</span></p><div></div><p><span>Investors may believe that under a Trump administration Tesla will be </span><span>more free</span><span> to explore new growth drivers like </span><span>generative artificial intelligence</span><span> and self-driving cars, which may require immense government oversight to make it to mass adoption. These efforts will be </span><span>key to</span><span> growing the company as its core EV business matures.</span></p><div><img loading=\"lazy\" src=\"https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F797515%2Ftesla-building-with-tesla-logo-and-two-teslas-in-front.png&amp;op=resize&amp;w=700\" srcset=\"https://g.foolcdn.com/image/?url=https%3A//g.foolcdn.com/editorial/images/797515/tesla-building-with-tesla-logo-and-two-teslas-in-front.png&amp;w=300&amp;op=resize 300w, https://g.foolcdn.com/image/?url=https%3A//g.foolcdn.com/editorial/images/797515/tesla-building-with-tesla-logo-and-two-teslas-in-front.png&amp;w=1000&amp;op=resize 1000w, https://g.foolcdn.com/image/?url=https%3A//g.foolcdn.com/editorial/images/797515/tesla-building-with-tesla-logo-and-two-teslas-in-front.png&amp;w=2000&amp;op=resize 2000w\"/><p>Image source: Getty Images.</p></div><p><span>Tesla's third-quarter results highlight the urgency to expand into these new businesses. Total revenue rose by a modest 8% year over year to $25.2 billion, with automotive sales rising just 2%.</span></p><div><div><div></div></div></div><h2><span>Is Tesla still a millionaire-maker stock?</span></h2><p><span>If we filter out the noise, Tesla is a relatively mature electric automaker that seems to have hit a plateau in its core EV business. Trump's presidential victory probably won't do much to change this situation. And with a </span><span>forward price-to-earnings</span><span> (P/E) multiple of 105, shares are extremely richly valued considering the fundamental </span><span>situation</span><span>. </span></p><p><span>That said, Tesla is not a typical company. Historically, its shares have enjoyed massive premiums based on the market's faith in Elon Musk and his ability to achieve the unexpected. A more friendly administration could give him the space to actualize his long-term vision. </span></p><p><span>While Tesla still looks capable of minting more millionaires, investors may want to wait for more progress on its self-driving tech before considering a position in the stock.</span></p><div></div></div></body></html>","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is Tesla Still a Millionaire-Maker Stock?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs Tesla Still a Millionaire-Maker Stock?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-17 06:30 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2024/11/16/is-tesla-still-a-millionaire-maker-stock/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Tesla's CEO Elon Musk may have played an important role in Trump's election victory. \n\n\n\n\n\n\n\nInvestors should focus on company fundamentals instead of hype.\n\nWith shares up by over 1,700% over the ...</p>\n\n<a href=\"https://www.fool.com/investing/2024/11/16/is-tesla-still-a-millionaire-maker-stock/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F797515%2Ftesla-building-with-tesla-logo-and-two-teslas-in-front.png&op=resize&w=165&h=104","relate_stocks":{"LU1435385759.SGD":"Natixis Loomis Sayles US Growth Equity RA SGD-H","BK4099":"汽车制造商","BK4516":"特朗普概念","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","BK4581":"高盛持仓","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","LU1861215975.USD":"贝莱德新一代科技基金 A2","TSLA":"特斯拉","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4588":"碎股","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","BK4534":"瑞士信贷持仓","LU0056508442.USD":"贝莱德世界科技基金A2","LU0964807845.USD":"ALLIANZ INCOME & GROWTH \"A\" (USD) INC","TSLL":"Direxion Daily TSLA Bull 2X Shares","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","BK4511":"特斯拉概念","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","LU1861558580.USD":"日兴方舟颠覆性创新基金B","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","SG9999015978.USD":"利安颠覆性创新基金A","LU0823414478.USD":"法巴经典能源转换基金","LU2602419157.SGD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"AC\" (SGD) ACC","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","LU1145028129.USD":"ALLIANZ INCOME AND GROWTH \"AQ\" (USD) INC","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","BK4585":"ETF&股票定投概念","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD","LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) INC","LU0820562030.AUD":"ALLIANZ INCOME AND GROWTH \"AMH2\" (AUDHDG) H2 INC","LU0097036916.USD":"贝莱德美国增长A2 USD","BK4550":"红杉资本持仓","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","BK4592":"伊斯兰概念","SG9999015952.SGD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (SGD) ACC","LU0082616367.USD":"摩根大通美国科技A（dist）","LU0466842654.USD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"A\" (USD) ACC","LU2213496289.HKD":"ALLIANZ INCOME AND GROWTH \"AT\" (HKD) ACC","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","BK4555":"新能源车","SG9999015986.USD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元"},"source_url":"https://www.fool.com/investing/2024/11/16/is-tesla-still-a-millionaire-maker-stock/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2484226755","content_text":"Tesla's CEO Elon Musk may have played an important role in Trump's election victory. \n\n\n\n\n\n\n\nInvestors should focus on company fundamentals instead of hype.\n\nWith shares up by over 1,700% over the last decade, Tesla (TSLA 3.07%) has already minted its fair share of wealthy people -- including its famous CEO Elon Musk, the richest man in the world. The recent presidential election victory of Donald Trump seems to have unlocked another bull run. Let's dig deeper into how the new administration could influence Tesla's millionaire-maker potential. The Trump effectTesla's CEO Elon Musk played an important role in Trump's 2024 presidential victory. In addition to stumping, the visionary billionaire committed an estimated $200 million to the campaign through his new super PAC, America PAC, which focuses on low-propensity voters. The market seems to be making a connection between Musk's support for Trump and Tesla's economic prospects.At the time of this writing, the electric automaker has seen its shares rise around 40% since Trump's win, bringing its market cap to $1.1 trillion and adding $70 billion to Musk's personal fortune. But investors who are late to the party should ignore the hype and focus on the potential implications of a Trump presidency on Tesla's fundamentals. The good news is that Trump has several generally pro-business policy proposals, such as reducing the corporate tax rate from 21% to 15%. However, these lower rates would only apply to companies that make their products in the U.S. It is unclear if Tesla would even qualify because of its significant operations in the U.S. and China. Trump's protectionist rhetoric could also run contrary to Tesla's plan to move more vehicle production to Mexico to lower production costs in the increasingly competitive electric vehicle (EV) industry. The future president's hawkish stance on China could also raise the risk of retaliation against Tesla and other American companies in this key market. Pent-up demand for Tesla stockWhile Trump's presidential victory may not deliver direct economic benefits to Tesla, it may have eased the growing perception of political persecution against the company and its CEO, which developed under the Biden administration. Alarm bells began to ring when Tesla was inexplicably snubbed from the 2021 EV Summit in Washington, D.C.And in October, another Musk-led company, SpaceX, sued California regulators after members of the Coastal Commission cited the executive's political beliefs when denying its bid to launch more rockets in the state.Investors may believe that under a Trump administration Tesla will be more free to explore new growth drivers like generative artificial intelligence and self-driving cars, which may require immense government oversight to make it to mass adoption. These efforts will be key to growing the company as its core EV business matures.Image source: Getty Images.Tesla's third-quarter results highlight the urgency to expand into these new businesses. Total revenue rose by a modest 8% year over year to $25.2 billion, with automotive sales rising just 2%.Is Tesla still a millionaire-maker stock?If we filter out the noise, Tesla is a relatively mature electric automaker that seems to have hit a plateau in its core EV business. Trump's presidential victory probably won't do much to change this situation. And with a forward price-to-earnings (P/E) multiple of 105, shares are extremely richly valued considering the fundamental situation. That said, Tesla is not a typical company. Historically, its shares have enjoyed massive premiums based on the market's faith in Elon Musk and his ability to achieve the unexpected. A more friendly administration could give him the space to actualize his long-term vision. While Tesla still looks capable of minting more millionaires, investors may want to wait for more progress on its self-driving tech before considering a position in the stock.","news_type":1},"isVote":1,"tweetType":1,"viewCount":51,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":371692157960480,"gmtCreate":1731754275036,"gmtModify":1731755797612,"author":{"id":"4151941377592162","authorId":"4151941377592162","name":"zelia","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4151941377592162","authorIdStr":"4151941377592162"},"themes":[],"htmlText":"Pls try harder, u F loser","listText":"Pls try harder, u F loser","text":"Pls try harder, u F loser","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/371692157960480","repostId":"2483945685","repostType":2,"repost":{"id":"2483945685","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1731804456,"share":"https://ttm.financial/m/news/2483945685?lang=&edition=fundamental","pubTime":"2024-11-17 08:47","market":"hk","language":"en","title":"The Withering Dream of a Cheap American Electric Car","url":"https://stock-news.laohu8.com/highlight/detail?id=2483945685","media":"Dow Jones","summary":"The dream of a $25,000 electric vehicle for U.S. drivers is in trouble.Elon Musk has abandoned it. President-elect Donald Trump is unlikely to help. And the current economics of the U.S. auto industry don't support it.The key problem: America doesn't really sell cheap new cars anymore.Why would any automaker offer an EV -- with all of that costly technology -- at a price point that's half of what the average new vehicle goes for these days?Lucid which has begun taking orders for its coming $90,000 version of the new electric SUV called the Gravity, aims to bring out a more affordable midsize vehicle to compete against the Tesla Model Y in late 2026. That vehicle is said to cost less than $50,000, but a cheap EV is something Rawlinson said he would only support by licensing his technology to another company.A slowdown in the rate of EV sales growth has complicated the picture. So has the growing anticipation that the new Trump administration will eliminate federal tax credits that have ","content":"<html><head></head><body><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/f84d4eadce68c2473c982dcb5199c769\" alt=\"Lucid under Peter Rawlinson has begun taking orders for its coming $90,000 version of a new electric SUV. Photo: Helynn Ospina for WSJ\" title=\"Lucid under Peter Rawlinson has begun taking orders for its coming $90,000 version of a new electric SUV. Photo: Helynn Ospina for WSJ\" tg-width=\"700\" tg-height=\"875\"/><span>Lucid under Peter Rawlinson has begun taking orders for its coming $90,000 version of a new electric SUV. Photo: Helynn Ospina for WSJ</span></p><p>By Tim Higgins</p><p>The dream of a $25,000 electric vehicle for U.S. drivers is in trouble.</p><p>Elon Musk has abandoned it. President-elect Donald Trump is unlikely to help. And the current economics of the U.S. auto industry don&#39;t support it.</p><p>The key problem: America doesn&#39;t really sell cheap new cars anymore.</p><p>Why would any automaker offer an EV -- with all of that costly technology -- at a price point that&#39;s half of what the average new vehicle goes for these days?</p><p>&#34;I think having a regular $25,000 model is pointless,&#34; Musk said a few weeks ago. &#34;It would be silly.&#34;</p><p>Yes, the chief executive says Tesla is still working on a $25,000 robotaxi to arrive in 2026. But for those who don&#39;t think his driverless cars are actually going to happen by then or for Luddites who just want to buy a new $25,000 EV with a steering wheel and pedals -- no luck.</p><p>Musk isn&#39;t alone in taking a sour view of making a cheap EV for the U.S.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/e5d55a098786e56c1db04690d64f2db9\" alt=\"A Cybercab robotaxi prototype at a Tesla store in San Jose, Calif., this month. Photo: David Paul Morris/Bloomberg\" title=\"A Cybercab robotaxi prototype at a Tesla store in San Jose, Calif., this month. Photo: David Paul Morris/Bloomberg\" tg-width=\"700\" tg-height=\"466\"/><span>A Cybercab robotaxi prototype at a Tesla store in San Jose, Calif., this month. Photo: David Paul Morris/Bloomberg</span></p><p>&#34;That market sucks,&#34; Peter Rawlinson, chief executive of Lucid Motors, told me and my colleague Christopher Mims for our new podcast, called &#34;Bold Names.&#34;</p><p>Lucid which has begun taking orders for its coming $90,000 version of the new electric SUV called the Gravity, aims to bring out a more affordable midsize vehicle to compete against the Tesla Model Y in late 2026. That vehicle is said to cost less than $50,000, but a cheap EV is something Rawlinson said he would only support by licensing his technology to another company.</p><p>&#34;That market is notorious because you get into mass manufacture -- terrible, low margins,&#34; he said of the low-price EVs. &#34;To install the manufacturing base for millions of these units makes little sense to me.&#34;</p><p>Abandoning the idea of a $25,000 car comes as a blow to those who were betting that the electrification of the automobile was on track to happen seemingly overnight -- with EVs for every pocketbook replacing the tens of millions of vehicles on the roadways.</p><p>Instead, we&#39;ve swung back to a belief that the transition, at least in the U.S., is going to be slower.</p><p>Musk upended the car industry almost two years ago with his incredible claims about Tesla&#39;s ability to slash costs as it sought to develop a lower-priced EV while at the same time starting a price war by cutting the prices of the Model 3 sedan and Model Y sport-utility vehicle.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/d1c19151eaf12aa963979a613d6d3511\" alt=\"Rawlinson presenting the Lucid Gravity at the Los Angeles Auto Show in November 2023. Photo: Robyn Beck/AFP/Getty Images\" title=\"Rawlinson presenting the Lucid Gravity at the Los Angeles Auto Show in November 2023. Photo: Robyn Beck/AFP/Getty Images\" tg-width=\"700\" tg-height=\"466\"/><span>Rawlinson presenting the Lucid Gravity at the Los Angeles Auto Show in November 2023. Photo: Robyn Beck/AFP/Getty Images</span></p><p>Rivals, lest they be left behind Tesla and its now-discarded claims, have aimed for cheap EVs of their own. But their broader efforts to electrify have been running into trouble. Ford Motor, for example, last month said it was pausing production of its electric F-150 Lightning, which starts at around $63,000, in the midst of slumping demand.</p><p>A slowdown in the rate of EV sales growth has complicated the picture. So has the growing anticipation that the new Trump administration will eliminate federal tax credits that have made EVs more affordable for buyers. The cheapest car Tesla currently sells in the U.S. starts at around $43,000 -- or $35,500 with a federal tax credit of $7,500.</p><p>Building and selling a cheap car for the U.S. -- EV or not -- was already difficult.</p><p>To start, profits can be thin. And that&#39;s before adding expensive batteries to the equation, before inflation jacked prices up for everything, and before Chinese rivals got really, really good at making really, really inexpensive EVs of their own.</p><p>A lot of attention has focused on the fact that new cars, like everything these days, just cost way more than they used to.</p><p>The average transaction price for a new vehicle sold in the U.S. last month was $48,623, according to Kelley Blue Book, roughly $10,000 higher than in 2019, before the pandemic.</p><p>A decade ago, about 40% of the new-vehicle transactions in the U.S. were less than $25,000, including incentives and discounts, according to the researcher J.D. Power. This year, that figure is 9%.</p><p>In 2020, when Musk fanned the flames of excitement for a $25,000 car that he said was in the offing, the new-vehicle market in the U.S. was a much different thing. Even then, roughly a quarter of the new-vehicle transactions were for less than $25,000.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/1cfaf5aca179b0fa933c52a7f40d82d9\" alt=\"A cheap EV is something Rawlinson says he would only support by licensing technology to another company. Photo: Helynn Ospina for WSJ\" title=\"A cheap EV is something Rawlinson says he would only support by licensing technology to another company. Photo: Helynn Ospina for WSJ\" tg-width=\"700\" tg-height=\"466\"/><span>A cheap EV is something Rawlinson says he would only support by licensing technology to another company. Photo: Helynn Ospina for WSJ</span></p><p>A year later, according to J.D. Power, it was 15%. It then fell to 6% before slightly rebounding this year as car companies offered deals to help move vehicles as higher interest rates made buying a car harder for some.</p><p>What happened? The pandemic. Prices shot up -- first in the midst of supply shortages, and then they stayed high as automakers adjusted their lineup to cut out low-profit vehicles.</p><p>&#34;As automakers were profit maximizing during the supply chain crisis era, you are going to prioritize the bigger vehicles, the more expensive vehicles with their higher margins,&#34; Tyson Jominy, vice president of data and analytics at J.D. Power, told me. &#34;Now we just don&#39;t have&#34; these cheaper models.</p><p>Today, just four models account for more than two-thirds of all vehicles with suggested retail prices of less than $25,000 in the U.S. -- Toyota&#39;s Corolla, Kia&#39;s Forte, Nissan&#39;s Sentra and Chevrolet&#39;s Trax.</p><p>It isn&#39;t as though people don&#39;t want cheap cars. Now, many are just left buying used cars.</p><p>What has Western automotive executives&#39; stomachs churning is that they might have inadvertently left a huge opening for Chinese rivals who have shown an ability to build inexpensive EVs that consumers outside the U.S. are gobbling up.</p><p>While Trump has promised even heftier tariffs to effectively keep Chinese imports out, the president-elect has suggested he might be open to Chinese automakers&#39; setting up factories in the U.S. -- though such a move would mean their labor costs would surely increase compared with what they&#39;re accustomed to back home.</p><p>Even for Musk, though, the world seems to be shifting quickly. He has said Tesla sales could rise as much as 30% next year by offering cheaper versions of existing models.</p><p>&#34;The amount of work required to make a lower-cost car is insanely high,&#34; Musk told analysts in October. &#34;It is harder to get like 20% of the cost out of a car than it is to design the car and build the entire factory in the first place -- it&#39;s like excruciating.&#34;</p><p>He added: &#34;There&#39;s not a lot of movies made about the heroes who got 20% of the cost out of a car, but let me tell you, there should be.&#34;</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Withering Dream of a Cheap American Electric Car</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Withering Dream of a Cheap American Electric Car\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2024-11-17 08:47</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/f84d4eadce68c2473c982dcb5199c769\" alt=\"Lucid under Peter Rawlinson has begun taking orders for its coming $90,000 version of a new electric SUV. Photo: Helynn Ospina for WSJ\" title=\"Lucid under Peter Rawlinson has begun taking orders for its coming $90,000 version of a new electric SUV. Photo: Helynn Ospina for WSJ\" tg-width=\"700\" tg-height=\"875\"/><span>Lucid under Peter Rawlinson has begun taking orders for its coming $90,000 version of a new electric SUV. Photo: Helynn Ospina for WSJ</span></p><p>By Tim Higgins</p><p>The dream of a $25,000 electric vehicle for U.S. drivers is in trouble.</p><p>Elon Musk has abandoned it. President-elect Donald Trump is unlikely to help. And the current economics of the U.S. auto industry don&#39;t support it.</p><p>The key problem: America doesn&#39;t really sell cheap new cars anymore.</p><p>Why would any automaker offer an EV -- with all of that costly technology -- at a price point that&#39;s half of what the average new vehicle goes for these days?</p><p>&#34;I think having a regular $25,000 model is pointless,&#34; Musk said a few weeks ago. &#34;It would be silly.&#34;</p><p>Yes, the chief executive says Tesla is still working on a $25,000 robotaxi to arrive in 2026. But for those who don&#39;t think his driverless cars are actually going to happen by then or for Luddites who just want to buy a new $25,000 EV with a steering wheel and pedals -- no luck.</p><p>Musk isn&#39;t alone in taking a sour view of making a cheap EV for the U.S.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/e5d55a098786e56c1db04690d64f2db9\" alt=\"A Cybercab robotaxi prototype at a Tesla store in San Jose, Calif., this month. Photo: David Paul Morris/Bloomberg\" title=\"A Cybercab robotaxi prototype at a Tesla store in San Jose, Calif., this month. Photo: David Paul Morris/Bloomberg\" tg-width=\"700\" tg-height=\"466\"/><span>A Cybercab robotaxi prototype at a Tesla store in San Jose, Calif., this month. Photo: David Paul Morris/Bloomberg</span></p><p>&#34;That market sucks,&#34; Peter Rawlinson, chief executive of Lucid Motors, told me and my colleague Christopher Mims for our new podcast, called &#34;Bold Names.&#34;</p><p>Lucid which has begun taking orders for its coming $90,000 version of the new electric SUV called the Gravity, aims to bring out a more affordable midsize vehicle to compete against the Tesla Model Y in late 2026. That vehicle is said to cost less than $50,000, but a cheap EV is something Rawlinson said he would only support by licensing his technology to another company.</p><p>&#34;That market is notorious because you get into mass manufacture -- terrible, low margins,&#34; he said of the low-price EVs. &#34;To install the manufacturing base for millions of these units makes little sense to me.&#34;</p><p>Abandoning the idea of a $25,000 car comes as a blow to those who were betting that the electrification of the automobile was on track to happen seemingly overnight -- with EVs for every pocketbook replacing the tens of millions of vehicles on the roadways.</p><p>Instead, we&#39;ve swung back to a belief that the transition, at least in the U.S., is going to be slower.</p><p>Musk upended the car industry almost two years ago with his incredible claims about Tesla&#39;s ability to slash costs as it sought to develop a lower-priced EV while at the same time starting a price war by cutting the prices of the Model 3 sedan and Model Y sport-utility vehicle.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/d1c19151eaf12aa963979a613d6d3511\" alt=\"Rawlinson presenting the Lucid Gravity at the Los Angeles Auto Show in November 2023. Photo: Robyn Beck/AFP/Getty Images\" title=\"Rawlinson presenting the Lucid Gravity at the Los Angeles Auto Show in November 2023. Photo: Robyn Beck/AFP/Getty Images\" tg-width=\"700\" tg-height=\"466\"/><span>Rawlinson presenting the Lucid Gravity at the Los Angeles Auto Show in November 2023. Photo: Robyn Beck/AFP/Getty Images</span></p><p>Rivals, lest they be left behind Tesla and its now-discarded claims, have aimed for cheap EVs of their own. But their broader efforts to electrify have been running into trouble. Ford Motor, for example, last month said it was pausing production of its electric F-150 Lightning, which starts at around $63,000, in the midst of slumping demand.</p><p>A slowdown in the rate of EV sales growth has complicated the picture. So has the growing anticipation that the new Trump administration will eliminate federal tax credits that have made EVs more affordable for buyers. The cheapest car Tesla currently sells in the U.S. starts at around $43,000 -- or $35,500 with a federal tax credit of $7,500.</p><p>Building and selling a cheap car for the U.S. -- EV or not -- was already difficult.</p><p>To start, profits can be thin. And that&#39;s before adding expensive batteries to the equation, before inflation jacked prices up for everything, and before Chinese rivals got really, really good at making really, really inexpensive EVs of their own.</p><p>A lot of attention has focused on the fact that new cars, like everything these days, just cost way more than they used to.</p><p>The average transaction price for a new vehicle sold in the U.S. last month was $48,623, according to Kelley Blue Book, roughly $10,000 higher than in 2019, before the pandemic.</p><p>A decade ago, about 40% of the new-vehicle transactions in the U.S. were less than $25,000, including incentives and discounts, according to the researcher J.D. Power. This year, that figure is 9%.</p><p>In 2020, when Musk fanned the flames of excitement for a $25,000 car that he said was in the offing, the new-vehicle market in the U.S. was a much different thing. Even then, roughly a quarter of the new-vehicle transactions were for less than $25,000.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/1cfaf5aca179b0fa933c52a7f40d82d9\" alt=\"A cheap EV is something Rawlinson says he would only support by licensing technology to another company. Photo: Helynn Ospina for WSJ\" title=\"A cheap EV is something Rawlinson says he would only support by licensing technology to another company. Photo: Helynn Ospina for WSJ\" tg-width=\"700\" tg-height=\"466\"/><span>A cheap EV is something Rawlinson says he would only support by licensing technology to another company. Photo: Helynn Ospina for WSJ</span></p><p>A year later, according to J.D. Power, it was 15%. It then fell to 6% before slightly rebounding this year as car companies offered deals to help move vehicles as higher interest rates made buying a car harder for some.</p><p>What happened? The pandemic. Prices shot up -- first in the midst of supply shortages, and then they stayed high as automakers adjusted their lineup to cut out low-profit vehicles.</p><p>&#34;As automakers were profit maximizing during the supply chain crisis era, you are going to prioritize the bigger vehicles, the more expensive vehicles with their higher margins,&#34; Tyson Jominy, vice president of data and analytics at J.D. Power, told me. &#34;Now we just don&#39;t have&#34; these cheaper models.</p><p>Today, just four models account for more than two-thirds of all vehicles with suggested retail prices of less than $25,000 in the U.S. -- Toyota&#39;s Corolla, Kia&#39;s Forte, Nissan&#39;s Sentra and Chevrolet&#39;s Trax.</p><p>It isn&#39;t as though people don&#39;t want cheap cars. Now, many are just left buying used cars.</p><p>What has Western automotive executives&#39; stomachs churning is that they might have inadvertently left a huge opening for Chinese rivals who have shown an ability to build inexpensive EVs that consumers outside the U.S. are gobbling up.</p><p>While Trump has promised even heftier tariffs to effectively keep Chinese imports out, the president-elect has suggested he might be open to Chinese automakers&#39; setting up factories in the U.S. -- though such a move would mean their labor costs would surely increase compared with what they&#39;re accustomed to back home.</p><p>Even for Musk, though, the world seems to be shifting quickly. He has said Tesla sales could rise as much as 30% next year by offering cheaper versions of existing models.</p><p>&#34;The amount of work required to make a lower-cost car is insanely high,&#34; Musk told analysts in October. &#34;It is harder to get like 20% of the cost out of a car than it is to design the car and build the entire factory in the first place -- it&#39;s like excruciating.&#34;</p><p>He added: &#34;There&#39;s not a lot of movies made about the heroes who got 20% of the cost out of a car, but let me tell you, there should be.&#34;</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","LU1861215975.USD":"贝莱德新一代科技基金 A2","LU1548497426.USD":"安联环球人工智能AT Acc","BK4527":"明星科技股","LU1861558580.USD":"日兴方舟颠覆性创新基金B","LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H","BK4550":"红杉资本持仓","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","BK4574":"无人驾驶","LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) INC","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","BK4551":"寇图资本持仓","LU1629891620.HKD":"ALLIANZ INCOME AND GROWTH \"AMG2\" (H2-HKD) INC","BK4117":"多元化保险","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU1429558221.USD":"Natixis Loomis Sayles US Growth Equity RA USD","SG9999015952.SGD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (SGD) ACC","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","LU1435385759.SGD":"Natixis Loomis Sayles US Growth Equity RA SGD-H","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","LU0823411888.USD":"法巴消费创新基金 Cap","BK4099":"汽车制造商","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD","LU0056508442.USD":"贝莱德世界科技基金A2","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","TSLA":"特斯拉","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","BK4107":"财产与意外伤害保险","IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) ACC","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","BK4592":"伊斯兰概念","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","LU2756315318.SGD":"ALLIANZ INCOME AND GROWTH \"AMG\" (SGDHDG) INC A","BK4585":"ETF&股票定投概念","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","BK4555":"新能源车","BK4533":"AQR资本管理(全球第二大对冲基金)","LU0466842654.USD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"A\" (USD) ACC","LU0097036916.USD":"贝莱德美国增长A2 USD","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","LU2087621335.USD":"ALLSPRING GLOBAL FACTOR ENHANCED EQUITY \"A\" (USD) ACC","LCID":"Lucid Group Inc"},"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2483945685","content_text":"Lucid under Peter Rawlinson has begun taking orders for its coming $90,000 version of a new electric SUV. Photo: Helynn Ospina for WSJBy Tim HigginsThe dream of a $25,000 electric vehicle for U.S. drivers is in trouble.Elon Musk has abandoned it. President-elect Donald Trump is unlikely to help. And the current economics of the U.S. auto industry don't support it.The key problem: America doesn't really sell cheap new cars anymore.Why would any automaker offer an EV -- with all of that costly technology -- at a price point that's half of what the average new vehicle goes for these days?\"I think having a regular $25,000 model is pointless,\" Musk said a few weeks ago. \"It would be silly.\"Yes, the chief executive says Tesla is still working on a $25,000 robotaxi to arrive in 2026. But for those who don't think his driverless cars are actually going to happen by then or for Luddites who just want to buy a new $25,000 EV with a steering wheel and pedals -- no luck.Musk isn't alone in taking a sour view of making a cheap EV for the U.S.A Cybercab robotaxi prototype at a Tesla store in San Jose, Calif., this month. Photo: David Paul Morris/Bloomberg\"That market sucks,\" Peter Rawlinson, chief executive of Lucid Motors, told me and my colleague Christopher Mims for our new podcast, called \"Bold Names.\"Lucid which has begun taking orders for its coming $90,000 version of the new electric SUV called the Gravity, aims to bring out a more affordable midsize vehicle to compete against the Tesla Model Y in late 2026. That vehicle is said to cost less than $50,000, but a cheap EV is something Rawlinson said he would only support by licensing his technology to another company.\"That market is notorious because you get into mass manufacture -- terrible, low margins,\" he said of the low-price EVs. \"To install the manufacturing base for millions of these units makes little sense to me.\"Abandoning the idea of a $25,000 car comes as a blow to those who were betting that the electrification of the automobile was on track to happen seemingly overnight -- with EVs for every pocketbook replacing the tens of millions of vehicles on the roadways.Instead, we've swung back to a belief that the transition, at least in the U.S., is going to be slower.Musk upended the car industry almost two years ago with his incredible claims about Tesla's ability to slash costs as it sought to develop a lower-priced EV while at the same time starting a price war by cutting the prices of the Model 3 sedan and Model Y sport-utility vehicle.Rawlinson presenting the Lucid Gravity at the Los Angeles Auto Show in November 2023. Photo: Robyn Beck/AFP/Getty ImagesRivals, lest they be left behind Tesla and its now-discarded claims, have aimed for cheap EVs of their own. But their broader efforts to electrify have been running into trouble. Ford Motor, for example, last month said it was pausing production of its electric F-150 Lightning, which starts at around $63,000, in the midst of slumping demand.A slowdown in the rate of EV sales growth has complicated the picture. So has the growing anticipation that the new Trump administration will eliminate federal tax credits that have made EVs more affordable for buyers. The cheapest car Tesla currently sells in the U.S. starts at around $43,000 -- or $35,500 with a federal tax credit of $7,500.Building and selling a cheap car for the U.S. -- EV or not -- was already difficult.To start, profits can be thin. And that's before adding expensive batteries to the equation, before inflation jacked prices up for everything, and before Chinese rivals got really, really good at making really, really inexpensive EVs of their own.A lot of attention has focused on the fact that new cars, like everything these days, just cost way more than they used to.The average transaction price for a new vehicle sold in the U.S. last month was $48,623, according to Kelley Blue Book, roughly $10,000 higher than in 2019, before the pandemic.A decade ago, about 40% of the new-vehicle transactions in the U.S. were less than $25,000, including incentives and discounts, according to the researcher J.D. Power. This year, that figure is 9%.In 2020, when Musk fanned the flames of excitement for a $25,000 car that he said was in the offing, the new-vehicle market in the U.S. was a much different thing. Even then, roughly a quarter of the new-vehicle transactions were for less than $25,000.A cheap EV is something Rawlinson says he would only support by licensing technology to another company. Photo: Helynn Ospina for WSJA year later, according to J.D. Power, it was 15%. It then fell to 6% before slightly rebounding this year as car companies offered deals to help move vehicles as higher interest rates made buying a car harder for some.What happened? The pandemic. Prices shot up -- first in the midst of supply shortages, and then they stayed high as automakers adjusted their lineup to cut out low-profit vehicles.\"As automakers were profit maximizing during the supply chain crisis era, you are going to prioritize the bigger vehicles, the more expensive vehicles with their higher margins,\" Tyson Jominy, vice president of data and analytics at J.D. Power, told me. \"Now we just don't have\" these cheaper models.Today, just four models account for more than two-thirds of all vehicles with suggested retail prices of less than $25,000 in the U.S. -- Toyota's Corolla, Kia's Forte, Nissan's Sentra and Chevrolet's Trax.It isn't as though people don't want cheap cars. Now, many are just left buying used cars.What has Western automotive executives' stomachs churning is that they might have inadvertently left a huge opening for Chinese rivals who have shown an ability to build inexpensive EVs that consumers outside the U.S. are gobbling up.While Trump has promised even heftier tariffs to effectively keep Chinese imports out, the president-elect has suggested he might be open to Chinese automakers' setting up factories in the U.S. -- though such a move would mean their labor costs would surely increase compared with what they're accustomed to back home.Even for Musk, though, the world seems to be shifting quickly. He has said Tesla sales could rise as much as 30% next year by offering cheaper versions of existing models.\"The amount of work required to make a lower-cost car is insanely high,\" Musk told analysts in October. \"It is harder to get like 20% of the cost out of a car than it is to design the car and build the entire factory in the first place -- it's like excruciating.\"He added: \"There's not a lot of movies made about the heroes who got 20% of the cost out of a car, but let me tell you, there should be.\"","news_type":1},"isVote":1,"tweetType":1,"viewCount":55,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":371566767894896,"gmtCreate":1731754265069,"gmtModify":1731754269064,"author":{"id":"4151941377592162","authorId":"4151941377592162","name":"zelia","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4151941377592162","authorIdStr":"4151941377592162"},"themes":[],"htmlText":"Trying hard to talk down the stock.","listText":"Trying hard to talk down the stock.","text":"Trying hard to talk down the stock.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/371566767894896","repostId":"2483945685","repostType":2,"repost":{"id":"2483945685","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1731804456,"share":"https://ttm.financial/m/news/2483945685?lang=&edition=fundamental","pubTime":"2024-11-17 08:47","market":"hk","language":"en","title":"The Withering Dream of a Cheap American Electric Car","url":"https://stock-news.laohu8.com/highlight/detail?id=2483945685","media":"Dow Jones","summary":"The dream of a $25,000 electric vehicle for U.S. drivers is in trouble.Elon Musk has abandoned it. President-elect Donald Trump is unlikely to help. And the current economics of the U.S. auto industry don't support it.The key problem: America doesn't really sell cheap new cars anymore.Why would any automaker offer an EV -- with all of that costly technology -- at a price point that's half of what the average new vehicle goes for these days?Lucid which has begun taking orders for its coming $90,000 version of the new electric SUV called the Gravity, aims to bring out a more affordable midsize vehicle to compete against the Tesla Model Y in late 2026. That vehicle is said to cost less than $50,000, but a cheap EV is something Rawlinson said he would only support by licensing his technology to another company.A slowdown in the rate of EV sales growth has complicated the picture. So has the growing anticipation that the new Trump administration will eliminate federal tax credits that have ","content":"<html><head></head><body><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/f84d4eadce68c2473c982dcb5199c769\" alt=\"Lucid under Peter Rawlinson has begun taking orders for its coming $90,000 version of a new electric SUV. Photo: Helynn Ospina for WSJ\" title=\"Lucid under Peter Rawlinson has begun taking orders for its coming $90,000 version of a new electric SUV. Photo: Helynn Ospina for WSJ\" tg-width=\"700\" tg-height=\"875\"/><span>Lucid under Peter Rawlinson has begun taking orders for its coming $90,000 version of a new electric SUV. Photo: Helynn Ospina for WSJ</span></p><p>By Tim Higgins</p><p>The dream of a $25,000 electric vehicle for U.S. drivers is in trouble.</p><p>Elon Musk has abandoned it. President-elect Donald Trump is unlikely to help. And the current economics of the U.S. auto industry don&#39;t support it.</p><p>The key problem: America doesn&#39;t really sell cheap new cars anymore.</p><p>Why would any automaker offer an EV -- with all of that costly technology -- at a price point that&#39;s half of what the average new vehicle goes for these days?</p><p>&#34;I think having a regular $25,000 model is pointless,&#34; Musk said a few weeks ago. &#34;It would be silly.&#34;</p><p>Yes, the chief executive says Tesla is still working on a $25,000 robotaxi to arrive in 2026. But for those who don&#39;t think his driverless cars are actually going to happen by then or for Luddites who just want to buy a new $25,000 EV with a steering wheel and pedals -- no luck.</p><p>Musk isn&#39;t alone in taking a sour view of making a cheap EV for the U.S.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/e5d55a098786e56c1db04690d64f2db9\" alt=\"A Cybercab robotaxi prototype at a Tesla store in San Jose, Calif., this month. Photo: David Paul Morris/Bloomberg\" title=\"A Cybercab robotaxi prototype at a Tesla store in San Jose, Calif., this month. Photo: David Paul Morris/Bloomberg\" tg-width=\"700\" tg-height=\"466\"/><span>A Cybercab robotaxi prototype at a Tesla store in San Jose, Calif., this month. Photo: David Paul Morris/Bloomberg</span></p><p>&#34;That market sucks,&#34; Peter Rawlinson, chief executive of Lucid Motors, told me and my colleague Christopher Mims for our new podcast, called &#34;Bold Names.&#34;</p><p>Lucid which has begun taking orders for its coming $90,000 version of the new electric SUV called the Gravity, aims to bring out a more affordable midsize vehicle to compete against the Tesla Model Y in late 2026. That vehicle is said to cost less than $50,000, but a cheap EV is something Rawlinson said he would only support by licensing his technology to another company.</p><p>&#34;That market is notorious because you get into mass manufacture -- terrible, low margins,&#34; he said of the low-price EVs. &#34;To install the manufacturing base for millions of these units makes little sense to me.&#34;</p><p>Abandoning the idea of a $25,000 car comes as a blow to those who were betting that the electrification of the automobile was on track to happen seemingly overnight -- with EVs for every pocketbook replacing the tens of millions of vehicles on the roadways.</p><p>Instead, we&#39;ve swung back to a belief that the transition, at least in the U.S., is going to be slower.</p><p>Musk upended the car industry almost two years ago with his incredible claims about Tesla&#39;s ability to slash costs as it sought to develop a lower-priced EV while at the same time starting a price war by cutting the prices of the Model 3 sedan and Model Y sport-utility vehicle.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/d1c19151eaf12aa963979a613d6d3511\" alt=\"Rawlinson presenting the Lucid Gravity at the Los Angeles Auto Show in November 2023. Photo: Robyn Beck/AFP/Getty Images\" title=\"Rawlinson presenting the Lucid Gravity at the Los Angeles Auto Show in November 2023. Photo: Robyn Beck/AFP/Getty Images\" tg-width=\"700\" tg-height=\"466\"/><span>Rawlinson presenting the Lucid Gravity at the Los Angeles Auto Show in November 2023. Photo: Robyn Beck/AFP/Getty Images</span></p><p>Rivals, lest they be left behind Tesla and its now-discarded claims, have aimed for cheap EVs of their own. But their broader efforts to electrify have been running into trouble. Ford Motor, for example, last month said it was pausing production of its electric F-150 Lightning, which starts at around $63,000, in the midst of slumping demand.</p><p>A slowdown in the rate of EV sales growth has complicated the picture. So has the growing anticipation that the new Trump administration will eliminate federal tax credits that have made EVs more affordable for buyers. The cheapest car Tesla currently sells in the U.S. starts at around $43,000 -- or $35,500 with a federal tax credit of $7,500.</p><p>Building and selling a cheap car for the U.S. -- EV or not -- was already difficult.</p><p>To start, profits can be thin. And that&#39;s before adding expensive batteries to the equation, before inflation jacked prices up for everything, and before Chinese rivals got really, really good at making really, really inexpensive EVs of their own.</p><p>A lot of attention has focused on the fact that new cars, like everything these days, just cost way more than they used to.</p><p>The average transaction price for a new vehicle sold in the U.S. last month was $48,623, according to Kelley Blue Book, roughly $10,000 higher than in 2019, before the pandemic.</p><p>A decade ago, about 40% of the new-vehicle transactions in the U.S. were less than $25,000, including incentives and discounts, according to the researcher J.D. Power. This year, that figure is 9%.</p><p>In 2020, when Musk fanned the flames of excitement for a $25,000 car that he said was in the offing, the new-vehicle market in the U.S. was a much different thing. Even then, roughly a quarter of the new-vehicle transactions were for less than $25,000.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/1cfaf5aca179b0fa933c52a7f40d82d9\" alt=\"A cheap EV is something Rawlinson says he would only support by licensing technology to another company. Photo: Helynn Ospina for WSJ\" title=\"A cheap EV is something Rawlinson says he would only support by licensing technology to another company. Photo: Helynn Ospina for WSJ\" tg-width=\"700\" tg-height=\"466\"/><span>A cheap EV is something Rawlinson says he would only support by licensing technology to another company. Photo: Helynn Ospina for WSJ</span></p><p>A year later, according to J.D. Power, it was 15%. It then fell to 6% before slightly rebounding this year as car companies offered deals to help move vehicles as higher interest rates made buying a car harder for some.</p><p>What happened? The pandemic. Prices shot up -- first in the midst of supply shortages, and then they stayed high as automakers adjusted their lineup to cut out low-profit vehicles.</p><p>&#34;As automakers were profit maximizing during the supply chain crisis era, you are going to prioritize the bigger vehicles, the more expensive vehicles with their higher margins,&#34; Tyson Jominy, vice president of data and analytics at J.D. Power, told me. &#34;Now we just don&#39;t have&#34; these cheaper models.</p><p>Today, just four models account for more than two-thirds of all vehicles with suggested retail prices of less than $25,000 in the U.S. -- Toyota&#39;s Corolla, Kia&#39;s Forte, Nissan&#39;s Sentra and Chevrolet&#39;s Trax.</p><p>It isn&#39;t as though people don&#39;t want cheap cars. Now, many are just left buying used cars.</p><p>What has Western automotive executives&#39; stomachs churning is that they might have inadvertently left a huge opening for Chinese rivals who have shown an ability to build inexpensive EVs that consumers outside the U.S. are gobbling up.</p><p>While Trump has promised even heftier tariffs to effectively keep Chinese imports out, the president-elect has suggested he might be open to Chinese automakers&#39; setting up factories in the U.S. -- though such a move would mean their labor costs would surely increase compared with what they&#39;re accustomed to back home.</p><p>Even for Musk, though, the world seems to be shifting quickly. He has said Tesla sales could rise as much as 30% next year by offering cheaper versions of existing models.</p><p>&#34;The amount of work required to make a lower-cost car is insanely high,&#34; Musk told analysts in October. &#34;It is harder to get like 20% of the cost out of a car than it is to design the car and build the entire factory in the first place -- it&#39;s like excruciating.&#34;</p><p>He added: &#34;There&#39;s not a lot of movies made about the heroes who got 20% of the cost out of a car, but let me tell you, there should be.&#34;</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Withering Dream of a Cheap American Electric Car</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Withering Dream of a Cheap American Electric Car\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2024-11-17 08:47</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/f84d4eadce68c2473c982dcb5199c769\" alt=\"Lucid under Peter Rawlinson has begun taking orders for its coming $90,000 version of a new electric SUV. Photo: Helynn Ospina for WSJ\" title=\"Lucid under Peter Rawlinson has begun taking orders for its coming $90,000 version of a new electric SUV. Photo: Helynn Ospina for WSJ\" tg-width=\"700\" tg-height=\"875\"/><span>Lucid under Peter Rawlinson has begun taking orders for its coming $90,000 version of a new electric SUV. Photo: Helynn Ospina for WSJ</span></p><p>By Tim Higgins</p><p>The dream of a $25,000 electric vehicle for U.S. drivers is in trouble.</p><p>Elon Musk has abandoned it. President-elect Donald Trump is unlikely to help. And the current economics of the U.S. auto industry don&#39;t support it.</p><p>The key problem: America doesn&#39;t really sell cheap new cars anymore.</p><p>Why would any automaker offer an EV -- with all of that costly technology -- at a price point that&#39;s half of what the average new vehicle goes for these days?</p><p>&#34;I think having a regular $25,000 model is pointless,&#34; Musk said a few weeks ago. &#34;It would be silly.&#34;</p><p>Yes, the chief executive says Tesla is still working on a $25,000 robotaxi to arrive in 2026. But for those who don&#39;t think his driverless cars are actually going to happen by then or for Luddites who just want to buy a new $25,000 EV with a steering wheel and pedals -- no luck.</p><p>Musk isn&#39;t alone in taking a sour view of making a cheap EV for the U.S.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/e5d55a098786e56c1db04690d64f2db9\" alt=\"A Cybercab robotaxi prototype at a Tesla store in San Jose, Calif., this month. Photo: David Paul Morris/Bloomberg\" title=\"A Cybercab robotaxi prototype at a Tesla store in San Jose, Calif., this month. Photo: David Paul Morris/Bloomberg\" tg-width=\"700\" tg-height=\"466\"/><span>A Cybercab robotaxi prototype at a Tesla store in San Jose, Calif., this month. Photo: David Paul Morris/Bloomberg</span></p><p>&#34;That market sucks,&#34; Peter Rawlinson, chief executive of Lucid Motors, told me and my colleague Christopher Mims for our new podcast, called &#34;Bold Names.&#34;</p><p>Lucid which has begun taking orders for its coming $90,000 version of the new electric SUV called the Gravity, aims to bring out a more affordable midsize vehicle to compete against the Tesla Model Y in late 2026. That vehicle is said to cost less than $50,000, but a cheap EV is something Rawlinson said he would only support by licensing his technology to another company.</p><p>&#34;That market is notorious because you get into mass manufacture -- terrible, low margins,&#34; he said of the low-price EVs. &#34;To install the manufacturing base for millions of these units makes little sense to me.&#34;</p><p>Abandoning the idea of a $25,000 car comes as a blow to those who were betting that the electrification of the automobile was on track to happen seemingly overnight -- with EVs for every pocketbook replacing the tens of millions of vehicles on the roadways.</p><p>Instead, we&#39;ve swung back to a belief that the transition, at least in the U.S., is going to be slower.</p><p>Musk upended the car industry almost two years ago with his incredible claims about Tesla&#39;s ability to slash costs as it sought to develop a lower-priced EV while at the same time starting a price war by cutting the prices of the Model 3 sedan and Model Y sport-utility vehicle.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/d1c19151eaf12aa963979a613d6d3511\" alt=\"Rawlinson presenting the Lucid Gravity at the Los Angeles Auto Show in November 2023. Photo: Robyn Beck/AFP/Getty Images\" title=\"Rawlinson presenting the Lucid Gravity at the Los Angeles Auto Show in November 2023. Photo: Robyn Beck/AFP/Getty Images\" tg-width=\"700\" tg-height=\"466\"/><span>Rawlinson presenting the Lucid Gravity at the Los Angeles Auto Show in November 2023. Photo: Robyn Beck/AFP/Getty Images</span></p><p>Rivals, lest they be left behind Tesla and its now-discarded claims, have aimed for cheap EVs of their own. But their broader efforts to electrify have been running into trouble. Ford Motor, for example, last month said it was pausing production of its electric F-150 Lightning, which starts at around $63,000, in the midst of slumping demand.</p><p>A slowdown in the rate of EV sales growth has complicated the picture. So has the growing anticipation that the new Trump administration will eliminate federal tax credits that have made EVs more affordable for buyers. The cheapest car Tesla currently sells in the U.S. starts at around $43,000 -- or $35,500 with a federal tax credit of $7,500.</p><p>Building and selling a cheap car for the U.S. -- EV or not -- was already difficult.</p><p>To start, profits can be thin. And that&#39;s before adding expensive batteries to the equation, before inflation jacked prices up for everything, and before Chinese rivals got really, really good at making really, really inexpensive EVs of their own.</p><p>A lot of attention has focused on the fact that new cars, like everything these days, just cost way more than they used to.</p><p>The average transaction price for a new vehicle sold in the U.S. last month was $48,623, according to Kelley Blue Book, roughly $10,000 higher than in 2019, before the pandemic.</p><p>A decade ago, about 40% of the new-vehicle transactions in the U.S. were less than $25,000, including incentives and discounts, according to the researcher J.D. Power. This year, that figure is 9%.</p><p>In 2020, when Musk fanned the flames of excitement for a $25,000 car that he said was in the offing, the new-vehicle market in the U.S. was a much different thing. Even then, roughly a quarter of the new-vehicle transactions were for less than $25,000.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/1cfaf5aca179b0fa933c52a7f40d82d9\" alt=\"A cheap EV is something Rawlinson says he would only support by licensing technology to another company. Photo: Helynn Ospina for WSJ\" title=\"A cheap EV is something Rawlinson says he would only support by licensing technology to another company. Photo: Helynn Ospina for WSJ\" tg-width=\"700\" tg-height=\"466\"/><span>A cheap EV is something Rawlinson says he would only support by licensing technology to another company. Photo: Helynn Ospina for WSJ</span></p><p>A year later, according to J.D. Power, it was 15%. It then fell to 6% before slightly rebounding this year as car companies offered deals to help move vehicles as higher interest rates made buying a car harder for some.</p><p>What happened? The pandemic. Prices shot up -- first in the midst of supply shortages, and then they stayed high as automakers adjusted their lineup to cut out low-profit vehicles.</p><p>&#34;As automakers were profit maximizing during the supply chain crisis era, you are going to prioritize the bigger vehicles, the more expensive vehicles with their higher margins,&#34; Tyson Jominy, vice president of data and analytics at J.D. Power, told me. &#34;Now we just don&#39;t have&#34; these cheaper models.</p><p>Today, just four models account for more than two-thirds of all vehicles with suggested retail prices of less than $25,000 in the U.S. -- Toyota&#39;s Corolla, Kia&#39;s Forte, Nissan&#39;s Sentra and Chevrolet&#39;s Trax.</p><p>It isn&#39;t as though people don&#39;t want cheap cars. Now, many are just left buying used cars.</p><p>What has Western automotive executives&#39; stomachs churning is that they might have inadvertently left a huge opening for Chinese rivals who have shown an ability to build inexpensive EVs that consumers outside the U.S. are gobbling up.</p><p>While Trump has promised even heftier tariffs to effectively keep Chinese imports out, the president-elect has suggested he might be open to Chinese automakers&#39; setting up factories in the U.S. -- though such a move would mean their labor costs would surely increase compared with what they&#39;re accustomed to back home.</p><p>Even for Musk, though, the world seems to be shifting quickly. He has said Tesla sales could rise as much as 30% next year by offering cheaper versions of existing models.</p><p>&#34;The amount of work required to make a lower-cost car is insanely high,&#34; Musk told analysts in October. &#34;It is harder to get like 20% of the cost out of a car than it is to design the car and build the entire factory in the first place -- it&#39;s like excruciating.&#34;</p><p>He added: &#34;There&#39;s not a lot of movies made about the heroes who got 20% of the cost out of a car, but let me tell you, there should be.&#34;</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","LU1861215975.USD":"贝莱德新一代科技基金 A2","LU1548497426.USD":"安联环球人工智能AT Acc","BK4527":"明星科技股","LU1861558580.USD":"日兴方舟颠覆性创新基金B","LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H","BK4550":"红杉资本持仓","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","BK4574":"无人驾驶","LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) INC","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","BK4551":"寇图资本持仓","LU1629891620.HKD":"ALLIANZ INCOME AND GROWTH \"AMG2\" (H2-HKD) INC","BK4117":"多元化保险","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU1429558221.USD":"Natixis Loomis Sayles US Growth Equity RA USD","SG9999015952.SGD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (SGD) ACC","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","LU1435385759.SGD":"Natixis Loomis Sayles US Growth Equity RA SGD-H","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","LU0823411888.USD":"法巴消费创新基金 Cap","BK4099":"汽车制造商","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD","LU0056508442.USD":"贝莱德世界科技基金A2","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","TSLA":"特斯拉","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","BK4107":"财产与意外伤害保险","IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) ACC","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","BK4592":"伊斯兰概念","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","LU2756315318.SGD":"ALLIANZ INCOME AND GROWTH \"AMG\" (SGDHDG) INC A","BK4585":"ETF&股票定投概念","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","BK4555":"新能源车","BK4533":"AQR资本管理(全球第二大对冲基金)","LU0466842654.USD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"A\" (USD) ACC","LU0097036916.USD":"贝莱德美国增长A2 USD","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","LU2087621335.USD":"ALLSPRING GLOBAL FACTOR ENHANCED EQUITY \"A\" (USD) ACC","LCID":"Lucid Group Inc"},"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2483945685","content_text":"Lucid under Peter Rawlinson has begun taking orders for its coming $90,000 version of a new electric SUV. Photo: Helynn Ospina for WSJBy Tim HigginsThe dream of a $25,000 electric vehicle for U.S. drivers is in trouble.Elon Musk has abandoned it. President-elect Donald Trump is unlikely to help. And the current economics of the U.S. auto industry don't support it.The key problem: America doesn't really sell cheap new cars anymore.Why would any automaker offer an EV -- with all of that costly technology -- at a price point that's half of what the average new vehicle goes for these days?\"I think having a regular $25,000 model is pointless,\" Musk said a few weeks ago. \"It would be silly.\"Yes, the chief executive says Tesla is still working on a $25,000 robotaxi to arrive in 2026. But for those who don't think his driverless cars are actually going to happen by then or for Luddites who just want to buy a new $25,000 EV with a steering wheel and pedals -- no luck.Musk isn't alone in taking a sour view of making a cheap EV for the U.S.A Cybercab robotaxi prototype at a Tesla store in San Jose, Calif., this month. Photo: David Paul Morris/Bloomberg\"That market sucks,\" Peter Rawlinson, chief executive of Lucid Motors, told me and my colleague Christopher Mims for our new podcast, called \"Bold Names.\"Lucid which has begun taking orders for its coming $90,000 version of the new electric SUV called the Gravity, aims to bring out a more affordable midsize vehicle to compete against the Tesla Model Y in late 2026. That vehicle is said to cost less than $50,000, but a cheap EV is something Rawlinson said he would only support by licensing his technology to another company.\"That market is notorious because you get into mass manufacture -- terrible, low margins,\" he said of the low-price EVs. \"To install the manufacturing base for millions of these units makes little sense to me.\"Abandoning the idea of a $25,000 car comes as a blow to those who were betting that the electrification of the automobile was on track to happen seemingly overnight -- with EVs for every pocketbook replacing the tens of millions of vehicles on the roadways.Instead, we've swung back to a belief that the transition, at least in the U.S., is going to be slower.Musk upended the car industry almost two years ago with his incredible claims about Tesla's ability to slash costs as it sought to develop a lower-priced EV while at the same time starting a price war by cutting the prices of the Model 3 sedan and Model Y sport-utility vehicle.Rawlinson presenting the Lucid Gravity at the Los Angeles Auto Show in November 2023. Photo: Robyn Beck/AFP/Getty ImagesRivals, lest they be left behind Tesla and its now-discarded claims, have aimed for cheap EVs of their own. But their broader efforts to electrify have been running into trouble. Ford Motor, for example, last month said it was pausing production of its electric F-150 Lightning, which starts at around $63,000, in the midst of slumping demand.A slowdown in the rate of EV sales growth has complicated the picture. So has the growing anticipation that the new Trump administration will eliminate federal tax credits that have made EVs more affordable for buyers. The cheapest car Tesla currently sells in the U.S. starts at around $43,000 -- or $35,500 with a federal tax credit of $7,500.Building and selling a cheap car for the U.S. -- EV or not -- was already difficult.To start, profits can be thin. And that's before adding expensive batteries to the equation, before inflation jacked prices up for everything, and before Chinese rivals got really, really good at making really, really inexpensive EVs of their own.A lot of attention has focused on the fact that new cars, like everything these days, just cost way more than they used to.The average transaction price for a new vehicle sold in the U.S. last month was $48,623, according to Kelley Blue Book, roughly $10,000 higher than in 2019, before the pandemic.A decade ago, about 40% of the new-vehicle transactions in the U.S. were less than $25,000, including incentives and discounts, according to the researcher J.D. Power. This year, that figure is 9%.In 2020, when Musk fanned the flames of excitement for a $25,000 car that he said was in the offing, the new-vehicle market in the U.S. was a much different thing. Even then, roughly a quarter of the new-vehicle transactions were for less than $25,000.A cheap EV is something Rawlinson says he would only support by licensing technology to another company. Photo: Helynn Ospina for WSJA year later, according to J.D. Power, it was 15%. It then fell to 6% before slightly rebounding this year as car companies offered deals to help move vehicles as higher interest rates made buying a car harder for some.What happened? The pandemic. Prices shot up -- first in the midst of supply shortages, and then they stayed high as automakers adjusted their lineup to cut out low-profit vehicles.\"As automakers were profit maximizing during the supply chain crisis era, you are going to prioritize the bigger vehicles, the more expensive vehicles with their higher margins,\" Tyson Jominy, vice president of data and analytics at J.D. Power, told me. \"Now we just don't have\" these cheaper models.Today, just four models account for more than two-thirds of all vehicles with suggested retail prices of less than $25,000 in the U.S. -- Toyota's Corolla, Kia's Forte, Nissan's Sentra and Chevrolet's Trax.It isn't as though people don't want cheap cars. Now, many are just left buying used cars.What has Western automotive executives' stomachs churning is that they might have inadvertently left a huge opening for Chinese rivals who have shown an ability to build inexpensive EVs that consumers outside the U.S. are gobbling up.While Trump has promised even heftier tariffs to effectively keep Chinese imports out, the president-elect has suggested he might be open to Chinese automakers' setting up factories in the U.S. -- though such a move would mean their labor costs would surely increase compared with what they're accustomed to back home.Even for Musk, though, the world seems to be shifting quickly. He has said Tesla sales could rise as much as 30% next year by offering cheaper versions of existing models.\"The amount of work required to make a lower-cost car is insanely high,\" Musk told analysts in October. \"It is harder to get like 20% of the cost out of a car than it is to design the car and build the entire factory in the first place -- it's like excruciating.\"He added: \"There's not a lot of movies made about the heroes who got 20% of the cost out of a car, but let me tell you, there should be.\"","news_type":1},"isVote":1,"tweetType":1,"viewCount":14,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":370954734887280,"gmtCreate":1731604278306,"gmtModify":1731604282180,"author":{"id":"4151941377592162","authorId":"4151941377592162","name":"zelia","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4151941377592162","authorIdStr":"4151941377592162"},"themes":[],"htmlText":"Must feel very upset cos u missed the big boat which already left the port.","listText":"Must feel very upset cos u missed the big boat which already left the port.","text":"Must feel very upset cos u missed the big boat which already left the port.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/370954734887280","repostId":"1124787577","repostType":2,"repost":{"id":"1124787577","kind":"news","pubTimestamp":1731600007,"share":"https://ttm.financial/m/news/1124787577?lang=&edition=fundamental","pubTime":"2024-11-15 00:00","market":"us","language":"en","title":"Tesla Stock Doesn't Deserve This Rally","url":"https://stock-news.laohu8.com/highlight/detail?id=1124787577","media":"seekingalpha","summary":"First off, let's address what's driving the TSLA stock's expansion in November this year. I believe that most who are buying Tesla stock these days - aside from just trend followers - are betting on the election of Donald Trump as President of the United States as a potential tailwind for Tesla, especially in light of the electric vehicle subsidies created by the Inflation Reduction Act. Additionally, a Trump administration could still levy tariffs prohibiting lower-cost Chinese EVs from enterin","content":"<html><head></head><body><h2 id=\"id_1666794739\">Summary</h2><ul style=\"\"><li><p>Despite Tesla&#39;s strong financials and growth, I maintain a &#34;Sell&#34; rating due to overvaluation driven by speculative factors like Trump&#39;s presidency and market FOMO.</p></li><li><p>Tesla&#39;s recent stock surge is attributed to potential benefits from Trump&#39;s policies, but these are uncertain and long term, not justifying the current price.</p></li><li><p>Tesla&#39;s financial health is solid, with increased revenues and cash flow, but decreasing average selling prices and high capital expenditures pose risks.</p></li><li><p>TSLA stock&#39;s current valuation exceeds even the most optimistic forecasts, making it an unattractive investment compared to other fast-growing companies.</p></li><li><p>I am Danil Sereda, chief investment officer at a family office. I analyze information that ordinary retail investors do not have access to, and lead the investing group Beyond the Wall Investing.</p></li></ul><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/97332ec96f4587d760e03c7466405358\" alt=\"Tesla office, service station, American electric car manufacturer Elon Musk, current and major repairs, alternative energy development concept, electric vehicle production, Frankfurt - May 2023\" title=\"Tesla office, service station, American electric car manufacturer Elon Musk, current and major repairs, alternative energy development concept, electric vehicle production, Frankfurt - May 2023\" tg-width=\"750\" tg-height=\"500\"/><span>Tesla office, service station, American electric car manufacturer Elon Musk, current and major repairs, alternative energy development concept, electric vehicle production, Frankfurt - May 2023</span></p><p></p><h2 id=\"id_3829677698\">Intro &amp; Thesis</h2><p>My first article about <strong>Tesla, Inc.</strong> (NASDAQ:TSLA) was published in October 2021 with a &#34;Buy&#34; rating, which I changed to &#34;Hold&#34; in October 2022 and eventually to &#34;Sell&#34; in April 2023. Since then, I have maintained my bearish rating on TSLA, which was aging well until recently - Trump&#39;s win led to a massive expansion in TSLA stock, which has been up over 60% over the past few years, according to Seeking Alpha&#39;s momentum data.</p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/22644e34544e69645941a208a4dc6f41\" alt=\"Seeking Alpha, my coverage of TSLA\" title=\"Seeking Alpha, my coverage of TSLA\" tg-width=\"640\" tg-height=\"458\"/><span>Seeking Alpha, my coverage of TSLA</span></p><p></p><p>While my bearish stance turned out to be wrong, I think the rally in Tesla stock itself is hard to explain fundamentally - it simply seems to be a reaction to a Trump-related catalyst that is unlikely to dramatically improve Tesla&#39;s business going forward. Given the valuation premium expansion and widespread FOMO I see on the market right now, I&#39;m reiterating my previous &#34;Sell&#34; rating, being a contrarian to what&#39;s going on around.</p><h2 id=\"id_1735159744\">Why Do I Think So?</h2><p>First off, let&#39;s address what&#39;s driving the TSLA stock&#39;s expansion in November this year. I believe that most who are buying Tesla stock these days - aside from just trend followers - are betting on the election of Donald Trump as President of the United States as a potential tailwind for Tesla, especially in light of the electric vehicle subsidies created by the Inflation Reduction Act. Additionally, a Trump administration could still levy tariffs prohibiting lower-cost Chinese EVs from entering the US market, which will allow Tesla to maintain market dominance. Further, Elon Musk&#39;s potential advisory role to Trump may impact federal autonomous driving laws in the United States and speed up the regulatory approval process for Tesla&#39;s self-driving technologies.</p><p>While these are all important developments for Tesla shareholders, I think the overall impact is too uncertain and too long-term to drive the stock&#39;s price up that much. I think we should look at Tesla&#39;s recent financials firsthand to really see and assess the company&#39;s medium-term prospects.</p><p>Tesla&#39;s Q3 2024 report (published in late October 2024) showed an adjusted net profit of $2.505 billion, or $0.72 per diluted share (+9% YoY), beating analyst and management expectations. The earnings beat was driven by &#34;improved vehicle deliveries, better gross margins, and efficient cost-reduction efforts&#34;, according to the management&#39;s commentary. Tesla&#39;s auto revenue grew by 2% to $20.016 billion and its Energy Generation and Storage revenue increased by 52% YoY to $2.379 billion, driven by &#34;high-demand Powerwall and Megapack products&#34;, which achieved the highest deployments and a gross margin of 30.5%.</p><p>Tesla&#39;s balance sheet remained healthy in general, as cash and cash equivalents were $33.65 billion at the close of Q3 2024. The firm&#39;s financial strength stems from its strong operating cash flows which reached $6.255 billion in Q3 - that&#39;s 89% more than last year. As a result, the FCF has gone up by about 3.2 times YoY. Though Tesla may consider share buybacks in the future, the current business environment doesn&#39;t support any buybacks until 2025-2026, I suppose.</p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/4696477d34648230d1e22e2c8554b314\" alt=\"TSLA&#39;s IR materials\" title=\"TSLA&#39;s IR materials\" tg-width=\"640\" tg-height=\"321\"/><span>TSLA&#39;s IR materials</span></p><p></p><p>On the liability side, Tesla&#39;s debt rose due to R&amp;D, AI training, and production capacity investment. However, Tesla&#39;s debt/cap ratio is still lower than the industry norm, according to Argus Research data (proprietary source, November 2024), which is a testament to its sound financial control.</p><p>Tesla delivered 462,890 vehicles during Q3, which was up 6% from the previous year driven primarily by the Model 3 and Model Y. The Shanghai facility, an integral part of Tesla&#39;s global production plans, ran at full capacity and provided substantial volumes to the firm. The plant’s bounce back from scheduled downtime in Q3 2023 speaks volumes about Tesla&#39;s reliability and performance, bullish-minded analysts at Argus Research noted.</p><p>In spite of these seemingly solid results, Tesla is plagued by issues that have hurt its financial metrics. Their average selling prices (ASP) keep decreasing due to product mix changes and increased competition within the EV space. As of note, Tesla Y is &#34;one of the quickest-depreciating cars over the past year or so: the average price of a Tesla Model 3 is now about $26,000, $8,500 less than it was a year before&#34;, according to Patrick George from Inside EVs.</p><p>This kind of ASP dynamics has challenged Tesla&#39;s automotive gross margins which, while improving over last year, remain a topic of attention for investors. Additionally, Tesla&#39;s expansion into new markets and lines of business (including Cybertruck and its upcoming low-priced EV) takes significant capital outlay, increasing the company&#39;s debt position (although it&#39;s not that scary amid Tesla&#39;s debt-to-equity of just 0.18, according to Seeking Alpha data).</p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/83e76d2c00b38b9a3998a7ef51499b80\" alt=\"Chart\" title=\"Chart\" tg-width=\"635\" tg-height=\"439\"/><span>Chart</span></p><p></p><p>Tesla&#39;s market leadership in the EV market (51% market share of the US EV market, according to Argus) is a &#34;testament to their brand and technological strength&#34;. Also, Tesla&#39;s energy businesses - Powerwall and Megapack - are expanding quickly and seem to have great long-term growth prospects. According to InsightAce Analytic, the global stationary energy storage market is estimated to reach $215.10 billion by 2031, growing at a CAGR of 22.25% during the forecast period of 2024-2031 with Tesla being one of the key market players there:</p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/e3f26a1721a19ba614598e26e409f2f2\" alt=\"InsightAce Analytic\" title=\"InsightAce Analytic\" tg-width=\"640\" tg-height=\"376\"/><span>InsightAce Analytic</span></p><p></p><p>On the other hand, Tesla is not immune to flaws and threats: This company&#39;s dependency on a handful of major markets, including the United States and China, places it at geopolitical and regulatory risk. Tesla is under strong pressure from domestic EV makers and could encounter regulatory obstacles in China, as it generates roughly a third of its consolidated sales there. In addition, Tesla’s high growth goals, including 20-30% growth in vehicle deliveries by 2025, are contingent on successful new product introductions and production capacity expansion. I think these projections are too optimistic when you see the market the company has to compete in today.</p><p>From Q4 2024 through FY2025, Tesla management set lofty expectations for both its EVs to be more accessible and its business to be autonomous. As new models roll out and production ramps up, Elon Musk expects Tesla’s vehicle deliveries to jump 20-30% by 2025. He also believes that the energy industry is likely to stay afloat with the Megapack and Powerwall markets continuing to grow.</p><p>Looking at the dynamics of analysts&#39; forecasts over the past month, we can see that the forecast EPS figures are gradually recovering from the sharp decline that has persisted since 2021. However, <em>the extent of the recovery in EPS forecasts seems too weak to me to justify the stock reaction we have seen in recent days.</em></p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/e6bdbd4bdc93e3dbc34abf3834138fd3\" alt=\"Seeking Alpha, TSLA\" title=\"Seeking Alpha, TSLA\" tg-width=\"640\" tg-height=\"330\"/><span>Seeking Alpha, TSLA</span></p><p></p><p>That is to say, sure, the recent stock rise is likely to have been warranted, but not in the way it has been. My perception is that the stock has become too distant from the present.</p><p>Despite some obvious bullish hints, Tesla&#39;s aggressive pricing - to retain market share - may continue to stress margins. Add Tesla’s heavy capital spending agenda – necessary for the company’s ambitious growth strategy - and you have a nightmare scenario that threatens even current broadly positive consensus estimates of earnings.</p><p>The presence of Tesla in China is a blessing and a curse: It&#39;s one of Tesla&#39;s key markets, but the company is now also up against regional EV makers, who are quickly taking over the market. Since Trump is now president, regulatory and geopolitical concerns also threaten Tesla’s presence in China. Whether the firm will continue to succeed in the market depends on how it is able to get past these obstacles and maintain an edge over the others. For the most part, I don’t see this risk represented clearly by market expectations today.</p><p>Additionally, as any skeptic, I&#39;m baffled as to how the company is being valued today. Not only does the stock look overbought on traditional technical measures such as the Relative Strength Index, but it&#39;s also now trading far beyond the expectations of even the most loyal bulls. Look at the Morgan Stanley CFA Adam Jonas&#39; report (proprietary source, October 2024) – he expected Tesla to be $310/share in a year. But the stock is already trading above $340, 10% higher than what one of the most bullish analysts on the market was predicting.</p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/da566d70b68ee0bc287c9b97ef3d10d0\" alt=\"Morgan Stanley (private source), October 2024, notes added\" title=\"Morgan Stanley (private source), October 2024, notes added\" tg-width=\"640\" tg-height=\"328\"/><span>Morgan Stanley (private source), October 2024, notes added</span></p><p></p><p>A lot of people would argue that EPS growth is the reason for the company’s valuation to be as strong as it is right now. But let’s face it, if you’re looking at a rapidly growing business, your best bet would be the PEG ratio, which calculates the combination of the price-to-earnings multiple and the rate of earnings growth. For Tesla in particular, this ratio doesn&#39;t even approach 1x, which is typically the benchmark for fast-growing companies. This seems to be the case at least until the end of 2027, and I suspect it may continue to be so for some time.</p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/a47258e2c54c301478e5dec891a0ef52\" alt=\"Seeking Alpha, TSLA, notes added\" title=\"Seeking Alpha, TSLA, notes added\" tg-width=\"640\" tg-height=\"346\"/><span>Seeking Alpha, TSLA, notes added</span></p><p>In other words, recent events have led to what, I believe, is an unreasonably high premium in Tesla&#39;s stock price. This premium is so significant that it seems unlikely that prudent long-term investors, following the principles of Peter Lynch or any other renowned investor in fast-growing companies, can justify holding TSLA at these levels.</p><h2 id=\"id_2580866101\">Where Can I Be Wrong?</h2><p>I might be off base in the analysis of what the market believes is an acceleration for Tesla&#39;s stock price: Perhaps I am overlooking something or an impact on Tesla&#39;s stock price that isn&#39;t yet reflected in its price, which could mean Tesla stock would swell dramatically.</p><p>Additionally, the high demand in current energy markets, which is driving multiples higher with Tesla dominating the market with its Powerwall and Megapack solutions, could drive higher multiples as the market looks forward to a higher growth rate.</p><p>When or if the Tesla stock premium eventually will drop back down to more manageable levels, I don&#39;t know for sure, I can only guess that it will at some point. If it does, it could be devastating for existing shareholders, but then again, the company may simply outgrow its current large multiples, eliminating such threats.</p><h2 id=\"id_1695721782\">The Bottom Line</h2><p>I generally agree with the bulls that Tesla&#39;s high-growth plans for Q4 2024 and FY2025, resulting from new models and growth in the energy segment, present significant opportunities for value creation. However, the business will have to judiciously control risks related to the market environment, regulatory developments, and geopolitical uncertainty to meet its long-term targets. In addition, while Trump&#39;s presidency might offer some advantages to Elon Musk&#39;s business ecosystem, it also introduces risks for Tesla in particular. Increased U.S. pressure on Chinese manufacturers could provoke retaliatory actions, and Tesla, given the critical importance of the Chinese market to its operations, could be one of the first to feel the impact. I believe these risks are being overlooked by today&#39;s Tesla buyers, who have driven the company&#39;s market cap to unprecedented heights given the fundamental setup we&#39;re looking at. Currently, Tesla is trading even higher than the most optimistic bulls predicted at the end of last month; the growth potential that very optimistic market players anticipated for the next 12 months has already been realized and even exceeded - in just a couple of weeks.</p><p>If we assess the situation without excessive optimism and try to be as objective as possible, it becomes clear that the company is overvalued, with a premium that defies reasonable logic, in my opinion. This is why I have decided to maintain my &#34;Sell&#34; rating, despite its lack of success in the recent past (as it remained relevant for many months). I believe there are many other fast-growing companies in the market that deserve investors&#39; attention, and unfortunately, Tesla isn&#39;t one of them today.</p><p><em>Thank you for reading!</em></p></body></html>","source":"seekingalpha_fund","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla Stock Doesn't Deserve This Rally</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla Stock Doesn't Deserve This Rally\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-15 00:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4736784-tesla-stock-doesnt-deserve-this-rally-reiterate-sell><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryDespite Tesla's strong financials and growth, I maintain a \"Sell\" rating due to overvaluation driven by speculative factors like Trump's presidency and market FOMO.Tesla's recent stock surge is...</p>\n\n<a href=\"https://seekingalpha.com/article/4736784-tesla-stock-doesnt-deserve-this-rally-reiterate-sell\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://seekingalpha.com/article/4736784-tesla-stock-doesnt-deserve-this-rally-reiterate-sell","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1124787577","content_text":"SummaryDespite Tesla's strong financials and growth, I maintain a \"Sell\" rating due to overvaluation driven by speculative factors like Trump's presidency and market FOMO.Tesla's recent stock surge is attributed to potential benefits from Trump's policies, but these are uncertain and long term, not justifying the current price.Tesla's financial health is solid, with increased revenues and cash flow, but decreasing average selling prices and high capital expenditures pose risks.TSLA stock's current valuation exceeds even the most optimistic forecasts, making it an unattractive investment compared to other fast-growing companies.I am Danil Sereda, chief investment officer at a family office. I analyze information that ordinary retail investors do not have access to, and lead the investing group Beyond the Wall Investing.Tesla office, service station, American electric car manufacturer Elon Musk, current and major repairs, alternative energy development concept, electric vehicle production, Frankfurt - May 2023Intro & ThesisMy first article about Tesla, Inc. (NASDAQ:TSLA) was published in October 2021 with a \"Buy\" rating, which I changed to \"Hold\" in October 2022 and eventually to \"Sell\" in April 2023. Since then, I have maintained my bearish rating on TSLA, which was aging well until recently - Trump's win led to a massive expansion in TSLA stock, which has been up over 60% over the past few years, according to Seeking Alpha's momentum data.Seeking Alpha, my coverage of TSLAWhile my bearish stance turned out to be wrong, I think the rally in Tesla stock itself is hard to explain fundamentally - it simply seems to be a reaction to a Trump-related catalyst that is unlikely to dramatically improve Tesla's business going forward. Given the valuation premium expansion and widespread FOMO I see on the market right now, I'm reiterating my previous \"Sell\" rating, being a contrarian to what's going on around.Why Do I Think So?First off, let's address what's driving the TSLA stock's expansion in November this year. I believe that most who are buying Tesla stock these days - aside from just trend followers - are betting on the election of Donald Trump as President of the United States as a potential tailwind for Tesla, especially in light of the electric vehicle subsidies created by the Inflation Reduction Act. Additionally, a Trump administration could still levy tariffs prohibiting lower-cost Chinese EVs from entering the US market, which will allow Tesla to maintain market dominance. Further, Elon Musk's potential advisory role to Trump may impact federal autonomous driving laws in the United States and speed up the regulatory approval process for Tesla's self-driving technologies.While these are all important developments for Tesla shareholders, I think the overall impact is too uncertain and too long-term to drive the stock's price up that much. I think we should look at Tesla's recent financials firsthand to really see and assess the company's medium-term prospects.Tesla's Q3 2024 report (published in late October 2024) showed an adjusted net profit of $2.505 billion, or $0.72 per diluted share (+9% YoY), beating analyst and management expectations. The earnings beat was driven by \"improved vehicle deliveries, better gross margins, and efficient cost-reduction efforts\", according to the management's commentary. Tesla's auto revenue grew by 2% to $20.016 billion and its Energy Generation and Storage revenue increased by 52% YoY to $2.379 billion, driven by \"high-demand Powerwall and Megapack products\", which achieved the highest deployments and a gross margin of 30.5%.Tesla's balance sheet remained healthy in general, as cash and cash equivalents were $33.65 billion at the close of Q3 2024. The firm's financial strength stems from its strong operating cash flows which reached $6.255 billion in Q3 - that's 89% more than last year. As a result, the FCF has gone up by about 3.2 times YoY. Though Tesla may consider share buybacks in the future, the current business environment doesn't support any buybacks until 2025-2026, I suppose.TSLA's IR materialsOn the liability side, Tesla's debt rose due to R&D, AI training, and production capacity investment. However, Tesla's debt/cap ratio is still lower than the industry norm, according to Argus Research data (proprietary source, November 2024), which is a testament to its sound financial control.Tesla delivered 462,890 vehicles during Q3, which was up 6% from the previous year driven primarily by the Model 3 and Model Y. The Shanghai facility, an integral part of Tesla's global production plans, ran at full capacity and provided substantial volumes to the firm. The plant’s bounce back from scheduled downtime in Q3 2023 speaks volumes about Tesla's reliability and performance, bullish-minded analysts at Argus Research noted.In spite of these seemingly solid results, Tesla is plagued by issues that have hurt its financial metrics. Their average selling prices (ASP) keep decreasing due to product mix changes and increased competition within the EV space. As of note, Tesla Y is \"one of the quickest-depreciating cars over the past year or so: the average price of a Tesla Model 3 is now about $26,000, $8,500 less than it was a year before\", according to Patrick George from Inside EVs.This kind of ASP dynamics has challenged Tesla's automotive gross margins which, while improving over last year, remain a topic of attention for investors. Additionally, Tesla's expansion into new markets and lines of business (including Cybertruck and its upcoming low-priced EV) takes significant capital outlay, increasing the company's debt position (although it's not that scary amid Tesla's debt-to-equity of just 0.18, according to Seeking Alpha data).ChartTesla's market leadership in the EV market (51% market share of the US EV market, according to Argus) is a \"testament to their brand and technological strength\". Also, Tesla's energy businesses - Powerwall and Megapack - are expanding quickly and seem to have great long-term growth prospects. According to InsightAce Analytic, the global stationary energy storage market is estimated to reach $215.10 billion by 2031, growing at a CAGR of 22.25% during the forecast period of 2024-2031 with Tesla being one of the key market players there:InsightAce AnalyticOn the other hand, Tesla is not immune to flaws and threats: This company's dependency on a handful of major markets, including the United States and China, places it at geopolitical and regulatory risk. Tesla is under strong pressure from domestic EV makers and could encounter regulatory obstacles in China, as it generates roughly a third of its consolidated sales there. In addition, Tesla’s high growth goals, including 20-30% growth in vehicle deliveries by 2025, are contingent on successful new product introductions and production capacity expansion. I think these projections are too optimistic when you see the market the company has to compete in today.From Q4 2024 through FY2025, Tesla management set lofty expectations for both its EVs to be more accessible and its business to be autonomous. As new models roll out and production ramps up, Elon Musk expects Tesla’s vehicle deliveries to jump 20-30% by 2025. He also believes that the energy industry is likely to stay afloat with the Megapack and Powerwall markets continuing to grow.Looking at the dynamics of analysts' forecasts over the past month, we can see that the forecast EPS figures are gradually recovering from the sharp decline that has persisted since 2021. However, the extent of the recovery in EPS forecasts seems too weak to me to justify the stock reaction we have seen in recent days.Seeking Alpha, TSLAThat is to say, sure, the recent stock rise is likely to have been warranted, but not in the way it has been. My perception is that the stock has become too distant from the present.Despite some obvious bullish hints, Tesla's aggressive pricing - to retain market share - may continue to stress margins. Add Tesla’s heavy capital spending agenda – necessary for the company’s ambitious growth strategy - and you have a nightmare scenario that threatens even current broadly positive consensus estimates of earnings.The presence of Tesla in China is a blessing and a curse: It's one of Tesla's key markets, but the company is now also up against regional EV makers, who are quickly taking over the market. Since Trump is now president, regulatory and geopolitical concerns also threaten Tesla’s presence in China. Whether the firm will continue to succeed in the market depends on how it is able to get past these obstacles and maintain an edge over the others. For the most part, I don’t see this risk represented clearly by market expectations today.Additionally, as any skeptic, I'm baffled as to how the company is being valued today. Not only does the stock look overbought on traditional technical measures such as the Relative Strength Index, but it's also now trading far beyond the expectations of even the most loyal bulls. Look at the Morgan Stanley CFA Adam Jonas' report (proprietary source, October 2024) – he expected Tesla to be $310/share in a year. But the stock is already trading above $340, 10% higher than what one of the most bullish analysts on the market was predicting.Morgan Stanley (private source), October 2024, notes addedA lot of people would argue that EPS growth is the reason for the company’s valuation to be as strong as it is right now. But let’s face it, if you’re looking at a rapidly growing business, your best bet would be the PEG ratio, which calculates the combination of the price-to-earnings multiple and the rate of earnings growth. For Tesla in particular, this ratio doesn't even approach 1x, which is typically the benchmark for fast-growing companies. This seems to be the case at least until the end of 2027, and I suspect it may continue to be so for some time.Seeking Alpha, TSLA, notes addedIn other words, recent events have led to what, I believe, is an unreasonably high premium in Tesla's stock price. This premium is so significant that it seems unlikely that prudent long-term investors, following the principles of Peter Lynch or any other renowned investor in fast-growing companies, can justify holding TSLA at these levels.Where Can I Be Wrong?I might be off base in the analysis of what the market believes is an acceleration for Tesla's stock price: Perhaps I am overlooking something or an impact on Tesla's stock price that isn't yet reflected in its price, which could mean Tesla stock would swell dramatically.Additionally, the high demand in current energy markets, which is driving multiples higher with Tesla dominating the market with its Powerwall and Megapack solutions, could drive higher multiples as the market looks forward to a higher growth rate.When or if the Tesla stock premium eventually will drop back down to more manageable levels, I don't know for sure, I can only guess that it will at some point. If it does, it could be devastating for existing shareholders, but then again, the company may simply outgrow its current large multiples, eliminating such threats.The Bottom LineI generally agree with the bulls that Tesla's high-growth plans for Q4 2024 and FY2025, resulting from new models and growth in the energy segment, present significant opportunities for value creation. However, the business will have to judiciously control risks related to the market environment, regulatory developments, and geopolitical uncertainty to meet its long-term targets. In addition, while Trump's presidency might offer some advantages to Elon Musk's business ecosystem, it also introduces risks for Tesla in particular. Increased U.S. pressure on Chinese manufacturers could provoke retaliatory actions, and Tesla, given the critical importance of the Chinese market to its operations, could be one of the first to feel the impact. I believe these risks are being overlooked by today's Tesla buyers, who have driven the company's market cap to unprecedented heights given the fundamental setup we're looking at. Currently, Tesla is trading even higher than the most optimistic bulls predicted at the end of last month; the growth potential that very optimistic market players anticipated for the next 12 months has already been realized and even exceeded - in just a couple of weeks.If we assess the situation without excessive optimism and try to be as objective as possible, it becomes clear that the company is overvalued, with a premium that defies reasonable logic, in my opinion. This is why I have decided to maintain my \"Sell\" rating, despite its lack of success in the recent past (as it remained relevant for many months). I believe there are many other fast-growing companies in the market that deserve investors' attention, and unfortunately, Tesla isn't one of them today.Thank you for reading!","news_type":1},"isVote":1,"tweetType":1,"viewCount":56,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":370954436583912,"gmtCreate":1731604209574,"gmtModify":1731604213429,"author":{"id":"4151941377592162","authorId":"4151941377592162","name":"zelia","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4151941377592162","authorIdStr":"4151941377592162"},"themes":[],"htmlText":"Try harder, please.","listText":"Try harder, please.","text":"Try harder, please.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/370954436583912","repostId":"1124787577","repostType":2,"repost":{"id":"1124787577","kind":"news","pubTimestamp":1731600007,"share":"https://ttm.financial/m/news/1124787577?lang=&edition=fundamental","pubTime":"2024-11-15 00:00","market":"us","language":"en","title":"Tesla Stock Doesn't Deserve This Rally","url":"https://stock-news.laohu8.com/highlight/detail?id=1124787577","media":"seekingalpha","summary":"First off, let's address what's driving the TSLA stock's expansion in November this year. I believe that most who are buying Tesla stock these days - aside from just trend followers - are betting on the election of Donald Trump as President of the United States as a potential tailwind for Tesla, especially in light of the electric vehicle subsidies created by the Inflation Reduction Act. Additionally, a Trump administration could still levy tariffs prohibiting lower-cost Chinese EVs from enterin","content":"<html><head></head><body><h2 id=\"id_1666794739\">Summary</h2><ul style=\"\"><li><p>Despite Tesla&#39;s strong financials and growth, I maintain a &#34;Sell&#34; rating due to overvaluation driven by speculative factors like Trump&#39;s presidency and market FOMO.</p></li><li><p>Tesla&#39;s recent stock surge is attributed to potential benefits from Trump&#39;s policies, but these are uncertain and long term, not justifying the current price.</p></li><li><p>Tesla&#39;s financial health is solid, with increased revenues and cash flow, but decreasing average selling prices and high capital expenditures pose risks.</p></li><li><p>TSLA stock&#39;s current valuation exceeds even the most optimistic forecasts, making it an unattractive investment compared to other fast-growing companies.</p></li><li><p>I am Danil Sereda, chief investment officer at a family office. I analyze information that ordinary retail investors do not have access to, and lead the investing group Beyond the Wall Investing.</p></li></ul><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/97332ec96f4587d760e03c7466405358\" alt=\"Tesla office, service station, American electric car manufacturer Elon Musk, current and major repairs, alternative energy development concept, electric vehicle production, Frankfurt - May 2023\" title=\"Tesla office, service station, American electric car manufacturer Elon Musk, current and major repairs, alternative energy development concept, electric vehicle production, Frankfurt - May 2023\" tg-width=\"750\" tg-height=\"500\"/><span>Tesla office, service station, American electric car manufacturer Elon Musk, current and major repairs, alternative energy development concept, electric vehicle production, Frankfurt - May 2023</span></p><p></p><h2 id=\"id_3829677698\">Intro &amp; Thesis</h2><p>My first article about <strong>Tesla, Inc.</strong> (NASDAQ:TSLA) was published in October 2021 with a &#34;Buy&#34; rating, which I changed to &#34;Hold&#34; in October 2022 and eventually to &#34;Sell&#34; in April 2023. Since then, I have maintained my bearish rating on TSLA, which was aging well until recently - Trump&#39;s win led to a massive expansion in TSLA stock, which has been up over 60% over the past few years, according to Seeking Alpha&#39;s momentum data.</p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/22644e34544e69645941a208a4dc6f41\" alt=\"Seeking Alpha, my coverage of TSLA\" title=\"Seeking Alpha, my coverage of TSLA\" tg-width=\"640\" tg-height=\"458\"/><span>Seeking Alpha, my coverage of TSLA</span></p><p></p><p>While my bearish stance turned out to be wrong, I think the rally in Tesla stock itself is hard to explain fundamentally - it simply seems to be a reaction to a Trump-related catalyst that is unlikely to dramatically improve Tesla&#39;s business going forward. Given the valuation premium expansion and widespread FOMO I see on the market right now, I&#39;m reiterating my previous &#34;Sell&#34; rating, being a contrarian to what&#39;s going on around.</p><h2 id=\"id_1735159744\">Why Do I Think So?</h2><p>First off, let&#39;s address what&#39;s driving the TSLA stock&#39;s expansion in November this year. I believe that most who are buying Tesla stock these days - aside from just trend followers - are betting on the election of Donald Trump as President of the United States as a potential tailwind for Tesla, especially in light of the electric vehicle subsidies created by the Inflation Reduction Act. Additionally, a Trump administration could still levy tariffs prohibiting lower-cost Chinese EVs from entering the US market, which will allow Tesla to maintain market dominance. Further, Elon Musk&#39;s potential advisory role to Trump may impact federal autonomous driving laws in the United States and speed up the regulatory approval process for Tesla&#39;s self-driving technologies.</p><p>While these are all important developments for Tesla shareholders, I think the overall impact is too uncertain and too long-term to drive the stock&#39;s price up that much. I think we should look at Tesla&#39;s recent financials firsthand to really see and assess the company&#39;s medium-term prospects.</p><p>Tesla&#39;s Q3 2024 report (published in late October 2024) showed an adjusted net profit of $2.505 billion, or $0.72 per diluted share (+9% YoY), beating analyst and management expectations. The earnings beat was driven by &#34;improved vehicle deliveries, better gross margins, and efficient cost-reduction efforts&#34;, according to the management&#39;s commentary. Tesla&#39;s auto revenue grew by 2% to $20.016 billion and its Energy Generation and Storage revenue increased by 52% YoY to $2.379 billion, driven by &#34;high-demand Powerwall and Megapack products&#34;, which achieved the highest deployments and a gross margin of 30.5%.</p><p>Tesla&#39;s balance sheet remained healthy in general, as cash and cash equivalents were $33.65 billion at the close of Q3 2024. The firm&#39;s financial strength stems from its strong operating cash flows which reached $6.255 billion in Q3 - that&#39;s 89% more than last year. As a result, the FCF has gone up by about 3.2 times YoY. Though Tesla may consider share buybacks in the future, the current business environment doesn&#39;t support any buybacks until 2025-2026, I suppose.</p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/4696477d34648230d1e22e2c8554b314\" alt=\"TSLA&#39;s IR materials\" title=\"TSLA&#39;s IR materials\" tg-width=\"640\" tg-height=\"321\"/><span>TSLA&#39;s IR materials</span></p><p></p><p>On the liability side, Tesla&#39;s debt rose due to R&amp;D, AI training, and production capacity investment. However, Tesla&#39;s debt/cap ratio is still lower than the industry norm, according to Argus Research data (proprietary source, November 2024), which is a testament to its sound financial control.</p><p>Tesla delivered 462,890 vehicles during Q3, which was up 6% from the previous year driven primarily by the Model 3 and Model Y. The Shanghai facility, an integral part of Tesla&#39;s global production plans, ran at full capacity and provided substantial volumes to the firm. The plant’s bounce back from scheduled downtime in Q3 2023 speaks volumes about Tesla&#39;s reliability and performance, bullish-minded analysts at Argus Research noted.</p><p>In spite of these seemingly solid results, Tesla is plagued by issues that have hurt its financial metrics. Their average selling prices (ASP) keep decreasing due to product mix changes and increased competition within the EV space. As of note, Tesla Y is &#34;one of the quickest-depreciating cars over the past year or so: the average price of a Tesla Model 3 is now about $26,000, $8,500 less than it was a year before&#34;, according to Patrick George from Inside EVs.</p><p>This kind of ASP dynamics has challenged Tesla&#39;s automotive gross margins which, while improving over last year, remain a topic of attention for investors. Additionally, Tesla&#39;s expansion into new markets and lines of business (including Cybertruck and its upcoming low-priced EV) takes significant capital outlay, increasing the company&#39;s debt position (although it&#39;s not that scary amid Tesla&#39;s debt-to-equity of just 0.18, according to Seeking Alpha data).</p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/83e76d2c00b38b9a3998a7ef51499b80\" alt=\"Chart\" title=\"Chart\" tg-width=\"635\" tg-height=\"439\"/><span>Chart</span></p><p></p><p>Tesla&#39;s market leadership in the EV market (51% market share of the US EV market, according to Argus) is a &#34;testament to their brand and technological strength&#34;. Also, Tesla&#39;s energy businesses - Powerwall and Megapack - are expanding quickly and seem to have great long-term growth prospects. According to InsightAce Analytic, the global stationary energy storage market is estimated to reach $215.10 billion by 2031, growing at a CAGR of 22.25% during the forecast period of 2024-2031 with Tesla being one of the key market players there:</p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/e3f26a1721a19ba614598e26e409f2f2\" alt=\"InsightAce Analytic\" title=\"InsightAce Analytic\" tg-width=\"640\" tg-height=\"376\"/><span>InsightAce Analytic</span></p><p></p><p>On the other hand, Tesla is not immune to flaws and threats: This company&#39;s dependency on a handful of major markets, including the United States and China, places it at geopolitical and regulatory risk. Tesla is under strong pressure from domestic EV makers and could encounter regulatory obstacles in China, as it generates roughly a third of its consolidated sales there. In addition, Tesla’s high growth goals, including 20-30% growth in vehicle deliveries by 2025, are contingent on successful new product introductions and production capacity expansion. I think these projections are too optimistic when you see the market the company has to compete in today.</p><p>From Q4 2024 through FY2025, Tesla management set lofty expectations for both its EVs to be more accessible and its business to be autonomous. As new models roll out and production ramps up, Elon Musk expects Tesla’s vehicle deliveries to jump 20-30% by 2025. He also believes that the energy industry is likely to stay afloat with the Megapack and Powerwall markets continuing to grow.</p><p>Looking at the dynamics of analysts&#39; forecasts over the past month, we can see that the forecast EPS figures are gradually recovering from the sharp decline that has persisted since 2021. However, <em>the extent of the recovery in EPS forecasts seems too weak to me to justify the stock reaction we have seen in recent days.</em></p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/e6bdbd4bdc93e3dbc34abf3834138fd3\" alt=\"Seeking Alpha, TSLA\" title=\"Seeking Alpha, TSLA\" tg-width=\"640\" tg-height=\"330\"/><span>Seeking Alpha, TSLA</span></p><p></p><p>That is to say, sure, the recent stock rise is likely to have been warranted, but not in the way it has been. My perception is that the stock has become too distant from the present.</p><p>Despite some obvious bullish hints, Tesla&#39;s aggressive pricing - to retain market share - may continue to stress margins. Add Tesla’s heavy capital spending agenda – necessary for the company’s ambitious growth strategy - and you have a nightmare scenario that threatens even current broadly positive consensus estimates of earnings.</p><p>The presence of Tesla in China is a blessing and a curse: It&#39;s one of Tesla&#39;s key markets, but the company is now also up against regional EV makers, who are quickly taking over the market. Since Trump is now president, regulatory and geopolitical concerns also threaten Tesla’s presence in China. Whether the firm will continue to succeed in the market depends on how it is able to get past these obstacles and maintain an edge over the others. For the most part, I don’t see this risk represented clearly by market expectations today.</p><p>Additionally, as any skeptic, I&#39;m baffled as to how the company is being valued today. Not only does the stock look overbought on traditional technical measures such as the Relative Strength Index, but it&#39;s also now trading far beyond the expectations of even the most loyal bulls. Look at the Morgan Stanley CFA Adam Jonas&#39; report (proprietary source, October 2024) – he expected Tesla to be $310/share in a year. But the stock is already trading above $340, 10% higher than what one of the most bullish analysts on the market was predicting.</p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/da566d70b68ee0bc287c9b97ef3d10d0\" alt=\"Morgan Stanley (private source), October 2024, notes added\" title=\"Morgan Stanley (private source), October 2024, notes added\" tg-width=\"640\" tg-height=\"328\"/><span>Morgan Stanley (private source), October 2024, notes added</span></p><p></p><p>A lot of people would argue that EPS growth is the reason for the company’s valuation to be as strong as it is right now. But let’s face it, if you’re looking at a rapidly growing business, your best bet would be the PEG ratio, which calculates the combination of the price-to-earnings multiple and the rate of earnings growth. For Tesla in particular, this ratio doesn&#39;t even approach 1x, which is typically the benchmark for fast-growing companies. This seems to be the case at least until the end of 2027, and I suspect it may continue to be so for some time.</p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/a47258e2c54c301478e5dec891a0ef52\" alt=\"Seeking Alpha, TSLA, notes added\" title=\"Seeking Alpha, TSLA, notes added\" tg-width=\"640\" tg-height=\"346\"/><span>Seeking Alpha, TSLA, notes added</span></p><p>In other words, recent events have led to what, I believe, is an unreasonably high premium in Tesla&#39;s stock price. This premium is so significant that it seems unlikely that prudent long-term investors, following the principles of Peter Lynch or any other renowned investor in fast-growing companies, can justify holding TSLA at these levels.</p><h2 id=\"id_2580866101\">Where Can I Be Wrong?</h2><p>I might be off base in the analysis of what the market believes is an acceleration for Tesla&#39;s stock price: Perhaps I am overlooking something or an impact on Tesla&#39;s stock price that isn&#39;t yet reflected in its price, which could mean Tesla stock would swell dramatically.</p><p>Additionally, the high demand in current energy markets, which is driving multiples higher with Tesla dominating the market with its Powerwall and Megapack solutions, could drive higher multiples as the market looks forward to a higher growth rate.</p><p>When or if the Tesla stock premium eventually will drop back down to more manageable levels, I don&#39;t know for sure, I can only guess that it will at some point. If it does, it could be devastating for existing shareholders, but then again, the company may simply outgrow its current large multiples, eliminating such threats.</p><h2 id=\"id_1695721782\">The Bottom Line</h2><p>I generally agree with the bulls that Tesla&#39;s high-growth plans for Q4 2024 and FY2025, resulting from new models and growth in the energy segment, present significant opportunities for value creation. However, the business will have to judiciously control risks related to the market environment, regulatory developments, and geopolitical uncertainty to meet its long-term targets. In addition, while Trump&#39;s presidency might offer some advantages to Elon Musk&#39;s business ecosystem, it also introduces risks for Tesla in particular. Increased U.S. pressure on Chinese manufacturers could provoke retaliatory actions, and Tesla, given the critical importance of the Chinese market to its operations, could be one of the first to feel the impact. I believe these risks are being overlooked by today&#39;s Tesla buyers, who have driven the company&#39;s market cap to unprecedented heights given the fundamental setup we&#39;re looking at. Currently, Tesla is trading even higher than the most optimistic bulls predicted at the end of last month; the growth potential that very optimistic market players anticipated for the next 12 months has already been realized and even exceeded - in just a couple of weeks.</p><p>If we assess the situation without excessive optimism and try to be as objective as possible, it becomes clear that the company is overvalued, with a premium that defies reasonable logic, in my opinion. This is why I have decided to maintain my &#34;Sell&#34; rating, despite its lack of success in the recent past (as it remained relevant for many months). I believe there are many other fast-growing companies in the market that deserve investors&#39; attention, and unfortunately, Tesla isn&#39;t one of them today.</p><p><em>Thank you for reading!</em></p></body></html>","source":"seekingalpha_fund","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla Stock Doesn't Deserve This Rally</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla Stock Doesn't Deserve This Rally\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-15 00:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4736784-tesla-stock-doesnt-deserve-this-rally-reiterate-sell><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryDespite Tesla's strong financials and growth, I maintain a \"Sell\" rating due to overvaluation driven by speculative factors like Trump's presidency and market FOMO.Tesla's recent stock surge is...</p>\n\n<a href=\"https://seekingalpha.com/article/4736784-tesla-stock-doesnt-deserve-this-rally-reiterate-sell\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://seekingalpha.com/article/4736784-tesla-stock-doesnt-deserve-this-rally-reiterate-sell","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1124787577","content_text":"SummaryDespite Tesla's strong financials and growth, I maintain a \"Sell\" rating due to overvaluation driven by speculative factors like Trump's presidency and market FOMO.Tesla's recent stock surge is attributed to potential benefits from Trump's policies, but these are uncertain and long term, not justifying the current price.Tesla's financial health is solid, with increased revenues and cash flow, but decreasing average selling prices and high capital expenditures pose risks.TSLA stock's current valuation exceeds even the most optimistic forecasts, making it an unattractive investment compared to other fast-growing companies.I am Danil Sereda, chief investment officer at a family office. I analyze information that ordinary retail investors do not have access to, and lead the investing group Beyond the Wall Investing.Tesla office, service station, American electric car manufacturer Elon Musk, current and major repairs, alternative energy development concept, electric vehicle production, Frankfurt - May 2023Intro & ThesisMy first article about Tesla, Inc. (NASDAQ:TSLA) was published in October 2021 with a \"Buy\" rating, which I changed to \"Hold\" in October 2022 and eventually to \"Sell\" in April 2023. Since then, I have maintained my bearish rating on TSLA, which was aging well until recently - Trump's win led to a massive expansion in TSLA stock, which has been up over 60% over the past few years, according to Seeking Alpha's momentum data.Seeking Alpha, my coverage of TSLAWhile my bearish stance turned out to be wrong, I think the rally in Tesla stock itself is hard to explain fundamentally - it simply seems to be a reaction to a Trump-related catalyst that is unlikely to dramatically improve Tesla's business going forward. Given the valuation premium expansion and widespread FOMO I see on the market right now, I'm reiterating my previous \"Sell\" rating, being a contrarian to what's going on around.Why Do I Think So?First off, let's address what's driving the TSLA stock's expansion in November this year. I believe that most who are buying Tesla stock these days - aside from just trend followers - are betting on the election of Donald Trump as President of the United States as a potential tailwind for Tesla, especially in light of the electric vehicle subsidies created by the Inflation Reduction Act. Additionally, a Trump administration could still levy tariffs prohibiting lower-cost Chinese EVs from entering the US market, which will allow Tesla to maintain market dominance. Further, Elon Musk's potential advisory role to Trump may impact federal autonomous driving laws in the United States and speed up the regulatory approval process for Tesla's self-driving technologies.While these are all important developments for Tesla shareholders, I think the overall impact is too uncertain and too long-term to drive the stock's price up that much. I think we should look at Tesla's recent financials firsthand to really see and assess the company's medium-term prospects.Tesla's Q3 2024 report (published in late October 2024) showed an adjusted net profit of $2.505 billion, or $0.72 per diluted share (+9% YoY), beating analyst and management expectations. The earnings beat was driven by \"improved vehicle deliveries, better gross margins, and efficient cost-reduction efforts\", according to the management's commentary. Tesla's auto revenue grew by 2% to $20.016 billion and its Energy Generation and Storage revenue increased by 52% YoY to $2.379 billion, driven by \"high-demand Powerwall and Megapack products\", which achieved the highest deployments and a gross margin of 30.5%.Tesla's balance sheet remained healthy in general, as cash and cash equivalents were $33.65 billion at the close of Q3 2024. The firm's financial strength stems from its strong operating cash flows which reached $6.255 billion in Q3 - that's 89% more than last year. As a result, the FCF has gone up by about 3.2 times YoY. Though Tesla may consider share buybacks in the future, the current business environment doesn't support any buybacks until 2025-2026, I suppose.TSLA's IR materialsOn the liability side, Tesla's debt rose due to R&D, AI training, and production capacity investment. However, Tesla's debt/cap ratio is still lower than the industry norm, according to Argus Research data (proprietary source, November 2024), which is a testament to its sound financial control.Tesla delivered 462,890 vehicles during Q3, which was up 6% from the previous year driven primarily by the Model 3 and Model Y. The Shanghai facility, an integral part of Tesla's global production plans, ran at full capacity and provided substantial volumes to the firm. The plant’s bounce back from scheduled downtime in Q3 2023 speaks volumes about Tesla's reliability and performance, bullish-minded analysts at Argus Research noted.In spite of these seemingly solid results, Tesla is plagued by issues that have hurt its financial metrics. Their average selling prices (ASP) keep decreasing due to product mix changes and increased competition within the EV space. As of note, Tesla Y is \"one of the quickest-depreciating cars over the past year or so: the average price of a Tesla Model 3 is now about $26,000, $8,500 less than it was a year before\", according to Patrick George from Inside EVs.This kind of ASP dynamics has challenged Tesla's automotive gross margins which, while improving over last year, remain a topic of attention for investors. Additionally, Tesla's expansion into new markets and lines of business (including Cybertruck and its upcoming low-priced EV) takes significant capital outlay, increasing the company's debt position (although it's not that scary amid Tesla's debt-to-equity of just 0.18, according to Seeking Alpha data).ChartTesla's market leadership in the EV market (51% market share of the US EV market, according to Argus) is a \"testament to their brand and technological strength\". Also, Tesla's energy businesses - Powerwall and Megapack - are expanding quickly and seem to have great long-term growth prospects. According to InsightAce Analytic, the global stationary energy storage market is estimated to reach $215.10 billion by 2031, growing at a CAGR of 22.25% during the forecast period of 2024-2031 with Tesla being one of the key market players there:InsightAce AnalyticOn the other hand, Tesla is not immune to flaws and threats: This company's dependency on a handful of major markets, including the United States and China, places it at geopolitical and regulatory risk. Tesla is under strong pressure from domestic EV makers and could encounter regulatory obstacles in China, as it generates roughly a third of its consolidated sales there. In addition, Tesla’s high growth goals, including 20-30% growth in vehicle deliveries by 2025, are contingent on successful new product introductions and production capacity expansion. I think these projections are too optimistic when you see the market the company has to compete in today.From Q4 2024 through FY2025, Tesla management set lofty expectations for both its EVs to be more accessible and its business to be autonomous. As new models roll out and production ramps up, Elon Musk expects Tesla’s vehicle deliveries to jump 20-30% by 2025. He also believes that the energy industry is likely to stay afloat with the Megapack and Powerwall markets continuing to grow.Looking at the dynamics of analysts' forecasts over the past month, we can see that the forecast EPS figures are gradually recovering from the sharp decline that has persisted since 2021. However, the extent of the recovery in EPS forecasts seems too weak to me to justify the stock reaction we have seen in recent days.Seeking Alpha, TSLAThat is to say, sure, the recent stock rise is likely to have been warranted, but not in the way it has been. My perception is that the stock has become too distant from the present.Despite some obvious bullish hints, Tesla's aggressive pricing - to retain market share - may continue to stress margins. Add Tesla’s heavy capital spending agenda – necessary for the company’s ambitious growth strategy - and you have a nightmare scenario that threatens even current broadly positive consensus estimates of earnings.The presence of Tesla in China is a blessing and a curse: It's one of Tesla's key markets, but the company is now also up against regional EV makers, who are quickly taking over the market. Since Trump is now president, regulatory and geopolitical concerns also threaten Tesla’s presence in China. Whether the firm will continue to succeed in the market depends on how it is able to get past these obstacles and maintain an edge over the others. For the most part, I don’t see this risk represented clearly by market expectations today.Additionally, as any skeptic, I'm baffled as to how the company is being valued today. Not only does the stock look overbought on traditional technical measures such as the Relative Strength Index, but it's also now trading far beyond the expectations of even the most loyal bulls. Look at the Morgan Stanley CFA Adam Jonas' report (proprietary source, October 2024) – he expected Tesla to be $310/share in a year. But the stock is already trading above $340, 10% higher than what one of the most bullish analysts on the market was predicting.Morgan Stanley (private source), October 2024, notes addedA lot of people would argue that EPS growth is the reason for the company’s valuation to be as strong as it is right now. But let’s face it, if you’re looking at a rapidly growing business, your best bet would be the PEG ratio, which calculates the combination of the price-to-earnings multiple and the rate of earnings growth. For Tesla in particular, this ratio doesn't even approach 1x, which is typically the benchmark for fast-growing companies. This seems to be the case at least until the end of 2027, and I suspect it may continue to be so for some time.Seeking Alpha, TSLA, notes addedIn other words, recent events have led to what, I believe, is an unreasonably high premium in Tesla's stock price. This premium is so significant that it seems unlikely that prudent long-term investors, following the principles of Peter Lynch or any other renowned investor in fast-growing companies, can justify holding TSLA at these levels.Where Can I Be Wrong?I might be off base in the analysis of what the market believes is an acceleration for Tesla's stock price: Perhaps I am overlooking something or an impact on Tesla's stock price that isn't yet reflected in its price, which could mean Tesla stock would swell dramatically.Additionally, the high demand in current energy markets, which is driving multiples higher with Tesla dominating the market with its Powerwall and Megapack solutions, could drive higher multiples as the market looks forward to a higher growth rate.When or if the Tesla stock premium eventually will drop back down to more manageable levels, I don't know for sure, I can only guess that it will at some point. If it does, it could be devastating for existing shareholders, but then again, the company may simply outgrow its current large multiples, eliminating such threats.The Bottom LineI generally agree with the bulls that Tesla's high-growth plans for Q4 2024 and FY2025, resulting from new models and growth in the energy segment, present significant opportunities for value creation. However, the business will have to judiciously control risks related to the market environment, regulatory developments, and geopolitical uncertainty to meet its long-term targets. In addition, while Trump's presidency might offer some advantages to Elon Musk's business ecosystem, it also introduces risks for Tesla in particular. Increased U.S. pressure on Chinese manufacturers could provoke retaliatory actions, and Tesla, given the critical importance of the Chinese market to its operations, could be one of the first to feel the impact. I believe these risks are being overlooked by today's Tesla buyers, who have driven the company's market cap to unprecedented heights given the fundamental setup we're looking at. Currently, Tesla is trading even higher than the most optimistic bulls predicted at the end of last month; the growth potential that very optimistic market players anticipated for the next 12 months has already been realized and even exceeded - in just a couple of weeks.If we assess the situation without excessive optimism and try to be as objective as possible, it becomes clear that the company is overvalued, with a premium that defies reasonable logic, in my opinion. This is why I have decided to maintain my \"Sell\" rating, despite its lack of success in the recent past (as it remained relevant for many months). I believe there are many other fast-growing companies in the market that deserve investors' attention, and unfortunately, Tesla isn't one of them today.Thank you for reading!","news_type":1},"isVote":1,"tweetType":1,"viewCount":26,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":371032357318792,"gmtCreate":1731602229239,"gmtModify":1731603301978,"author":{"id":"4151941377592162","authorId":"4151941377592162","name":"zelia","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4151941377592162","authorIdStr":"4151941377592162"},"themes":[],"htmlText":"Don't worry. We know the grapes are very sour.....u are such a sour grape","listText":"Don't worry. We know the grapes are very sour.....u are such a sour grape","text":"Don't worry. We know the grapes are very sour.....u are such a sour grape","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/371032357318792","repostId":"1124787577","repostType":2,"repost":{"id":"1124787577","kind":"news","pubTimestamp":1731600007,"share":"https://ttm.financial/m/news/1124787577?lang=&edition=fundamental","pubTime":"2024-11-15 00:00","market":"us","language":"en","title":"Tesla Stock Doesn't Deserve This Rally","url":"https://stock-news.laohu8.com/highlight/detail?id=1124787577","media":"seekingalpha","summary":"First off, let's address what's driving the TSLA stock's expansion in November this year. I believe that most who are buying Tesla stock these days - aside from just trend followers - are betting on the election of Donald Trump as President of the United States as a potential tailwind for Tesla, especially in light of the electric vehicle subsidies created by the Inflation Reduction Act. Additionally, a Trump administration could still levy tariffs prohibiting lower-cost Chinese EVs from enterin","content":"<html><head></head><body><h2 id=\"id_1666794739\">Summary</h2><ul style=\"\"><li><p>Despite Tesla&#39;s strong financials and growth, I maintain a &#34;Sell&#34; rating due to overvaluation driven by speculative factors like Trump&#39;s presidency and market FOMO.</p></li><li><p>Tesla&#39;s recent stock surge is attributed to potential benefits from Trump&#39;s policies, but these are uncertain and long term, not justifying the current price.</p></li><li><p>Tesla&#39;s financial health is solid, with increased revenues and cash flow, but decreasing average selling prices and high capital expenditures pose risks.</p></li><li><p>TSLA stock&#39;s current valuation exceeds even the most optimistic forecasts, making it an unattractive investment compared to other fast-growing companies.</p></li><li><p>I am Danil Sereda, chief investment officer at a family office. I analyze information that ordinary retail investors do not have access to, and lead the investing group Beyond the Wall Investing.</p></li></ul><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/97332ec96f4587d760e03c7466405358\" alt=\"Tesla office, service station, American electric car manufacturer Elon Musk, current and major repairs, alternative energy development concept, electric vehicle production, Frankfurt - May 2023\" title=\"Tesla office, service station, American electric car manufacturer Elon Musk, current and major repairs, alternative energy development concept, electric vehicle production, Frankfurt - May 2023\" tg-width=\"750\" tg-height=\"500\"/><span>Tesla office, service station, American electric car manufacturer Elon Musk, current and major repairs, alternative energy development concept, electric vehicle production, Frankfurt - May 2023</span></p><p></p><h2 id=\"id_3829677698\">Intro &amp; Thesis</h2><p>My first article about <strong>Tesla, Inc.</strong> (NASDAQ:TSLA) was published in October 2021 with a &#34;Buy&#34; rating, which I changed to &#34;Hold&#34; in October 2022 and eventually to &#34;Sell&#34; in April 2023. Since then, I have maintained my bearish rating on TSLA, which was aging well until recently - Trump&#39;s win led to a massive expansion in TSLA stock, which has been up over 60% over the past few years, according to Seeking Alpha&#39;s momentum data.</p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/22644e34544e69645941a208a4dc6f41\" alt=\"Seeking Alpha, my coverage of TSLA\" title=\"Seeking Alpha, my coverage of TSLA\" tg-width=\"640\" tg-height=\"458\"/><span>Seeking Alpha, my coverage of TSLA</span></p><p></p><p>While my bearish stance turned out to be wrong, I think the rally in Tesla stock itself is hard to explain fundamentally - it simply seems to be a reaction to a Trump-related catalyst that is unlikely to dramatically improve Tesla&#39;s business going forward. Given the valuation premium expansion and widespread FOMO I see on the market right now, I&#39;m reiterating my previous &#34;Sell&#34; rating, being a contrarian to what&#39;s going on around.</p><h2 id=\"id_1735159744\">Why Do I Think So?</h2><p>First off, let&#39;s address what&#39;s driving the TSLA stock&#39;s expansion in November this year. I believe that most who are buying Tesla stock these days - aside from just trend followers - are betting on the election of Donald Trump as President of the United States as a potential tailwind for Tesla, especially in light of the electric vehicle subsidies created by the Inflation Reduction Act. Additionally, a Trump administration could still levy tariffs prohibiting lower-cost Chinese EVs from entering the US market, which will allow Tesla to maintain market dominance. Further, Elon Musk&#39;s potential advisory role to Trump may impact federal autonomous driving laws in the United States and speed up the regulatory approval process for Tesla&#39;s self-driving technologies.</p><p>While these are all important developments for Tesla shareholders, I think the overall impact is too uncertain and too long-term to drive the stock&#39;s price up that much. I think we should look at Tesla&#39;s recent financials firsthand to really see and assess the company&#39;s medium-term prospects.</p><p>Tesla&#39;s Q3 2024 report (published in late October 2024) showed an adjusted net profit of $2.505 billion, or $0.72 per diluted share (+9% YoY), beating analyst and management expectations. The earnings beat was driven by &#34;improved vehicle deliveries, better gross margins, and efficient cost-reduction efforts&#34;, according to the management&#39;s commentary. Tesla&#39;s auto revenue grew by 2% to $20.016 billion and its Energy Generation and Storage revenue increased by 52% YoY to $2.379 billion, driven by &#34;high-demand Powerwall and Megapack products&#34;, which achieved the highest deployments and a gross margin of 30.5%.</p><p>Tesla&#39;s balance sheet remained healthy in general, as cash and cash equivalents were $33.65 billion at the close of Q3 2024. The firm&#39;s financial strength stems from its strong operating cash flows which reached $6.255 billion in Q3 - that&#39;s 89% more than last year. As a result, the FCF has gone up by about 3.2 times YoY. Though Tesla may consider share buybacks in the future, the current business environment doesn&#39;t support any buybacks until 2025-2026, I suppose.</p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/4696477d34648230d1e22e2c8554b314\" alt=\"TSLA&#39;s IR materials\" title=\"TSLA&#39;s IR materials\" tg-width=\"640\" tg-height=\"321\"/><span>TSLA&#39;s IR materials</span></p><p></p><p>On the liability side, Tesla&#39;s debt rose due to R&amp;D, AI training, and production capacity investment. However, Tesla&#39;s debt/cap ratio is still lower than the industry norm, according to Argus Research data (proprietary source, November 2024), which is a testament to its sound financial control.</p><p>Tesla delivered 462,890 vehicles during Q3, which was up 6% from the previous year driven primarily by the Model 3 and Model Y. The Shanghai facility, an integral part of Tesla&#39;s global production plans, ran at full capacity and provided substantial volumes to the firm. The plant’s bounce back from scheduled downtime in Q3 2023 speaks volumes about Tesla&#39;s reliability and performance, bullish-minded analysts at Argus Research noted.</p><p>In spite of these seemingly solid results, Tesla is plagued by issues that have hurt its financial metrics. Their average selling prices (ASP) keep decreasing due to product mix changes and increased competition within the EV space. As of note, Tesla Y is &#34;one of the quickest-depreciating cars over the past year or so: the average price of a Tesla Model 3 is now about $26,000, $8,500 less than it was a year before&#34;, according to Patrick George from Inside EVs.</p><p>This kind of ASP dynamics has challenged Tesla&#39;s automotive gross margins which, while improving over last year, remain a topic of attention for investors. Additionally, Tesla&#39;s expansion into new markets and lines of business (including Cybertruck and its upcoming low-priced EV) takes significant capital outlay, increasing the company&#39;s debt position (although it&#39;s not that scary amid Tesla&#39;s debt-to-equity of just 0.18, according to Seeking Alpha data).</p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/83e76d2c00b38b9a3998a7ef51499b80\" alt=\"Chart\" title=\"Chart\" tg-width=\"635\" tg-height=\"439\"/><span>Chart</span></p><p></p><p>Tesla&#39;s market leadership in the EV market (51% market share of the US EV market, according to Argus) is a &#34;testament to their brand and technological strength&#34;. Also, Tesla&#39;s energy businesses - Powerwall and Megapack - are expanding quickly and seem to have great long-term growth prospects. According to InsightAce Analytic, the global stationary energy storage market is estimated to reach $215.10 billion by 2031, growing at a CAGR of 22.25% during the forecast period of 2024-2031 with Tesla being one of the key market players there:</p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/e3f26a1721a19ba614598e26e409f2f2\" alt=\"InsightAce Analytic\" title=\"InsightAce Analytic\" tg-width=\"640\" tg-height=\"376\"/><span>InsightAce Analytic</span></p><p></p><p>On the other hand, Tesla is not immune to flaws and threats: This company&#39;s dependency on a handful of major markets, including the United States and China, places it at geopolitical and regulatory risk. Tesla is under strong pressure from domestic EV makers and could encounter regulatory obstacles in China, as it generates roughly a third of its consolidated sales there. In addition, Tesla’s high growth goals, including 20-30% growth in vehicle deliveries by 2025, are contingent on successful new product introductions and production capacity expansion. I think these projections are too optimistic when you see the market the company has to compete in today.</p><p>From Q4 2024 through FY2025, Tesla management set lofty expectations for both its EVs to be more accessible and its business to be autonomous. As new models roll out and production ramps up, Elon Musk expects Tesla’s vehicle deliveries to jump 20-30% by 2025. He also believes that the energy industry is likely to stay afloat with the Megapack and Powerwall markets continuing to grow.</p><p>Looking at the dynamics of analysts&#39; forecasts over the past month, we can see that the forecast EPS figures are gradually recovering from the sharp decline that has persisted since 2021. However, <em>the extent of the recovery in EPS forecasts seems too weak to me to justify the stock reaction we have seen in recent days.</em></p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/e6bdbd4bdc93e3dbc34abf3834138fd3\" alt=\"Seeking Alpha, TSLA\" title=\"Seeking Alpha, TSLA\" tg-width=\"640\" tg-height=\"330\"/><span>Seeking Alpha, TSLA</span></p><p></p><p>That is to say, sure, the recent stock rise is likely to have been warranted, but not in the way it has been. My perception is that the stock has become too distant from the present.</p><p>Despite some obvious bullish hints, Tesla&#39;s aggressive pricing - to retain market share - may continue to stress margins. Add Tesla’s heavy capital spending agenda – necessary for the company’s ambitious growth strategy - and you have a nightmare scenario that threatens even current broadly positive consensus estimates of earnings.</p><p>The presence of Tesla in China is a blessing and a curse: It&#39;s one of Tesla&#39;s key markets, but the company is now also up against regional EV makers, who are quickly taking over the market. Since Trump is now president, regulatory and geopolitical concerns also threaten Tesla’s presence in China. Whether the firm will continue to succeed in the market depends on how it is able to get past these obstacles and maintain an edge over the others. For the most part, I don’t see this risk represented clearly by market expectations today.</p><p>Additionally, as any skeptic, I&#39;m baffled as to how the company is being valued today. Not only does the stock look overbought on traditional technical measures such as the Relative Strength Index, but it&#39;s also now trading far beyond the expectations of even the most loyal bulls. Look at the Morgan Stanley CFA Adam Jonas&#39; report (proprietary source, October 2024) – he expected Tesla to be $310/share in a year. But the stock is already trading above $340, 10% higher than what one of the most bullish analysts on the market was predicting.</p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/da566d70b68ee0bc287c9b97ef3d10d0\" alt=\"Morgan Stanley (private source), October 2024, notes added\" title=\"Morgan Stanley (private source), October 2024, notes added\" tg-width=\"640\" tg-height=\"328\"/><span>Morgan Stanley (private source), October 2024, notes added</span></p><p></p><p>A lot of people would argue that EPS growth is the reason for the company’s valuation to be as strong as it is right now. But let’s face it, if you’re looking at a rapidly growing business, your best bet would be the PEG ratio, which calculates the combination of the price-to-earnings multiple and the rate of earnings growth. For Tesla in particular, this ratio doesn&#39;t even approach 1x, which is typically the benchmark for fast-growing companies. This seems to be the case at least until the end of 2027, and I suspect it may continue to be so for some time.</p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/a47258e2c54c301478e5dec891a0ef52\" alt=\"Seeking Alpha, TSLA, notes added\" title=\"Seeking Alpha, TSLA, notes added\" tg-width=\"640\" tg-height=\"346\"/><span>Seeking Alpha, TSLA, notes added</span></p><p>In other words, recent events have led to what, I believe, is an unreasonably high premium in Tesla&#39;s stock price. This premium is so significant that it seems unlikely that prudent long-term investors, following the principles of Peter Lynch or any other renowned investor in fast-growing companies, can justify holding TSLA at these levels.</p><h2 id=\"id_2580866101\">Where Can I Be Wrong?</h2><p>I might be off base in the analysis of what the market believes is an acceleration for Tesla&#39;s stock price: Perhaps I am overlooking something or an impact on Tesla&#39;s stock price that isn&#39;t yet reflected in its price, which could mean Tesla stock would swell dramatically.</p><p>Additionally, the high demand in current energy markets, which is driving multiples higher with Tesla dominating the market with its Powerwall and Megapack solutions, could drive higher multiples as the market looks forward to a higher growth rate.</p><p>When or if the Tesla stock premium eventually will drop back down to more manageable levels, I don&#39;t know for sure, I can only guess that it will at some point. If it does, it could be devastating for existing shareholders, but then again, the company may simply outgrow its current large multiples, eliminating such threats.</p><h2 id=\"id_1695721782\">The Bottom Line</h2><p>I generally agree with the bulls that Tesla&#39;s high-growth plans for Q4 2024 and FY2025, resulting from new models and growth in the energy segment, present significant opportunities for value creation. However, the business will have to judiciously control risks related to the market environment, regulatory developments, and geopolitical uncertainty to meet its long-term targets. In addition, while Trump&#39;s presidency might offer some advantages to Elon Musk&#39;s business ecosystem, it also introduces risks for Tesla in particular. Increased U.S. pressure on Chinese manufacturers could provoke retaliatory actions, and Tesla, given the critical importance of the Chinese market to its operations, could be one of the first to feel the impact. I believe these risks are being overlooked by today&#39;s Tesla buyers, who have driven the company&#39;s market cap to unprecedented heights given the fundamental setup we&#39;re looking at. Currently, Tesla is trading even higher than the most optimistic bulls predicted at the end of last month; the growth potential that very optimistic market players anticipated for the next 12 months has already been realized and even exceeded - in just a couple of weeks.</p><p>If we assess the situation without excessive optimism and try to be as objective as possible, it becomes clear that the company is overvalued, with a premium that defies reasonable logic, in my opinion. This is why I have decided to maintain my &#34;Sell&#34; rating, despite its lack of success in the recent past (as it remained relevant for many months). I believe there are many other fast-growing companies in the market that deserve investors&#39; attention, and unfortunately, Tesla isn&#39;t one of them today.</p><p><em>Thank you for reading!</em></p></body></html>","source":"seekingalpha_fund","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla Stock Doesn't Deserve This Rally</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla Stock Doesn't Deserve This Rally\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-15 00:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4736784-tesla-stock-doesnt-deserve-this-rally-reiterate-sell><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryDespite Tesla's strong financials and growth, I maintain a \"Sell\" rating due to overvaluation driven by speculative factors like Trump's presidency and market FOMO.Tesla's recent stock surge is...</p>\n\n<a href=\"https://seekingalpha.com/article/4736784-tesla-stock-doesnt-deserve-this-rally-reiterate-sell\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://seekingalpha.com/article/4736784-tesla-stock-doesnt-deserve-this-rally-reiterate-sell","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1124787577","content_text":"SummaryDespite Tesla's strong financials and growth, I maintain a \"Sell\" rating due to overvaluation driven by speculative factors like Trump's presidency and market FOMO.Tesla's recent stock surge is attributed to potential benefits from Trump's policies, but these are uncertain and long term, not justifying the current price.Tesla's financial health is solid, with increased revenues and cash flow, but decreasing average selling prices and high capital expenditures pose risks.TSLA stock's current valuation exceeds even the most optimistic forecasts, making it an unattractive investment compared to other fast-growing companies.I am Danil Sereda, chief investment officer at a family office. I analyze information that ordinary retail investors do not have access to, and lead the investing group Beyond the Wall Investing.Tesla office, service station, American electric car manufacturer Elon Musk, current and major repairs, alternative energy development concept, electric vehicle production, Frankfurt - May 2023Intro & ThesisMy first article about Tesla, Inc. (NASDAQ:TSLA) was published in October 2021 with a \"Buy\" rating, which I changed to \"Hold\" in October 2022 and eventually to \"Sell\" in April 2023. Since then, I have maintained my bearish rating on TSLA, which was aging well until recently - Trump's win led to a massive expansion in TSLA stock, which has been up over 60% over the past few years, according to Seeking Alpha's momentum data.Seeking Alpha, my coverage of TSLAWhile my bearish stance turned out to be wrong, I think the rally in Tesla stock itself is hard to explain fundamentally - it simply seems to be a reaction to a Trump-related catalyst that is unlikely to dramatically improve Tesla's business going forward. Given the valuation premium expansion and widespread FOMO I see on the market right now, I'm reiterating my previous \"Sell\" rating, being a contrarian to what's going on around.Why Do I Think So?First off, let's address what's driving the TSLA stock's expansion in November this year. I believe that most who are buying Tesla stock these days - aside from just trend followers - are betting on the election of Donald Trump as President of the United States as a potential tailwind for Tesla, especially in light of the electric vehicle subsidies created by the Inflation Reduction Act. Additionally, a Trump administration could still levy tariffs prohibiting lower-cost Chinese EVs from entering the US market, which will allow Tesla to maintain market dominance. Further, Elon Musk's potential advisory role to Trump may impact federal autonomous driving laws in the United States and speed up the regulatory approval process for Tesla's self-driving technologies.While these are all important developments for Tesla shareholders, I think the overall impact is too uncertain and too long-term to drive the stock's price up that much. I think we should look at Tesla's recent financials firsthand to really see and assess the company's medium-term prospects.Tesla's Q3 2024 report (published in late October 2024) showed an adjusted net profit of $2.505 billion, or $0.72 per diluted share (+9% YoY), beating analyst and management expectations. The earnings beat was driven by \"improved vehicle deliveries, better gross margins, and efficient cost-reduction efforts\", according to the management's commentary. Tesla's auto revenue grew by 2% to $20.016 billion and its Energy Generation and Storage revenue increased by 52% YoY to $2.379 billion, driven by \"high-demand Powerwall and Megapack products\", which achieved the highest deployments and a gross margin of 30.5%.Tesla's balance sheet remained healthy in general, as cash and cash equivalents were $33.65 billion at the close of Q3 2024. The firm's financial strength stems from its strong operating cash flows which reached $6.255 billion in Q3 - that's 89% more than last year. As a result, the FCF has gone up by about 3.2 times YoY. Though Tesla may consider share buybacks in the future, the current business environment doesn't support any buybacks until 2025-2026, I suppose.TSLA's IR materialsOn the liability side, Tesla's debt rose due to R&D, AI training, and production capacity investment. However, Tesla's debt/cap ratio is still lower than the industry norm, according to Argus Research data (proprietary source, November 2024), which is a testament to its sound financial control.Tesla delivered 462,890 vehicles during Q3, which was up 6% from the previous year driven primarily by the Model 3 and Model Y. The Shanghai facility, an integral part of Tesla's global production plans, ran at full capacity and provided substantial volumes to the firm. The plant’s bounce back from scheduled downtime in Q3 2023 speaks volumes about Tesla's reliability and performance, bullish-minded analysts at Argus Research noted.In spite of these seemingly solid results, Tesla is plagued by issues that have hurt its financial metrics. Their average selling prices (ASP) keep decreasing due to product mix changes and increased competition within the EV space. As of note, Tesla Y is \"one of the quickest-depreciating cars over the past year or so: the average price of a Tesla Model 3 is now about $26,000, $8,500 less than it was a year before\", according to Patrick George from Inside EVs.This kind of ASP dynamics has challenged Tesla's automotive gross margins which, while improving over last year, remain a topic of attention for investors. Additionally, Tesla's expansion into new markets and lines of business (including Cybertruck and its upcoming low-priced EV) takes significant capital outlay, increasing the company's debt position (although it's not that scary amid Tesla's debt-to-equity of just 0.18, according to Seeking Alpha data).ChartTesla's market leadership in the EV market (51% market share of the US EV market, according to Argus) is a \"testament to their brand and technological strength\". Also, Tesla's energy businesses - Powerwall and Megapack - are expanding quickly and seem to have great long-term growth prospects. According to InsightAce Analytic, the global stationary energy storage market is estimated to reach $215.10 billion by 2031, growing at a CAGR of 22.25% during the forecast period of 2024-2031 with Tesla being one of the key market players there:InsightAce AnalyticOn the other hand, Tesla is not immune to flaws and threats: This company's dependency on a handful of major markets, including the United States and China, places it at geopolitical and regulatory risk. Tesla is under strong pressure from domestic EV makers and could encounter regulatory obstacles in China, as it generates roughly a third of its consolidated sales there. In addition, Tesla’s high growth goals, including 20-30% growth in vehicle deliveries by 2025, are contingent on successful new product introductions and production capacity expansion. I think these projections are too optimistic when you see the market the company has to compete in today.From Q4 2024 through FY2025, Tesla management set lofty expectations for both its EVs to be more accessible and its business to be autonomous. As new models roll out and production ramps up, Elon Musk expects Tesla’s vehicle deliveries to jump 20-30% by 2025. He also believes that the energy industry is likely to stay afloat with the Megapack and Powerwall markets continuing to grow.Looking at the dynamics of analysts' forecasts over the past month, we can see that the forecast EPS figures are gradually recovering from the sharp decline that has persisted since 2021. However, the extent of the recovery in EPS forecasts seems too weak to me to justify the stock reaction we have seen in recent days.Seeking Alpha, TSLAThat is to say, sure, the recent stock rise is likely to have been warranted, but not in the way it has been. My perception is that the stock has become too distant from the present.Despite some obvious bullish hints, Tesla's aggressive pricing - to retain market share - may continue to stress margins. Add Tesla’s heavy capital spending agenda – necessary for the company’s ambitious growth strategy - and you have a nightmare scenario that threatens even current broadly positive consensus estimates of earnings.The presence of Tesla in China is a blessing and a curse: It's one of Tesla's key markets, but the company is now also up against regional EV makers, who are quickly taking over the market. Since Trump is now president, regulatory and geopolitical concerns also threaten Tesla’s presence in China. Whether the firm will continue to succeed in the market depends on how it is able to get past these obstacles and maintain an edge over the others. For the most part, I don’t see this risk represented clearly by market expectations today.Additionally, as any skeptic, I'm baffled as to how the company is being valued today. Not only does the stock look overbought on traditional technical measures such as the Relative Strength Index, but it's also now trading far beyond the expectations of even the most loyal bulls. Look at the Morgan Stanley CFA Adam Jonas' report (proprietary source, October 2024) – he expected Tesla to be $310/share in a year. But the stock is already trading above $340, 10% higher than what one of the most bullish analysts on the market was predicting.Morgan Stanley (private source), October 2024, notes addedA lot of people would argue that EPS growth is the reason for the company’s valuation to be as strong as it is right now. But let’s face it, if you’re looking at a rapidly growing business, your best bet would be the PEG ratio, which calculates the combination of the price-to-earnings multiple and the rate of earnings growth. For Tesla in particular, this ratio doesn't even approach 1x, which is typically the benchmark for fast-growing companies. This seems to be the case at least until the end of 2027, and I suspect it may continue to be so for some time.Seeking Alpha, TSLA, notes addedIn other words, recent events have led to what, I believe, is an unreasonably high premium in Tesla's stock price. This premium is so significant that it seems unlikely that prudent long-term investors, following the principles of Peter Lynch or any other renowned investor in fast-growing companies, can justify holding TSLA at these levels.Where Can I Be Wrong?I might be off base in the analysis of what the market believes is an acceleration for Tesla's stock price: Perhaps I am overlooking something or an impact on Tesla's stock price that isn't yet reflected in its price, which could mean Tesla stock would swell dramatically.Additionally, the high demand in current energy markets, which is driving multiples higher with Tesla dominating the market with its Powerwall and Megapack solutions, could drive higher multiples as the market looks forward to a higher growth rate.When or if the Tesla stock premium eventually will drop back down to more manageable levels, I don't know for sure, I can only guess that it will at some point. If it does, it could be devastating for existing shareholders, but then again, the company may simply outgrow its current large multiples, eliminating such threats.The Bottom LineI generally agree with the bulls that Tesla's high-growth plans for Q4 2024 and FY2025, resulting from new models and growth in the energy segment, present significant opportunities for value creation. However, the business will have to judiciously control risks related to the market environment, regulatory developments, and geopolitical uncertainty to meet its long-term targets. In addition, while Trump's presidency might offer some advantages to Elon Musk's business ecosystem, it also introduces risks for Tesla in particular. Increased U.S. pressure on Chinese manufacturers could provoke retaliatory actions, and Tesla, given the critical importance of the Chinese market to its operations, could be one of the first to feel the impact. I believe these risks are being overlooked by today's Tesla buyers, who have driven the company's market cap to unprecedented heights given the fundamental setup we're looking at. Currently, Tesla is trading even higher than the most optimistic bulls predicted at the end of last month; the growth potential that very optimistic market players anticipated for the next 12 months has already been realized and even exceeded - in just a couple of weeks.If we assess the situation without excessive optimism and try to be as objective as possible, it becomes clear that the company is overvalued, with a premium that defies reasonable logic, in my opinion. This is why I have decided to maintain my \"Sell\" rating, despite its lack of success in the recent past (as it remained relevant for many months). I believe there are many other fast-growing companies in the market that deserve investors' attention, and unfortunately, Tesla isn't one of them today.Thank you for reading!","news_type":1},"isVote":1,"tweetType":1,"viewCount":80,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":370241376551400,"gmtCreate":1731429225018,"gmtModify":1731429228930,"author":{"id":"4151941377592162","authorId":"4151941377592162","name":"zelia","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4151941377592162","authorIdStr":"4151941377592162"},"themes":[],"htmlText":"So many sour grapes today. Trying hard to down play the stock. Pls try harder","listText":"So many sour grapes today. Trying hard to down play the stock. Pls try harder","text":"So many sour grapes today. Trying hard to down play the stock. Pls try harder","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/370241376551400","repostId":"2483080728","repostType":2,"repost":{"id":"2483080728","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1731427740,"share":"https://ttm.financial/m/news/2483080728?lang=&edition=fundamental","pubTime":"2024-11-13 00:09","market":"sg","language":"en","title":"New U.S. Administration Likely to Dent EV Production, Jefferies Says -- Market Talk","url":"https://stock-news.laohu8.com/highlight/detail?id=2483080728","media":"Dow Jones","summary":"1109 ET - Jefferies warns that a second Trump term may be bad news for battery-powered vehicle production. The analysts, referencing S&P Global Mobility insights, say a material decrease in U.S. EV production is expected under the new administration. S&PGM is projecting North American production to be down 1.1% year-on-year in 2025, according to the analysts. ","content":"<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n     1109 ET - Jefferies warns that a second Trump term may be bad news for battery-powered vehicle production. The analysts, referencing S&amp;P Global Mobility insights, say a material decrease in U.S. EV production is expected under the new administration. S&amp;PGM is projecting North American production to be down 1.1% year-on-year in 2025, according to the analysts. (ben.glickman@wsj.com; @benglickman) \n</p>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  November 12, 2024 11:09 ET (16:09 GMT)\n</p>\n<p>\n  Copyright (c) 2024 Dow Jones &amp; Company, Inc.\n</p>\n</font>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>New U.S. Administration Likely to Dent EV Production, Jefferies Says -- Market Talk</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNew U.S. Administration Likely to Dent EV Production, Jefferies Says -- Market Talk\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2024-11-13 00:09</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n     1109 ET - Jefferies warns that a second Trump term may be bad news for battery-powered vehicle production. The analysts, referencing S&amp;P Global Mobility insights, say a material decrease in U.S. EV production is expected under the new administration. S&amp;PGM is projecting North American production to be down 1.1% year-on-year in 2025, according to the analysts. (ben.glickman@wsj.com; @benglickman) \n</p>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  November 12, 2024 11:09 ET (16:09 GMT)\n</p>\n<p>\n  Copyright (c) 2024 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU2023250330.USD":"ALLIANZ INCOME AND GROWTH \"AMG\" (USD) INC","STLA":"Stellantis NV","LU1629891620.HKD":"ALLIANZ INCOME AND GROWTH \"AMG2\" (H2-HKD) INC","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H","BK4581":"高盛持仓","LU1861215975.USD":"贝莱德新一代科技基金 A2","LU1201861249.SGD":"Natixis Harris Associates US Equity PA SGD-H","TSLA":"特斯拉","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","F":"福特汽车","LU2063271972.USD":"富兰克林创新领域基金","BK4511":"特斯拉概念","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","LU0980610538.SGD":"Natixis Harris Associates US Equity RA SGD-H","LU1548497426.USD":"安联环球人工智能AT Acc","LU0130518102.USD":"HARRIS ASSOCIATES GLOBAL EQUITY \"R\" INC","03160":"华夏日股对冲","LU0130103400.USD":"Natixis Harris Associates Global Equity RA USD","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) ACC","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","LU1145028129.USD":"ALLIANZ INCOME AND GROWTH \"AQ\" (USD) INC","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","TM":"丰田汽车","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","LU0162691827.USD":"BGF US BASIC VALUE \"A4\" INC","LU0820562030.AUD":"ALLIANZ INCOME AND GROWTH \"AMH2\" (AUDHDG) H2 INC","BK4566":"资本集团","NSANY":"日产汽车","LU0320765489.SGD":"FTIF - Franklin Mutual US Value A Acc SGD","HYMLY":"Hyundai Motor Co., Ltd.","BK4550":"红杉资本持仓","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","BK4561":"索罗斯持仓","BK4548":"巴美列捷福持仓","LU0006061336.USD":"Blackrock US Small and MidCap Opportunities A2 USD","BK4592":"伊斯兰概念","HMC":"本田汽车","LU0082616367.USD":"摩根大通美国科技A（dist）","LU2213496289.HKD":"ALLIANZ INCOME AND GROWTH \"AT\" (HKD) ACC","BK4555":"新能源车","LU0345770308.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) ACC","SG9999015986.USD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","GM":"通用汽车","LU1201861165.SGD":"Natixis Harris Associates Global Equity PA SGD","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元"},"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2483080728","content_text":"1109 ET - Jefferies warns that a second Trump term may be bad news for battery-powered vehicle production. The analysts, referencing S&P Global Mobility insights, say a material decrease in U.S. EV production is expected under the new administration. S&PGM is projecting North American production to be down 1.1% year-on-year in 2025, according to the analysts. (ben.glickman@wsj.com; @benglickman) \n\n\n  (END) Dow Jones Newswires\n\n\n  November 12, 2024 11:09 ET (16:09 GMT)\n\n\n  Copyright (c) 2024 Dow Jones & Company, Inc.","news_type":1},"isVote":1,"tweetType":1,"viewCount":10,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":364197707681824,"gmtCreate":1729925696131,"gmtModify":1729925700073,"author":{"id":"4151941377592162","authorId":"4151941377592162","name":"zelia","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4151941377592162","authorIdStr":"4151941377592162"},"themes":[],"htmlText":"Sour grapes are very sour. We know and.painful.....to swallow","listText":"Sour grapes are very sour. We know and.painful.....to swallow","text":"Sour grapes are very sour. We know and.painful.....to swallow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/364197707681824","repostId":"2478918073","repostType":2,"repost":{"id":"2478918073","kind":"highlight","pubTimestamp":1729923068,"share":"https://ttm.financial/m/news/2478918073?lang=&edition=fundamental","pubTime":"2024-10-26 14:11","market":"sg","language":"en","title":"Tesla: Don't Be Fooled By The Market","url":"https://stock-news.laohu8.com/highlight/detail?id=2478918073","media":"seekingalpha","summary":"Tesla, Inc.'s 20% post-earnings surge has recovered most losses incurred after its underwhelming Robotaxi event.Tesla's solid Q3 earnings release supports the thesis that the worst is likely behind th","content":"<html><head></head><body><ul><li><p>Tesla, Inc.&#39;s 20% post-earnings surge has recovered most losses incurred after its underwhelming Robotaxi event.</p></li><li><p>Tesla&#39;s solid Q3 earnings release supports the thesis that the worst is likely behind the EV leader.</p></li><li><p>However, the market isn&#39;t dumb, given Tesla&#39;s sky-high valuation amid EV growth challenges.</p></li><li><p>Tesla&#39;s fast-growing energy storage business might not be sufficient to justify the optimism baked into its autonomous driving ambitions.</p></li><li><p>I argue why betting against TSLA isn&#39;t wise. However, going long on the stock seems too aggressive at the current levels.</p></li></ul><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/9fb069981b6649ef9bb9d10bf4d75d46\" data-align=\"center\" tg-width=\"750\" tg-height=\"500\"/><span></span></p><p></p><h2>Tesla: 20% Post-Earnings Surge Recovered Most Of Recent Losses</h2><p><strong>Tesla, Inc.</strong> (NASDAQ:TSLA) investors cheered the EV leader&#39;s Q3 earnings release as TSLA surged more than 20% on October 24. As a result, it has recovered most of the losses since its relatively underwhelming Robotaxi Day in early October. The significant volatility in the stock has likely stunned inexperienced TSLA holders as the market reassesses the Elon Musk-led company&#39;s EV growth profile.</p><p>Doubts about Tesla&#39;s launch of “more affordable” vehicles dominated the narrative at its Robotaxi event. Reports about human-controlled Optimus robots made the news in the financial media, as investors were concerned about the company&#39;s autonomous ambitions. Hence, questions from bearish investors about what has changed over the past two weeks that led to yesterday&#39;s surge are justified.</p><p>Management remains optimistic about scaling Tesla&#39;s autonomous aspirations over the next two years. However, I assess that the de-rating that followed its Robotaxi event in early October suggests the market is increasingly focused on the company&#39;s near-term growth prospects. Therefore, Tesla&#39;s ability to deliver a growth inflection in its financial performance could indicate the worst is likely over.</p><p>There were already green shoots of a recovery in early October when Tesla posted delivery growth in Q3, outperforming Wall Street&#39;s estimates. In my previous TSLA article, I urged investors to remain cautious, as Tesla could disappoint at its Robotaxi event. My thesis panned out as the market digested the overstated hype, although this week&#39;s spectacular post-earnings surge has reversed the initial decline.</p><h2>Tesla&#39;s Q3 Earnings Suggests The Worst Is Likely Behind Us</h2><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/15e0d0b30d4122dc26b561f82ba77f81\" data-align=\"center\" tg-width=\"640\" tg-height=\"384\"/><span></span></p><p></p><p>Tesla&#39;s performance in Q3 underscores its pre-eminent position as the world&#39;s leading EV maker. As seen above, it recorded a 7.8% YoY increase in revenue in Q3, corroborating the recovery momentum it posted in Q2. Tesla has continued to manage its pricing levers to improve its competitiveness. The intense competition in the EV industry has hampered the company&#39;s ability to drive a more robust topline growth profile. The high-interest rate environment has continued to affect affordability, although the headwinds have likely peaked. Despite that, Tesla&#39;s ability to navigate these challenges and achieve a revenue growth inflection is a testament to its market leadership, scale, branding, and customer confidence.</p><p>Notably, Tesla notched solid results with its Cybertruck, becoming the “third best-selling EV in Q3 in the US.” Therefore, the market is likely increasingly confident in its growth prospects through 2025, corroborating the EV leader&#39;s market dominance.</p><h2>Tesla&#39;s Scale Could Lift Its Margins Further</h2><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/f94bc2cda755ff8959ee09c686fdef06\" data-align=\"center\" tg-width=\"640\" tg-height=\"384\"/><span></span></p><p></p><p>Management indicates macroeconomic challenges in Q4 could hamper its robust automotive gross margin recovery. However, its ability to post a solid corporate gross margin of almost 20% demonstrates the sustainability of Tesla&#39;s scale.</p><p>In addition, Elon Musk telegraphed his confidence in achieving 20% to 30% in vehicle growth rates next year, justifying the recent optimism. As a result, Tesla&#39;s increasing scale should position the EV leader well into potential delivery estimates of above 2M for 2025.</p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/4c78be624408fa981e86dbd2847d08c6\" data-align=\"center\" tg-width=\"640\" tg-height=\"454\"/><span></span></p><p></p><p>Coupled with the continued growth in its energy generation and storage business, I assess that the market has turned more constructive with the recent proof points. As seen above, Tesla&#39;s energy business has continued to do well, posting a topline growth of more than 40% on a trailing twelve-month basis. Given its improved scale, its gross profitability has also been lifted markedly, reaching nearly 26% in Q3 (trailing twelve months basis).</p><p>As a result, Tesla has demonstrated its ability to chart a significant growth vector through its energy business, even as its EV growth has decelerated. Although its energy business remains nascent (relative to its automotive business), it&#39;s expected to play an increasingly critical role moving ahead.</p><p>Solar energy capacity has surged to new highs, gaining significant influence in the renewable energy industry. Hence, I assess that cautious or bearish investors (including myself) have likely understated Tesla&#39;s capabilities to expand its growth drivers, notwithstanding the slowdown in its core EV business.</p><h2>TSLA Stock: But, Hasn&#39;t The Market Priced Them In?</h2><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/119454cad8eb328c901c728cd7c0ff71\" data-align=\"center\" tg-width=\"615\" tg-height=\"318\"/><span></span></p><p></p><p>Despite that, TSLA&#39;s “F” valuation grade corroborates my cautious thesis that the market has likely overstated its relatively tepid “C-” growth grade. In other words, it&#39;s increasingly challenging for TSLA investors to justify its growth premium based on its fast-growing energy storage business. Accordingly, it hasn&#39;t been able to mitigate the slowdown in its main EV business.</p><p>Tesla has committed to driving near- and medium-term growth through its Robotaxi business and autonomous driving software. However, these optionalities are still mired in significant uncertainties. Although management telegraphed its confidence in the volume production for Cybercab in 2026, investors must be cautious in potentially overstating them.</p><p>Regulatory hurdles, deployment challenges, and capacity constraints could hamper management&#39;s optimism. In addition, the actualization of Tesla&#39;s autonomous driving ambitions isn&#39;t expected to be close to fruition yet. Hence, there seems to be too much hype baked into TSLA&#39;s arguably unjustified valuation metrics at the current levels.</p><h2>Is TSLA Stock A Buy, Sell, Or Hold?</h2><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/521b6c84d7a5a04ecba3f472fc901cd5\" data-align=\"center\" tg-width=\"640\" tg-height=\"394\"/><span></span></p><p></p><p>TSLA&#39;s forward adjusted EPS multiple of 105x is substantially above its consumer discretionary (XLY) sector median of 17x. It&#39;s also markedly above its automotive peers&#39; median of 3.6x (according to S&amp;P Cap IQ data). Furthermore, investors should consider the relative underperformance of its solar energy peers listed in the Invesco Solar ETF (TAN), as it fell to new recent lows in October 2024. Therefore, anticipating a significant valuation re-rating based on its core EV or solar energy business could be increasingly challenging unless Tesla makes a substantial breakthrough in actualizing its autonomous ambitions.</p><p>Despite that, its price action highlights the robustness of its dip-buying sentiments. TSLA&#39;s “A” momentum grade has been upgraded from “D” over the past six months, corroborating the stock&#39;s markedly improved buying momentum. Therefore, bearish investors must be cautious about trying to bet against the market, as these bets could be eviscerated, given the potentially high volatility and robustness in TSLA&#39;s underlying momentum.</p><p>TSLA&#39;s price action has inched closer to a critical resistance zone under the $270 level. That level has resisted buying advances since December 2023, which justifies increased caution. Therefore, I assess that the market seems to have baked in steep optimism on Tesla, Inc.&#39;s ability to actualize and monetize its autonomous driving and Robotaxi ambitions over the coming years.</p><p>Hence, I urge investors to remain cautious about the stock, as profit-taking could also set in as it inches closer to the $270 zone.</p></body></html>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla: Don't Be Fooled By The Market</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla: Don't Be Fooled By The Market\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-10-26 14:11 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4729587-tesla-dont-be-fooled-by-the-market><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Tesla, Inc.'s 20% post-earnings surge has recovered most losses incurred after its underwhelming Robotaxi event.Tesla's solid Q3 earnings release supports the thesis that the worst is likely behind ...</p>\n\n<a href=\"https://seekingalpha.com/article/4729587-tesla-dont-be-fooled-by-the-market\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","LU2602419157.SGD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"AC\" (SGD) ACC","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","LU2023250330.USD":"ALLIANZ INCOME AND GROWTH \"AMG\" (USD) INC","BK4592":"伊斯兰概念","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU1429558221.USD":"Natixis Loomis Sayles US Growth Equity RA USD","BK4534":"瑞士信贷持仓","LU1861559042.SGD":"日兴方舟颠覆性创新基金B SGD","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","SG9999015952.SGD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (SGD) ACC","BK4548":"巴美列捷福持仓","LU1435385759.SGD":"Natixis Loomis Sayles US Growth Equity RA SGD-H","BK4533":"AQR资本管理(全球第二大对冲基金)","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD","LU0082616367.USD":"摩根大通美国科技A（dist）","LU2213496289.HKD":"ALLIANZ INCOME AND GROWTH \"AT\" (HKD) ACC","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","LU0056508442.USD":"贝莱德世界科技基金A2","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","LU0964807845.USD":"ALLIANZ INCOME & GROWTH \"A\" (USD) INC","BK4527":"明星科技股","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","LU0234572021.USD":"高盛美国核心股票组合Acc","BK4550":"红杉资本持仓","BK4588":"碎股","TSLA":"特斯拉","LU2063271972.USD":"富兰克林创新领域基金","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) INC","BK4551":"寇图资本持仓","SG9999015986.USD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","LU1145028129.USD":"ALLIANZ INCOME AND GROWTH \"AQ\" (USD) INC","LU0823414478.USD":"法巴经典能源转换基金","LU0097036916.USD":"贝莱德美国增长A2 USD","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","LU2326559502.SGD":"Natixis Loomis Sayles US Growth Equity P/A SGD-H","BK4581":"高盛持仓","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","BK4099":"汽车制造商","LU1861215975.USD":"贝莱德新一代科技基金 A2","BK4511":"特斯拉概念","LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H"},"source_url":"https://seekingalpha.com/article/4729587-tesla-dont-be-fooled-by-the-market","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2478918073","content_text":"Tesla, Inc.'s 20% post-earnings surge has recovered most losses incurred after its underwhelming Robotaxi event.Tesla's solid Q3 earnings release supports the thesis that the worst is likely behind the EV leader.However, the market isn't dumb, given Tesla's sky-high valuation amid EV growth challenges.Tesla's fast-growing energy storage business might not be sufficient to justify the optimism baked into its autonomous driving ambitions.I argue why betting against TSLA isn't wise. However, going long on the stock seems too aggressive at the current levels.Tesla: 20% Post-Earnings Surge Recovered Most Of Recent LossesTesla, Inc. (NASDAQ:TSLA) investors cheered the EV leader's Q3 earnings release as TSLA surged more than 20% on October 24. As a result, it has recovered most of the losses since its relatively underwhelming Robotaxi Day in early October. The significant volatility in the stock has likely stunned inexperienced TSLA holders as the market reassesses the Elon Musk-led company's EV growth profile.Doubts about Tesla's launch of “more affordable” vehicles dominated the narrative at its Robotaxi event. Reports about human-controlled Optimus robots made the news in the financial media, as investors were concerned about the company's autonomous ambitions. Hence, questions from bearish investors about what has changed over the past two weeks that led to yesterday's surge are justified.Management remains optimistic about scaling Tesla's autonomous aspirations over the next two years. However, I assess that the de-rating that followed its Robotaxi event in early October suggests the market is increasingly focused on the company's near-term growth prospects. Therefore, Tesla's ability to deliver a growth inflection in its financial performance could indicate the worst is likely over.There were already green shoots of a recovery in early October when Tesla posted delivery growth in Q3, outperforming Wall Street's estimates. In my previous TSLA article, I urged investors to remain cautious, as Tesla could disappoint at its Robotaxi event. My thesis panned out as the market digested the overstated hype, although this week's spectacular post-earnings surge has reversed the initial decline.Tesla's Q3 Earnings Suggests The Worst Is Likely Behind UsTesla's performance in Q3 underscores its pre-eminent position as the world's leading EV maker. As seen above, it recorded a 7.8% YoY increase in revenue in Q3, corroborating the recovery momentum it posted in Q2. Tesla has continued to manage its pricing levers to improve its competitiveness. The intense competition in the EV industry has hampered the company's ability to drive a more robust topline growth profile. The high-interest rate environment has continued to affect affordability, although the headwinds have likely peaked. Despite that, Tesla's ability to navigate these challenges and achieve a revenue growth inflection is a testament to its market leadership, scale, branding, and customer confidence.Notably, Tesla notched solid results with its Cybertruck, becoming the “third best-selling EV in Q3 in the US.” Therefore, the market is likely increasingly confident in its growth prospects through 2025, corroborating the EV leader's market dominance.Tesla's Scale Could Lift Its Margins FurtherManagement indicates macroeconomic challenges in Q4 could hamper its robust automotive gross margin recovery. However, its ability to post a solid corporate gross margin of almost 20% demonstrates the sustainability of Tesla's scale.In addition, Elon Musk telegraphed his confidence in achieving 20% to 30% in vehicle growth rates next year, justifying the recent optimism. As a result, Tesla's increasing scale should position the EV leader well into potential delivery estimates of above 2M for 2025.Coupled with the continued growth in its energy generation and storage business, I assess that the market has turned more constructive with the recent proof points. As seen above, Tesla's energy business has continued to do well, posting a topline growth of more than 40% on a trailing twelve-month basis. Given its improved scale, its gross profitability has also been lifted markedly, reaching nearly 26% in Q3 (trailing twelve months basis).As a result, Tesla has demonstrated its ability to chart a significant growth vector through its energy business, even as its EV growth has decelerated. Although its energy business remains nascent (relative to its automotive business), it's expected to play an increasingly critical role moving ahead.Solar energy capacity has surged to new highs, gaining significant influence in the renewable energy industry. Hence, I assess that cautious or bearish investors (including myself) have likely understated Tesla's capabilities to expand its growth drivers, notwithstanding the slowdown in its core EV business.TSLA Stock: But, Hasn't The Market Priced Them In?Despite that, TSLA's “F” valuation grade corroborates my cautious thesis that the market has likely overstated its relatively tepid “C-” growth grade. In other words, it's increasingly challenging for TSLA investors to justify its growth premium based on its fast-growing energy storage business. Accordingly, it hasn't been able to mitigate the slowdown in its main EV business.Tesla has committed to driving near- and medium-term growth through its Robotaxi business and autonomous driving software. However, these optionalities are still mired in significant uncertainties. Although management telegraphed its confidence in the volume production for Cybercab in 2026, investors must be cautious in potentially overstating them.Regulatory hurdles, deployment challenges, and capacity constraints could hamper management's optimism. In addition, the actualization of Tesla's autonomous driving ambitions isn't expected to be close to fruition yet. Hence, there seems to be too much hype baked into TSLA's arguably unjustified valuation metrics at the current levels.Is TSLA Stock A Buy, Sell, Or Hold?TSLA's forward adjusted EPS multiple of 105x is substantially above its consumer discretionary (XLY) sector median of 17x. It's also markedly above its automotive peers' median of 3.6x (according to S&P Cap IQ data). Furthermore, investors should consider the relative underperformance of its solar energy peers listed in the Invesco Solar ETF (TAN), as it fell to new recent lows in October 2024. Therefore, anticipating a significant valuation re-rating based on its core EV or solar energy business could be increasingly challenging unless Tesla makes a substantial breakthrough in actualizing its autonomous ambitions.Despite that, its price action highlights the robustness of its dip-buying sentiments. TSLA's “A” momentum grade has been upgraded from “D” over the past six months, corroborating the stock's markedly improved buying momentum. Therefore, bearish investors must be cautious about trying to bet against the market, as these bets could be eviscerated, given the potentially high volatility and robustness in TSLA's underlying momentum.TSLA's price action has inched closer to a critical resistance zone under the $270 level. That level has resisted buying advances since December 2023, which justifies increased caution. Therefore, I assess that the market seems to have baked in steep optimism on Tesla, Inc.'s ability to actualize and monetize its autonomous driving and Robotaxi ambitions over the coming years.Hence, I urge investors to remain cautious about the stock, as profit-taking could also set in as it inches closer to the $270 zone.","news_type":1},"isVote":1,"tweetType":1,"viewCount":28,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":364197540741128,"gmtCreate":1729925657661,"gmtModify":1729925661692,"author":{"id":"4151941377592162","authorId":"4151941377592162","name":"zelia","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4151941377592162","authorIdStr":"4151941377592162"},"themes":[],"htmlText":"Another writer who spread negative article ard. Likely the writer did not enjoy the wave....so now become a sour graoe....","listText":"Another writer who spread negative article ard. Likely the writer did not enjoy the wave....so now become a sour graoe....","text":"Another writer who spread negative article ard. Likely the writer did not enjoy the wave....so now become a sour graoe....","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/364197540741128","repostId":"2478918073","repostType":2,"repost":{"id":"2478918073","kind":"highlight","pubTimestamp":1729923068,"share":"https://ttm.financial/m/news/2478918073?lang=&edition=fundamental","pubTime":"2024-10-26 14:11","market":"sg","language":"en","title":"Tesla: Don't Be Fooled By The Market","url":"https://stock-news.laohu8.com/highlight/detail?id=2478918073","media":"seekingalpha","summary":"Tesla, Inc.'s 20% post-earnings surge has recovered most losses incurred after its underwhelming Robotaxi event.Tesla's solid Q3 earnings release supports the thesis that the worst is likely behind th","content":"<html><head></head><body><ul><li><p>Tesla, Inc.&#39;s 20% post-earnings surge has recovered most losses incurred after its underwhelming Robotaxi event.</p></li><li><p>Tesla&#39;s solid Q3 earnings release supports the thesis that the worst is likely behind the EV leader.</p></li><li><p>However, the market isn&#39;t dumb, given Tesla&#39;s sky-high valuation amid EV growth challenges.</p></li><li><p>Tesla&#39;s fast-growing energy storage business might not be sufficient to justify the optimism baked into its autonomous driving ambitions.</p></li><li><p>I argue why betting against TSLA isn&#39;t wise. However, going long on the stock seems too aggressive at the current levels.</p></li></ul><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/9fb069981b6649ef9bb9d10bf4d75d46\" data-align=\"center\" tg-width=\"750\" tg-height=\"500\"/><span></span></p><p></p><h2>Tesla: 20% Post-Earnings Surge Recovered Most Of Recent Losses</h2><p><strong>Tesla, Inc.</strong> (NASDAQ:TSLA) investors cheered the EV leader&#39;s Q3 earnings release as TSLA surged more than 20% on October 24. As a result, it has recovered most of the losses since its relatively underwhelming Robotaxi Day in early October. The significant volatility in the stock has likely stunned inexperienced TSLA holders as the market reassesses the Elon Musk-led company&#39;s EV growth profile.</p><p>Doubts about Tesla&#39;s launch of “more affordable” vehicles dominated the narrative at its Robotaxi event. Reports about human-controlled Optimus robots made the news in the financial media, as investors were concerned about the company&#39;s autonomous ambitions. Hence, questions from bearish investors about what has changed over the past two weeks that led to yesterday&#39;s surge are justified.</p><p>Management remains optimistic about scaling Tesla&#39;s autonomous aspirations over the next two years. However, I assess that the de-rating that followed its Robotaxi event in early October suggests the market is increasingly focused on the company&#39;s near-term growth prospects. Therefore, Tesla&#39;s ability to deliver a growth inflection in its financial performance could indicate the worst is likely over.</p><p>There were already green shoots of a recovery in early October when Tesla posted delivery growth in Q3, outperforming Wall Street&#39;s estimates. In my previous TSLA article, I urged investors to remain cautious, as Tesla could disappoint at its Robotaxi event. My thesis panned out as the market digested the overstated hype, although this week&#39;s spectacular post-earnings surge has reversed the initial decline.</p><h2>Tesla&#39;s Q3 Earnings Suggests The Worst Is Likely Behind Us</h2><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/15e0d0b30d4122dc26b561f82ba77f81\" data-align=\"center\" tg-width=\"640\" tg-height=\"384\"/><span></span></p><p></p><p>Tesla&#39;s performance in Q3 underscores its pre-eminent position as the world&#39;s leading EV maker. As seen above, it recorded a 7.8% YoY increase in revenue in Q3, corroborating the recovery momentum it posted in Q2. Tesla has continued to manage its pricing levers to improve its competitiveness. The intense competition in the EV industry has hampered the company&#39;s ability to drive a more robust topline growth profile. The high-interest rate environment has continued to affect affordability, although the headwinds have likely peaked. Despite that, Tesla&#39;s ability to navigate these challenges and achieve a revenue growth inflection is a testament to its market leadership, scale, branding, and customer confidence.</p><p>Notably, Tesla notched solid results with its Cybertruck, becoming the “third best-selling EV in Q3 in the US.” Therefore, the market is likely increasingly confident in its growth prospects through 2025, corroborating the EV leader&#39;s market dominance.</p><h2>Tesla&#39;s Scale Could Lift Its Margins Further</h2><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/f94bc2cda755ff8959ee09c686fdef06\" data-align=\"center\" tg-width=\"640\" tg-height=\"384\"/><span></span></p><p></p><p>Management indicates macroeconomic challenges in Q4 could hamper its robust automotive gross margin recovery. However, its ability to post a solid corporate gross margin of almost 20% demonstrates the sustainability of Tesla&#39;s scale.</p><p>In addition, Elon Musk telegraphed his confidence in achieving 20% to 30% in vehicle growth rates next year, justifying the recent optimism. As a result, Tesla&#39;s increasing scale should position the EV leader well into potential delivery estimates of above 2M for 2025.</p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/4c78be624408fa981e86dbd2847d08c6\" data-align=\"center\" tg-width=\"640\" tg-height=\"454\"/><span></span></p><p></p><p>Coupled with the continued growth in its energy generation and storage business, I assess that the market has turned more constructive with the recent proof points. As seen above, Tesla&#39;s energy business has continued to do well, posting a topline growth of more than 40% on a trailing twelve-month basis. Given its improved scale, its gross profitability has also been lifted markedly, reaching nearly 26% in Q3 (trailing twelve months basis).</p><p>As a result, Tesla has demonstrated its ability to chart a significant growth vector through its energy business, even as its EV growth has decelerated. Although its energy business remains nascent (relative to its automotive business), it&#39;s expected to play an increasingly critical role moving ahead.</p><p>Solar energy capacity has surged to new highs, gaining significant influence in the renewable energy industry. Hence, I assess that cautious or bearish investors (including myself) have likely understated Tesla&#39;s capabilities to expand its growth drivers, notwithstanding the slowdown in its core EV business.</p><h2>TSLA Stock: But, Hasn&#39;t The Market Priced Them In?</h2><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/119454cad8eb328c901c728cd7c0ff71\" data-align=\"center\" tg-width=\"615\" tg-height=\"318\"/><span></span></p><p></p><p>Despite that, TSLA&#39;s “F” valuation grade corroborates my cautious thesis that the market has likely overstated its relatively tepid “C-” growth grade. In other words, it&#39;s increasingly challenging for TSLA investors to justify its growth premium based on its fast-growing energy storage business. Accordingly, it hasn&#39;t been able to mitigate the slowdown in its main EV business.</p><p>Tesla has committed to driving near- and medium-term growth through its Robotaxi business and autonomous driving software. However, these optionalities are still mired in significant uncertainties. Although management telegraphed its confidence in the volume production for Cybercab in 2026, investors must be cautious in potentially overstating them.</p><p>Regulatory hurdles, deployment challenges, and capacity constraints could hamper management&#39;s optimism. In addition, the actualization of Tesla&#39;s autonomous driving ambitions isn&#39;t expected to be close to fruition yet. Hence, there seems to be too much hype baked into TSLA&#39;s arguably unjustified valuation metrics at the current levels.</p><h2>Is TSLA Stock A Buy, Sell, Or Hold?</h2><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/521b6c84d7a5a04ecba3f472fc901cd5\" data-align=\"center\" tg-width=\"640\" tg-height=\"394\"/><span></span></p><p></p><p>TSLA&#39;s forward adjusted EPS multiple of 105x is substantially above its consumer discretionary (XLY) sector median of 17x. It&#39;s also markedly above its automotive peers&#39; median of 3.6x (according to S&amp;P Cap IQ data). Furthermore, investors should consider the relative underperformance of its solar energy peers listed in the Invesco Solar ETF (TAN), as it fell to new recent lows in October 2024. Therefore, anticipating a significant valuation re-rating based on its core EV or solar energy business could be increasingly challenging unless Tesla makes a substantial breakthrough in actualizing its autonomous ambitions.</p><p>Despite that, its price action highlights the robustness of its dip-buying sentiments. TSLA&#39;s “A” momentum grade has been upgraded from “D” over the past six months, corroborating the stock&#39;s markedly improved buying momentum. Therefore, bearish investors must be cautious about trying to bet against the market, as these bets could be eviscerated, given the potentially high volatility and robustness in TSLA&#39;s underlying momentum.</p><p>TSLA&#39;s price action has inched closer to a critical resistance zone under the $270 level. That level has resisted buying advances since December 2023, which justifies increased caution. Therefore, I assess that the market seems to have baked in steep optimism on Tesla, Inc.&#39;s ability to actualize and monetize its autonomous driving and Robotaxi ambitions over the coming years.</p><p>Hence, I urge investors to remain cautious about the stock, as profit-taking could also set in as it inches closer to the $270 zone.</p></body></html>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla: Don't Be Fooled By The Market</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla: Don't Be Fooled By The Market\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-10-26 14:11 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4729587-tesla-dont-be-fooled-by-the-market><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Tesla, Inc.'s 20% post-earnings surge has recovered most losses incurred after its underwhelming Robotaxi event.Tesla's solid Q3 earnings release supports the thesis that the worst is likely behind ...</p>\n\n<a href=\"https://seekingalpha.com/article/4729587-tesla-dont-be-fooled-by-the-market\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","LU2602419157.SGD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"AC\" (SGD) ACC","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","LU2023250330.USD":"ALLIANZ INCOME AND GROWTH \"AMG\" (USD) INC","BK4592":"伊斯兰概念","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU1429558221.USD":"Natixis Loomis Sayles US Growth Equity RA USD","BK4534":"瑞士信贷持仓","LU1861559042.SGD":"日兴方舟颠覆性创新基金B SGD","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","SG9999015952.SGD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (SGD) ACC","BK4548":"巴美列捷福持仓","LU1435385759.SGD":"Natixis Loomis Sayles US Growth Equity RA SGD-H","BK4533":"AQR资本管理(全球第二大对冲基金)","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD","LU0082616367.USD":"摩根大通美国科技A（dist）","LU2213496289.HKD":"ALLIANZ INCOME AND GROWTH \"AT\" (HKD) ACC","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","LU0056508442.USD":"贝莱德世界科技基金A2","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","LU0964807845.USD":"ALLIANZ INCOME & GROWTH \"A\" (USD) INC","BK4527":"明星科技股","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","LU0234572021.USD":"高盛美国核心股票组合Acc","BK4550":"红杉资本持仓","BK4588":"碎股","TSLA":"特斯拉","LU2063271972.USD":"富兰克林创新领域基金","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) INC","BK4551":"寇图资本持仓","SG9999015986.USD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","LU1145028129.USD":"ALLIANZ INCOME AND GROWTH \"AQ\" (USD) INC","LU0823414478.USD":"法巴经典能源转换基金","LU0097036916.USD":"贝莱德美国增长A2 USD","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","LU2326559502.SGD":"Natixis Loomis Sayles US Growth Equity P/A SGD-H","BK4581":"高盛持仓","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","BK4099":"汽车制造商","LU1861215975.USD":"贝莱德新一代科技基金 A2","BK4511":"特斯拉概念","LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H"},"source_url":"https://seekingalpha.com/article/4729587-tesla-dont-be-fooled-by-the-market","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2478918073","content_text":"Tesla, Inc.'s 20% post-earnings surge has recovered most losses incurred after its underwhelming Robotaxi event.Tesla's solid Q3 earnings release supports the thesis that the worst is likely behind the EV leader.However, the market isn't dumb, given Tesla's sky-high valuation amid EV growth challenges.Tesla's fast-growing energy storage business might not be sufficient to justify the optimism baked into its autonomous driving ambitions.I argue why betting against TSLA isn't wise. However, going long on the stock seems too aggressive at the current levels.Tesla: 20% Post-Earnings Surge Recovered Most Of Recent LossesTesla, Inc. (NASDAQ:TSLA) investors cheered the EV leader's Q3 earnings release as TSLA surged more than 20% on October 24. As a result, it has recovered most of the losses since its relatively underwhelming Robotaxi Day in early October. The significant volatility in the stock has likely stunned inexperienced TSLA holders as the market reassesses the Elon Musk-led company's EV growth profile.Doubts about Tesla's launch of “more affordable” vehicles dominated the narrative at its Robotaxi event. Reports about human-controlled Optimus robots made the news in the financial media, as investors were concerned about the company's autonomous ambitions. Hence, questions from bearish investors about what has changed over the past two weeks that led to yesterday's surge are justified.Management remains optimistic about scaling Tesla's autonomous aspirations over the next two years. However, I assess that the de-rating that followed its Robotaxi event in early October suggests the market is increasingly focused on the company's near-term growth prospects. Therefore, Tesla's ability to deliver a growth inflection in its financial performance could indicate the worst is likely over.There were already green shoots of a recovery in early October when Tesla posted delivery growth in Q3, outperforming Wall Street's estimates. In my previous TSLA article, I urged investors to remain cautious, as Tesla could disappoint at its Robotaxi event. My thesis panned out as the market digested the overstated hype, although this week's spectacular post-earnings surge has reversed the initial decline.Tesla's Q3 Earnings Suggests The Worst Is Likely Behind UsTesla's performance in Q3 underscores its pre-eminent position as the world's leading EV maker. As seen above, it recorded a 7.8% YoY increase in revenue in Q3, corroborating the recovery momentum it posted in Q2. Tesla has continued to manage its pricing levers to improve its competitiveness. The intense competition in the EV industry has hampered the company's ability to drive a more robust topline growth profile. The high-interest rate environment has continued to affect affordability, although the headwinds have likely peaked. Despite that, Tesla's ability to navigate these challenges and achieve a revenue growth inflection is a testament to its market leadership, scale, branding, and customer confidence.Notably, Tesla notched solid results with its Cybertruck, becoming the “third best-selling EV in Q3 in the US.” Therefore, the market is likely increasingly confident in its growth prospects through 2025, corroborating the EV leader's market dominance.Tesla's Scale Could Lift Its Margins FurtherManagement indicates macroeconomic challenges in Q4 could hamper its robust automotive gross margin recovery. However, its ability to post a solid corporate gross margin of almost 20% demonstrates the sustainability of Tesla's scale.In addition, Elon Musk telegraphed his confidence in achieving 20% to 30% in vehicle growth rates next year, justifying the recent optimism. As a result, Tesla's increasing scale should position the EV leader well into potential delivery estimates of above 2M for 2025.Coupled with the continued growth in its energy generation and storage business, I assess that the market has turned more constructive with the recent proof points. As seen above, Tesla's energy business has continued to do well, posting a topline growth of more than 40% on a trailing twelve-month basis. Given its improved scale, its gross profitability has also been lifted markedly, reaching nearly 26% in Q3 (trailing twelve months basis).As a result, Tesla has demonstrated its ability to chart a significant growth vector through its energy business, even as its EV growth has decelerated. Although its energy business remains nascent (relative to its automotive business), it's expected to play an increasingly critical role moving ahead.Solar energy capacity has surged to new highs, gaining significant influence in the renewable energy industry. Hence, I assess that cautious or bearish investors (including myself) have likely understated Tesla's capabilities to expand its growth drivers, notwithstanding the slowdown in its core EV business.TSLA Stock: But, Hasn't The Market Priced Them In?Despite that, TSLA's “F” valuation grade corroborates my cautious thesis that the market has likely overstated its relatively tepid “C-” growth grade. In other words, it's increasingly challenging for TSLA investors to justify its growth premium based on its fast-growing energy storage business. Accordingly, it hasn't been able to mitigate the slowdown in its main EV business.Tesla has committed to driving near- and medium-term growth through its Robotaxi business and autonomous driving software. However, these optionalities are still mired in significant uncertainties. Although management telegraphed its confidence in the volume production for Cybercab in 2026, investors must be cautious in potentially overstating them.Regulatory hurdles, deployment challenges, and capacity constraints could hamper management's optimism. In addition, the actualization of Tesla's autonomous driving ambitions isn't expected to be close to fruition yet. Hence, there seems to be too much hype baked into TSLA's arguably unjustified valuation metrics at the current levels.Is TSLA Stock A Buy, Sell, Or Hold?TSLA's forward adjusted EPS multiple of 105x is substantially above its consumer discretionary (XLY) sector median of 17x. It's also markedly above its automotive peers' median of 3.6x (according to S&P Cap IQ data). Furthermore, investors should consider the relative underperformance of its solar energy peers listed in the Invesco Solar ETF (TAN), as it fell to new recent lows in October 2024. Therefore, anticipating a significant valuation re-rating based on its core EV or solar energy business could be increasingly challenging unless Tesla makes a substantial breakthrough in actualizing its autonomous ambitions.Despite that, its price action highlights the robustness of its dip-buying sentiments. TSLA's “A” momentum grade has been upgraded from “D” over the past six months, corroborating the stock's markedly improved buying momentum. Therefore, bearish investors must be cautious about trying to bet against the market, as these bets could be eviscerated, given the potentially high volatility and robustness in TSLA's underlying momentum.TSLA's price action has inched closer to a critical resistance zone under the $270 level. That level has resisted buying advances since December 2023, which justifies increased caution. Therefore, I assess that the market seems to have baked in steep optimism on Tesla, Inc.'s ability to actualize and monetize its autonomous driving and Robotaxi ambitions over the coming years.Hence, I urge investors to remain cautious about the stock, as profit-taking could also set in as it inches closer to the $270 zone.","news_type":1},"isVote":1,"tweetType":1,"viewCount":165,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":363856726814784,"gmtCreate":1729842448105,"gmtModify":1729842453020,"author":{"id":"4151941377592162","authorId":"4151941377592162","name":"zelia","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4151941377592162","authorIdStr":"4151941377592162"},"themes":[],"htmlText":"Life is so strange. When something is doing well, in this case Tesla, pple must always say negative things. Talk down on it. I alw wonder why such pple exiist","listText":"Life is so strange. When something is doing well, in this case Tesla, pple must always say negative things. Talk down on it. I alw wonder why such pple exiist","text":"Life is so strange. When something is doing well, in this case Tesla, pple must always say negative things. Talk down on it. I alw wonder why such pple exiist","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/363856726814784","repostId":"2478675257","repostType":2,"repost":{"id":"2478675257","kind":"highlight","pubTimestamp":1729840530,"share":"https://ttm.financial/m/news/2478675257?lang=&edition=fundamental","pubTime":"2024-10-25 15:15","market":"us","language":"en","title":"Tesla Faces Major Risks In The Future","url":"https://stock-news.laohu8.com/highlight/detail?id=2478675257","media":"seekingalpha","summary":"Tesla faces growing risks due to Elon Musk's political alignment, impacting its primary markets and consumer perception negatively.Political associations influence EV ownership, with Democrats favorin","content":"<html><body><ul><li>Tesla faces growing risks due to Elon Musk's political alignment, impacting its primary markets and consumer perception negatively.</li><li>Political associations influence EV ownership, with Democrats favoring EVs more than Republicans, potentially affecting the Company's market.</li><li>Increased competition and declining consumer interest have reduced TSLA's market share and consideration score, threatening revenue.</li><li>Class action lawsuits over Tesla's FSD promises add financial risks, highlighting the company's overvaluation and potential revenue losses.</li></ul><p><figure><picture><img fetchpriority=\"high\" height=\"1002px\" sizes=\"(max-width: 768px) calc(100vw - 36px), (max-width: 1024px) calc(100vw - 132px), (max-width: 1200px) calc(66.6vw - 72px), 600px\" src=\"https://static.seekingalpha.com/cdn/s3/uploads/getty_images/497215523/image_497215523.jpg?io=getty-c-w750\" srcset=\"https://static.seekingalpha.com/cdn/s3/uploads/getty_images/497215523/image_497215523.jpg?io=getty-c-w1536 1536w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/497215523/image_497215523.jpg?io=getty-c-w1280 1280w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/497215523/image_497215523.jpg?io=getty-c-w1080 1080w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/497215523/image_497215523.jpg?io=getty-c-w750 750w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/497215523/image_497215523.jpg?io=getty-c-w640 640w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/497215523/image_497215523.jpg?io=getty-c-w480 480w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/497215523/image_497215523.jpg?io=getty-c-w320 320w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/497215523/image_497215523.jpg?io=getty-c-w240 240w\" width=\"1536px\"/></picture><figcaption><p>wellesenterprises</p></figcaption></figure></p> <p>Tesla (<span>NASDAQ:TSLA</span>) is one of the largest EV companies in the world, with a market capitalization of more than $700 billion. We recently discussed how the company's fair value is less than a third of its market<span> capitalization</span><span>. However, as we'll see throughout this article, the company faces risks from a number of avenues including slowing growth, weak FSD, and the association with its founder, Elon Musk, who's vocally aligned himself with the Republican Party.</span></p> <p>That could have a substantial impact on the company's future growth.</p> <h2>Tesla Earnings</h2> <p>Tesla saw its share price go up after hours, by double-digits, after announcing respectably strong earnings in a market expecting doom.</p> <p><figure contenteditable=\"false\"><span><img contenteditable=\"false\" loading=\"lazy\" src=\"https://static.seekingalpha.com/uploads/2024/10/23/34591885-17297379300300016.png\"/></span><figcaption><p>Tesla Investor Presentation</p></figcaption></figure></p> <p>The company also predicted 20% vehicle growth next year; however, we'd like to highlight that this is from the company seeing ~6% YoY growth, and predicted 50% annualized growth last year. We'll believe it when we see it, but we're not optimistic. The company's total revenues increased only 8% YoY supported by services and energy generation and storage.</p> <p>Tesla has continued to hype up autonomy, but as we discussed here, the company is well behind. The company's profit went up, and we will concede that FCF for the company was strong, not surprising given margins in energy generation and storage. However YoY the company's growth in cash and cash equivalents was ~$7.5 billion, not enough to justify its valuation.</p> <p>Given the slowdown in automotive revenues which indicates a shift towards lower margin vehicles, the company's after-hours strength represents a better selling opportunity to us.</p> <h2>EVs versus Political Association</h2> <p>Given the different stances the parties have taken on climate change, there's a strong political association to EV ownership.</p> <p><figure contenteditable=\"false\"><picture><img contenteditable=\"false\" loading=\"lazy\" src=\"https://static.seekingalpha.com/uploads/2024/10/20/saupload_ev-politics-slide-deck.webp\"/></picture><figcaption><p>EV Politics</p></figcaption></figure></p> <p>Tesla itself is known for its largest market being California, where it was founded, the quintessential \"blue\" state. The above chart highlights how by major political party views on EVs vary dramatically. Among Republicans, almost 50% have a mostly unfavorable view on electric-only car brands while only 10% have a mostly favorable view.</p> <p>Among Democrats, the mostly favorable percentage is almost 40% while the mostly unfavorable is only 20%.</p> <p><figure contenteditable=\"false\"><picture><img contenteditable=\"false\" loading=\"lazy\" src=\"https://static.seekingalpha.com/uploads/2024/10/20/saupload_Visualizing-Electric-Vehicle-Adoption-Across-U.S.-States_Website_07232024.jpg\"/></picture><figcaption><p>EV Adoption</p></figcaption></figure></p> <p>This is also partially visible in EV ownership registrations per 100K by state. While there are some associations (i.e. blue states tend to have more concentrated / higher populations that could lend themselves well to EV ownership) it's visible that EV ownership varies partially by party association of the step.</p> <p>For example, Colorado has 1.4% EV adoption, while Wyoming next door has &lt;0.2%. Wisconsin has 0.4% while Iowa has 0.25%. This variance helps reaffirm what we stated above, through polls, which is that Democrats are dramatically more likely to own an electric vehicle than Republicans.</p> <h2>Elon Musk versus Target Buyers</h2> <p>In our view, that association presents a substantial risk given that Elon Musk has aligned himself with the Republican Party's candidate, Donald Trump.</p> <p><figure contenteditable=\"false\"><span><img contenteditable=\"false\" loading=\"lazy\" src=\"https://static.seekingalpha.com/uploads/2024/10/20/34591885-17294019703896348.png\"/></span><figcaption><p>Political Alignment</p></figcaption></figure></p> <p>The impact of this alignment can be clearly seen in polls asking people of their opinion on Elon Musk. Democrats have an approval rating of 6% which has plummeted from more than 20% while at the same time approval about Republicans has more than doubled from 30% a few years ago to more than 60%.</p> <p>Now you might say you don't care about political opinions on the CEOs of the companies you shop at. That's valid. However, we'd argue that Elon Musk as a persona is much more associated with Tesla, with 83% of Americans doing so. That means that a negative view of Elon Musk could have an impact on Tesla's primary markets.</p> <p>The net result of this all, regardless of how reasonable anyone thinks it is, is that there's a substantial risk to Tesla.</p> <p><figure contenteditable=\"false\"><picture><img contenteditable=\"false\" loading=\"lazy\" src=\"https://static.seekingalpha.com/uploads/2024/10/20/saupload_9776219d09442eb3c98a8fd34966d11e.jpg\"/></picture><figcaption><p>Bloomberg Tesla Owners</p></figcaption></figure></p> <p>According to Bloomberg's 2023 Tesla Owners survey disapproval is a top reason why Tesla owners are walking away, with more than 20% saying yes. Now it's tough to quantify exact risks. However, in the same survey above, 13% of Model 3 owners were planning to leave at all, which means that ~3% of Tesla owners today are considering walking away.</p> <p>However, in Tesla's world, at 2 million vehicles per year, that's 60K vehicles less of Model 3 demand, which is billions of dollars of lost revenue. More importantly, this is coming at the same time as competition is increasing, and EV sales are slowing.</p> <p><figure contenteditable=\"false\"><picture><img contenteditable=\"false\" loading=\"lazy\" src=\"https://static.seekingalpha.com/uploads/2024/10/20/saupload_image-placeholder-title.jpg\"/></picture><figcaption><p>Cox Automotive</p></figcaption></figure></p> <p>Tesla has continued to face additional competition which has pushed down its market share to below 50%. From a global market share perspective, the company is still struggling to compete for its crown, with cheap EVs in China and Europe putting substantial pressure on the company. The company competes with BYD for the crown of the top global EV maker.</p> <p>Overall new competition has pushed down Tesla's consideration score:</p> <blockquote><p>Survey data reported by <em>Reuters</em> found that Tesla's \"consideration score\" - a metric used by Caliber to track consumer interest in brands, based on how they respond to the prompt \"I would buy, or continue buying, products and services from Tesla, if given the chance\" - has fallen to 31 percent from its 70 percent high in November 2021, tumbling by 8 percent alone this January. Caliber's consideration scores for rival EV-producing manufacturers Audi, BMW, and Mercedes, meanwhile, increased slightly during the same period, reaching between 44-47 percent.</p></blockquote> <p>In Europe, one of the largest retail chains, Rossmann, has halted plans to purchase EVs as a result of Donald Trump directly. This is a quantifiable risk that could cost the company billions at a time when sales are already flat lining.</p> <h2>Tesla FSD Hardware Class Action</h2> <p>At the same time, after Tesla's lackluster self-driving event, we expect class actions over the company's FSD to ramp up. That's been a major source of the company's profits recently, and the company is already facing some class action lawsuits.</p> <p>It's well known that Tesla FSD has been promised as being around the corner for almost a decade now. Tesla owners with the \"HW3\" package spent more than $10K on this package with the promise of full-self driving. Tesla has continued to make this promise despite releasing \"HW4\" and not offering an upgrade to \"HW3\" owners, saying it would be too expensive.</p> <p><figure contenteditable=\"false\"><picture><img contenteditable=\"false\" loading=\"lazy\" src=\"https://static.seekingalpha.com/uploads/2024/10/20/saupload_Screenshot-2024-10-14-at-4.12.48_E2_80_AFPM.jpg\"/></picture><figcaption><p>Bloomberg Disengagement</p></figcaption></figure></p> <p>Tesla's miles to disengagement has barely doubled over the last several years. For perspective, Waymo is at roughly 100x that, and conventional wisdom is that there's much further to go. Think about how often your car would need to go before \"failure\" for you to buy a FSD car with no steering wheel or controls. Tesla is far, far away.</p> <p>Tesla appears to understand the risk with HW3, saying \"let's not get nuanced\" at the event asking the company to confirm, while updating the language on its website. Recent FSD releases indicate that Tesla is hitting the limits of what's possible with HW3, with recent releases coming out on HW4 first instead of HW3.</p> <p>More importantly, HW3 releases now use both computers, which makes it impossible to achieve Level 5 FSD given a requirement for redundant computers.</p> <h2>Thesis Risk</h2> <p>The largest risk to our thesis is that the company's newfound allegiances might change some of the statistics above and make a new group of people more open to EVs. That could help replace lost customers and support Tesla's sales and returns.</p> <h2>Conclusion</h2> <p>Tesla, as we discussed in our prior article, is already trading well above fair value. Now, with recent developments around the election along with the company's FSD event, we see risks increasing. That could potentially cost the company billions in revenue as it's struggling.</p> <p>This adds on to the company's liability with FSD, as the company has made promises that it's now seeing class action lawsuits with. These sales were a massive source of profits for the company and margins, so having to refund them could be massively expensive.</p> <div></div> <p>As a result, this helps to highlight how overvalued Tesla is and why it's a poor investment at this time. Let us know your thoughts in the comments below.</p></body></html>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla Faces Major Risks In The Future</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ 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class=\"title\">\nTesla Faces Major Risks In The Future\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-10-25 15:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4729442-tesla-stock-faces-major-risks-in-future-reiterate-sell><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Tesla faces growing risks due to Elon Musk's political alignment, impacting its primary markets and consumer perception negatively.Political associations influence EV ownership, with Democrats ...</p>\n\n<a href=\"https://seekingalpha.com/article/4729442-tesla-stock-faces-major-risks-in-future-reiterate-sell\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.seekingalpha.com/cdn/s3/uploads/getty_images/497215523/image_497215523.jpg","relate_stocks":{"LU2602419157.SGD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"AC\" (SGD) ACC","BK4555":"新能源车","BK4534":"瑞士信贷持仓","LU2756315318.SGD":"ALLIANZ INCOME AND GROWTH \"AMG\" (SGDHDG) INC 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ACC","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","LU0820562030.AUD":"ALLIANZ INCOME AND GROWTH \"AMH2\" (AUDHDG) H2 INC","LU2063271972.USD":"富兰克林创新领域基金","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","BK4099":"汽车制造商","BK4511":"特斯拉概念","LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) INC","BK4548":"巴美列捷福持仓","SG9999015986.USD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","LU0823414478.USD":"法巴经典能源转换基金","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","LU0097036916.USD":"贝莱德美国增长A2 USD","SG9999015978.USD":"利安颠覆性创新基金A","LU0466842654.USD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"A\" (USD) ACC","LU2087621335.USD":"ALLSPRING GLOBAL FACTOR ENHANCED EQUITY \"A\" (USD) ACC","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","LU2023250330.USD":"ALLIANZ INCOME AND GROWTH \"AMG\" (USD) INC","LU2326559502.SGD":"Natixis Loomis Sayles US Growth Equity P/A SGD-H","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU1861215975.USD":"贝莱德新一代科技基金 A2","BK4592":"伊斯兰概念","TSLA":"特斯拉","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","BK4585":"ETF&股票定投概念"},"source_url":"https://seekingalpha.com/article/4729442-tesla-stock-faces-major-risks-in-future-reiterate-sell","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2478675257","content_text":"Tesla faces growing risks due to Elon Musk's political alignment, impacting its primary markets and consumer perception negatively.Political associations influence EV ownership, with Democrats favoring EVs more than Republicans, potentially affecting the Company's market.Increased competition and declining consumer interest have reduced TSLA's market share and consideration score, threatening revenue.Class action lawsuits over Tesla's FSD promises add financial risks, highlighting the company's overvaluation and potential revenue losses.wellesenterprises Tesla (NASDAQ:TSLA) is one of the largest EV companies in the world, with a market capitalization of more than $700 billion. We recently discussed how the company's fair value is less than a third of its market capitalization. However, as we'll see throughout this article, the company faces risks from a number of avenues including slowing growth, weak FSD, and the association with its founder, Elon Musk, who's vocally aligned himself with the Republican Party. That could have a substantial impact on the company's future growth. Tesla Earnings Tesla saw its share price go up after hours, by double-digits, after announcing respectably strong earnings in a market expecting doom. Tesla Investor Presentation The company also predicted 20% vehicle growth next year; however, we'd like to highlight that this is from the company seeing ~6% YoY growth, and predicted 50% annualized growth last year. We'll believe it when we see it, but we're not optimistic. The company's total revenues increased only 8% YoY supported by services and energy generation and storage. Tesla has continued to hype up autonomy, but as we discussed here, the company is well behind. The company's profit went up, and we will concede that FCF for the company was strong, not surprising given margins in energy generation and storage. However YoY the company's growth in cash and cash equivalents was ~$7.5 billion, not enough to justify its valuation. Given the slowdown in automotive revenues which indicates a shift towards lower margin vehicles, the company's after-hours strength represents a better selling opportunity to us. EVs versus Political Association Given the different stances the parties have taken on climate change, there's a strong political association to EV ownership. EV Politics Tesla itself is known for its largest market being California, where it was founded, the quintessential \"blue\" state. The above chart highlights how by major political party views on EVs vary dramatically. Among Republicans, almost 50% have a mostly unfavorable view on electric-only car brands while only 10% have a mostly favorable view. Among Democrats, the mostly favorable percentage is almost 40% while the mostly unfavorable is only 20%. EV Adoption This is also partially visible in EV ownership registrations per 100K by state. While there are some associations (i.e. blue states tend to have more concentrated / higher populations that could lend themselves well to EV ownership) it's visible that EV ownership varies partially by party association of the step. For example, Colorado has 1.4% EV adoption, while Wyoming next door has <0.2%. Wisconsin has 0.4% while Iowa has 0.25%. This variance helps reaffirm what we stated above, through polls, which is that Democrats are dramatically more likely to own an electric vehicle than Republicans. Elon Musk versus Target Buyers In our view, that association presents a substantial risk given that Elon Musk has aligned himself with the Republican Party's candidate, Donald Trump. Political Alignment The impact of this alignment can be clearly seen in polls asking people of their opinion on Elon Musk. Democrats have an approval rating of 6% which has plummeted from more than 20% while at the same time approval about Republicans has more than doubled from 30% a few years ago to more than 60%. Now you might say you don't care about political opinions on the CEOs of the companies you shop at. That's valid. However, we'd argue that Elon Musk as a persona is much more associated with Tesla, with 83% of Americans doing so. That means that a negative view of Elon Musk could have an impact on Tesla's primary markets. The net result of this all, regardless of how reasonable anyone thinks it is, is that there's a substantial risk to Tesla. Bloomberg Tesla Owners According to Bloomberg's 2023 Tesla Owners survey disapproval is a top reason why Tesla owners are walking away, with more than 20% saying yes. Now it's tough to quantify exact risks. However, in the same survey above, 13% of Model 3 owners were planning to leave at all, which means that ~3% of Tesla owners today are considering walking away. However, in Tesla's world, at 2 million vehicles per year, that's 60K vehicles less of Model 3 demand, which is billions of dollars of lost revenue. More importantly, this is coming at the same time as competition is increasing, and EV sales are slowing. Cox Automotive Tesla has continued to face additional competition which has pushed down its market share to below 50%. From a global market share perspective, the company is still struggling to compete for its crown, with cheap EVs in China and Europe putting substantial pressure on the company. The company competes with BYD for the crown of the top global EV maker. Overall new competition has pushed down Tesla's consideration score: Survey data reported by Reuters found that Tesla's \"consideration score\" - a metric used by Caliber to track consumer interest in brands, based on how they respond to the prompt \"I would buy, or continue buying, products and services from Tesla, if given the chance\" - has fallen to 31 percent from its 70 percent high in November 2021, tumbling by 8 percent alone this January. Caliber's consideration scores for rival EV-producing manufacturers Audi, BMW, and Mercedes, meanwhile, increased slightly during the same period, reaching between 44-47 percent. In Europe, one of the largest retail chains, Rossmann, has halted plans to purchase EVs as a result of Donald Trump directly. This is a quantifiable risk that could cost the company billions at a time when sales are already flat lining. Tesla FSD Hardware Class Action At the same time, after Tesla's lackluster self-driving event, we expect class actions over the company's FSD to ramp up. That's been a major source of the company's profits recently, and the company is already facing some class action lawsuits. It's well known that Tesla FSD has been promised as being around the corner for almost a decade now. Tesla owners with the \"HW3\" package spent more than $10K on this package with the promise of full-self driving. Tesla has continued to make this promise despite releasing \"HW4\" and not offering an upgrade to \"HW3\" owners, saying it would be too expensive. Bloomberg Disengagement Tesla's miles to disengagement has barely doubled over the last several years. For perspective, Waymo is at roughly 100x that, and conventional wisdom is that there's much further to go. Think about how often your car would need to go before \"failure\" for you to buy a FSD car with no steering wheel or controls. Tesla is far, far away. Tesla appears to understand the risk with HW3, saying \"let's not get nuanced\" at the event asking the company to confirm, while updating the language on its website. Recent FSD releases indicate that Tesla is hitting the limits of what's possible with HW3, with recent releases coming out on HW4 first instead of HW3. More importantly, HW3 releases now use both computers, which makes it impossible to achieve Level 5 FSD given a requirement for redundant computers. Thesis Risk The largest risk to our thesis is that the company's newfound allegiances might change some of the statistics above and make a new group of people more open to EVs. That could help replace lost customers and support Tesla's sales and returns. Conclusion Tesla, as we discussed in our prior article, is already trading well above fair value. Now, with recent developments around the election along with the company's FSD event, we see risks increasing. That could potentially cost the company billions in revenue as it's struggling. This adds on to the company's liability with FSD, as the company has made promises that it's now seeing class action lawsuits with. These sales were a massive source of profits for the company and margins, so having to refund them could be massively expensive.  As a result, this helps to highlight how overvalued Tesla is and why it's a poor investment at this time. Let us know your thoughts in the comments below.","news_type":1},"isVote":1,"tweetType":1,"viewCount":521,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3582683567420632","authorId":"3582683567420632","name":"Manz","avatar":"https://community-static.tradeup.com/news/028b318b3937081b46413a5ddeba2efb","crmLevel":7,"crmLevelSwitch":1,"idStr":"3582683567420632","authorIdStr":"3582683567420632"},"content":"market makers aka market manipulators. avoid short term noise and follow fundamentals","text":"market makers aka market manipulators. avoid short term noise and follow fundamentals","html":"market makers aka market manipulators. avoid short term noise and follow fundamentals"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":371692157960480,"gmtCreate":1731754275036,"gmtModify":1731755797612,"author":{"id":"4151941377592162","authorId":"4151941377592162","name":"zelia","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4151941377592162","authorIdStr":"4151941377592162"},"themes":[],"htmlText":"Pls try harder, u F loser","listText":"Pls try harder, u F loser","text":"Pls try harder, u F loser","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/371692157960480","repostId":"2483945685","repostType":2,"repost":{"id":"2483945685","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1731804456,"share":"https://ttm.financial/m/news/2483945685?lang=&edition=fundamental","pubTime":"2024-11-17 08:47","market":"hk","language":"en","title":"The Withering Dream of a Cheap American Electric Car","url":"https://stock-news.laohu8.com/highlight/detail?id=2483945685","media":"Dow Jones","summary":"The dream of a $25,000 electric vehicle for U.S. drivers is in trouble.Elon Musk has abandoned it. President-elect Donald Trump is unlikely to help. And the current economics of the U.S. auto industry don't support it.The key problem: America doesn't really sell cheap new cars anymore.Why would any automaker offer an EV -- with all of that costly technology -- at a price point that's half of what the average new vehicle goes for these days?Lucid which has begun taking orders for its coming $90,000 version of the new electric SUV called the Gravity, aims to bring out a more affordable midsize vehicle to compete against the Tesla Model Y in late 2026. That vehicle is said to cost less than $50,000, but a cheap EV is something Rawlinson said he would only support by licensing his technology to another company.A slowdown in the rate of EV sales growth has complicated the picture. So has the growing anticipation that the new Trump administration will eliminate federal tax credits that have ","content":"<html><head></head><body><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/f84d4eadce68c2473c982dcb5199c769\" alt=\"Lucid under Peter Rawlinson has begun taking orders for its coming $90,000 version of a new electric SUV. Photo: Helynn Ospina for WSJ\" title=\"Lucid under Peter Rawlinson has begun taking orders for its coming $90,000 version of a new electric SUV. Photo: Helynn Ospina for WSJ\" tg-width=\"700\" tg-height=\"875\"/><span>Lucid under Peter Rawlinson has begun taking orders for its coming $90,000 version of a new electric SUV. Photo: Helynn Ospina for WSJ</span></p><p>By Tim Higgins</p><p>The dream of a $25,000 electric vehicle for U.S. drivers is in trouble.</p><p>Elon Musk has abandoned it. President-elect Donald Trump is unlikely to help. And the current economics of the U.S. auto industry don&#39;t support it.</p><p>The key problem: America doesn&#39;t really sell cheap new cars anymore.</p><p>Why would any automaker offer an EV -- with all of that costly technology -- at a price point that&#39;s half of what the average new vehicle goes for these days?</p><p>&#34;I think having a regular $25,000 model is pointless,&#34; Musk said a few weeks ago. &#34;It would be silly.&#34;</p><p>Yes, the chief executive says Tesla is still working on a $25,000 robotaxi to arrive in 2026. But for those who don&#39;t think his driverless cars are actually going to happen by then or for Luddites who just want to buy a new $25,000 EV with a steering wheel and pedals -- no luck.</p><p>Musk isn&#39;t alone in taking a sour view of making a cheap EV for the U.S.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/e5d55a098786e56c1db04690d64f2db9\" alt=\"A Cybercab robotaxi prototype at a Tesla store in San Jose, Calif., this month. Photo: David Paul Morris/Bloomberg\" title=\"A Cybercab robotaxi prototype at a Tesla store in San Jose, Calif., this month. Photo: David Paul Morris/Bloomberg\" tg-width=\"700\" tg-height=\"466\"/><span>A Cybercab robotaxi prototype at a Tesla store in San Jose, Calif., this month. Photo: David Paul Morris/Bloomberg</span></p><p>&#34;That market sucks,&#34; Peter Rawlinson, chief executive of Lucid Motors, told me and my colleague Christopher Mims for our new podcast, called &#34;Bold Names.&#34;</p><p>Lucid which has begun taking orders for its coming $90,000 version of the new electric SUV called the Gravity, aims to bring out a more affordable midsize vehicle to compete against the Tesla Model Y in late 2026. That vehicle is said to cost less than $50,000, but a cheap EV is something Rawlinson said he would only support by licensing his technology to another company.</p><p>&#34;That market is notorious because you get into mass manufacture -- terrible, low margins,&#34; he said of the low-price EVs. &#34;To install the manufacturing base for millions of these units makes little sense to me.&#34;</p><p>Abandoning the idea of a $25,000 car comes as a blow to those who were betting that the electrification of the automobile was on track to happen seemingly overnight -- with EVs for every pocketbook replacing the tens of millions of vehicles on the roadways.</p><p>Instead, we&#39;ve swung back to a belief that the transition, at least in the U.S., is going to be slower.</p><p>Musk upended the car industry almost two years ago with his incredible claims about Tesla&#39;s ability to slash costs as it sought to develop a lower-priced EV while at the same time starting a price war by cutting the prices of the Model 3 sedan and Model Y sport-utility vehicle.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/d1c19151eaf12aa963979a613d6d3511\" alt=\"Rawlinson presenting the Lucid Gravity at the Los Angeles Auto Show in November 2023. Photo: Robyn Beck/AFP/Getty Images\" title=\"Rawlinson presenting the Lucid Gravity at the Los Angeles Auto Show in November 2023. Photo: Robyn Beck/AFP/Getty Images\" tg-width=\"700\" tg-height=\"466\"/><span>Rawlinson presenting the Lucid Gravity at the Los Angeles Auto Show in November 2023. Photo: Robyn Beck/AFP/Getty Images</span></p><p>Rivals, lest they be left behind Tesla and its now-discarded claims, have aimed for cheap EVs of their own. But their broader efforts to electrify have been running into trouble. Ford Motor, for example, last month said it was pausing production of its electric F-150 Lightning, which starts at around $63,000, in the midst of slumping demand.</p><p>A slowdown in the rate of EV sales growth has complicated the picture. So has the growing anticipation that the new Trump administration will eliminate federal tax credits that have made EVs more affordable for buyers. The cheapest car Tesla currently sells in the U.S. starts at around $43,000 -- or $35,500 with a federal tax credit of $7,500.</p><p>Building and selling a cheap car for the U.S. -- EV or not -- was already difficult.</p><p>To start, profits can be thin. And that&#39;s before adding expensive batteries to the equation, before inflation jacked prices up for everything, and before Chinese rivals got really, really good at making really, really inexpensive EVs of their own.</p><p>A lot of attention has focused on the fact that new cars, like everything these days, just cost way more than they used to.</p><p>The average transaction price for a new vehicle sold in the U.S. last month was $48,623, according to Kelley Blue Book, roughly $10,000 higher than in 2019, before the pandemic.</p><p>A decade ago, about 40% of the new-vehicle transactions in the U.S. were less than $25,000, including incentives and discounts, according to the researcher J.D. Power. This year, that figure is 9%.</p><p>In 2020, when Musk fanned the flames of excitement for a $25,000 car that he said was in the offing, the new-vehicle market in the U.S. was a much different thing. Even then, roughly a quarter of the new-vehicle transactions were for less than $25,000.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/1cfaf5aca179b0fa933c52a7f40d82d9\" alt=\"A cheap EV is something Rawlinson says he would only support by licensing technology to another company. Photo: Helynn Ospina for WSJ\" title=\"A cheap EV is something Rawlinson says he would only support by licensing technology to another company. Photo: Helynn Ospina for WSJ\" tg-width=\"700\" tg-height=\"466\"/><span>A cheap EV is something Rawlinson says he would only support by licensing technology to another company. Photo: Helynn Ospina for WSJ</span></p><p>A year later, according to J.D. Power, it was 15%. It then fell to 6% before slightly rebounding this year as car companies offered deals to help move vehicles as higher interest rates made buying a car harder for some.</p><p>What happened? The pandemic. Prices shot up -- first in the midst of supply shortages, and then they stayed high as automakers adjusted their lineup to cut out low-profit vehicles.</p><p>&#34;As automakers were profit maximizing during the supply chain crisis era, you are going to prioritize the bigger vehicles, the more expensive vehicles with their higher margins,&#34; Tyson Jominy, vice president of data and analytics at J.D. Power, told me. &#34;Now we just don&#39;t have&#34; these cheaper models.</p><p>Today, just four models account for more than two-thirds of all vehicles with suggested retail prices of less than $25,000 in the U.S. -- Toyota&#39;s Corolla, Kia&#39;s Forte, Nissan&#39;s Sentra and Chevrolet&#39;s Trax.</p><p>It isn&#39;t as though people don&#39;t want cheap cars. Now, many are just left buying used cars.</p><p>What has Western automotive executives&#39; stomachs churning is that they might have inadvertently left a huge opening for Chinese rivals who have shown an ability to build inexpensive EVs that consumers outside the U.S. are gobbling up.</p><p>While Trump has promised even heftier tariffs to effectively keep Chinese imports out, the president-elect has suggested he might be open to Chinese automakers&#39; setting up factories in the U.S. -- though such a move would mean their labor costs would surely increase compared with what they&#39;re accustomed to back home.</p><p>Even for Musk, though, the world seems to be shifting quickly. He has said Tesla sales could rise as much as 30% next year by offering cheaper versions of existing models.</p><p>&#34;The amount of work required to make a lower-cost car is insanely high,&#34; Musk told analysts in October. &#34;It is harder to get like 20% of the cost out of a car than it is to design the car and build the entire factory in the first place -- it&#39;s like excruciating.&#34;</p><p>He added: &#34;There&#39;s not a lot of movies made about the heroes who got 20% of the cost out of a car, but let me tell you, there should be.&#34;</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Withering Dream of a Cheap American Electric Car</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Withering Dream of a Cheap American Electric Car\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2024-11-17 08:47</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/f84d4eadce68c2473c982dcb5199c769\" alt=\"Lucid under Peter Rawlinson has begun taking orders for its coming $90,000 version of a new electric SUV. Photo: Helynn Ospina for WSJ\" title=\"Lucid under Peter Rawlinson has begun taking orders for its coming $90,000 version of a new electric SUV. Photo: Helynn Ospina for WSJ\" tg-width=\"700\" tg-height=\"875\"/><span>Lucid under Peter Rawlinson has begun taking orders for its coming $90,000 version of a new electric SUV. Photo: Helynn Ospina for WSJ</span></p><p>By Tim Higgins</p><p>The dream of a $25,000 electric vehicle for U.S. drivers is in trouble.</p><p>Elon Musk has abandoned it. President-elect Donald Trump is unlikely to help. And the current economics of the U.S. auto industry don&#39;t support it.</p><p>The key problem: America doesn&#39;t really sell cheap new cars anymore.</p><p>Why would any automaker offer an EV -- with all of that costly technology -- at a price point that&#39;s half of what the average new vehicle goes for these days?</p><p>&#34;I think having a regular $25,000 model is pointless,&#34; Musk said a few weeks ago. &#34;It would be silly.&#34;</p><p>Yes, the chief executive says Tesla is still working on a $25,000 robotaxi to arrive in 2026. But for those who don&#39;t think his driverless cars are actually going to happen by then or for Luddites who just want to buy a new $25,000 EV with a steering wheel and pedals -- no luck.</p><p>Musk isn&#39;t alone in taking a sour view of making a cheap EV for the U.S.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/e5d55a098786e56c1db04690d64f2db9\" alt=\"A Cybercab robotaxi prototype at a Tesla store in San Jose, Calif., this month. Photo: David Paul Morris/Bloomberg\" title=\"A Cybercab robotaxi prototype at a Tesla store in San Jose, Calif., this month. Photo: David Paul Morris/Bloomberg\" tg-width=\"700\" tg-height=\"466\"/><span>A Cybercab robotaxi prototype at a Tesla store in San Jose, Calif., this month. Photo: David Paul Morris/Bloomberg</span></p><p>&#34;That market sucks,&#34; Peter Rawlinson, chief executive of Lucid Motors, told me and my colleague Christopher Mims for our new podcast, called &#34;Bold Names.&#34;</p><p>Lucid which has begun taking orders for its coming $90,000 version of the new electric SUV called the Gravity, aims to bring out a more affordable midsize vehicle to compete against the Tesla Model Y in late 2026. That vehicle is said to cost less than $50,000, but a cheap EV is something Rawlinson said he would only support by licensing his technology to another company.</p><p>&#34;That market is notorious because you get into mass manufacture -- terrible, low margins,&#34; he said of the low-price EVs. &#34;To install the manufacturing base for millions of these units makes little sense to me.&#34;</p><p>Abandoning the idea of a $25,000 car comes as a blow to those who were betting that the electrification of the automobile was on track to happen seemingly overnight -- with EVs for every pocketbook replacing the tens of millions of vehicles on the roadways.</p><p>Instead, we&#39;ve swung back to a belief that the transition, at least in the U.S., is going to be slower.</p><p>Musk upended the car industry almost two years ago with his incredible claims about Tesla&#39;s ability to slash costs as it sought to develop a lower-priced EV while at the same time starting a price war by cutting the prices of the Model 3 sedan and Model Y sport-utility vehicle.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/d1c19151eaf12aa963979a613d6d3511\" alt=\"Rawlinson presenting the Lucid Gravity at the Los Angeles Auto Show in November 2023. Photo: Robyn Beck/AFP/Getty Images\" title=\"Rawlinson presenting the Lucid Gravity at the Los Angeles Auto Show in November 2023. Photo: Robyn Beck/AFP/Getty Images\" tg-width=\"700\" tg-height=\"466\"/><span>Rawlinson presenting the Lucid Gravity at the Los Angeles Auto Show in November 2023. Photo: Robyn Beck/AFP/Getty Images</span></p><p>Rivals, lest they be left behind Tesla and its now-discarded claims, have aimed for cheap EVs of their own. But their broader efforts to electrify have been running into trouble. Ford Motor, for example, last month said it was pausing production of its electric F-150 Lightning, which starts at around $63,000, in the midst of slumping demand.</p><p>A slowdown in the rate of EV sales growth has complicated the picture. So has the growing anticipation that the new Trump administration will eliminate federal tax credits that have made EVs more affordable for buyers. The cheapest car Tesla currently sells in the U.S. starts at around $43,000 -- or $35,500 with a federal tax credit of $7,500.</p><p>Building and selling a cheap car for the U.S. -- EV or not -- was already difficult.</p><p>To start, profits can be thin. And that&#39;s before adding expensive batteries to the equation, before inflation jacked prices up for everything, and before Chinese rivals got really, really good at making really, really inexpensive EVs of their own.</p><p>A lot of attention has focused on the fact that new cars, like everything these days, just cost way more than they used to.</p><p>The average transaction price for a new vehicle sold in the U.S. last month was $48,623, according to Kelley Blue Book, roughly $10,000 higher than in 2019, before the pandemic.</p><p>A decade ago, about 40% of the new-vehicle transactions in the U.S. were less than $25,000, including incentives and discounts, according to the researcher J.D. Power. This year, that figure is 9%.</p><p>In 2020, when Musk fanned the flames of excitement for a $25,000 car that he said was in the offing, the new-vehicle market in the U.S. was a much different thing. Even then, roughly a quarter of the new-vehicle transactions were for less than $25,000.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/1cfaf5aca179b0fa933c52a7f40d82d9\" alt=\"A cheap EV is something Rawlinson says he would only support by licensing technology to another company. Photo: Helynn Ospina for WSJ\" title=\"A cheap EV is something Rawlinson says he would only support by licensing technology to another company. Photo: Helynn Ospina for WSJ\" tg-width=\"700\" tg-height=\"466\"/><span>A cheap EV is something Rawlinson says he would only support by licensing technology to another company. Photo: Helynn Ospina for WSJ</span></p><p>A year later, according to J.D. Power, it was 15%. It then fell to 6% before slightly rebounding this year as car companies offered deals to help move vehicles as higher interest rates made buying a car harder for some.</p><p>What happened? The pandemic. Prices shot up -- first in the midst of supply shortages, and then they stayed high as automakers adjusted their lineup to cut out low-profit vehicles.</p><p>&#34;As automakers were profit maximizing during the supply chain crisis era, you are going to prioritize the bigger vehicles, the more expensive vehicles with their higher margins,&#34; Tyson Jominy, vice president of data and analytics at J.D. Power, told me. &#34;Now we just don&#39;t have&#34; these cheaper models.</p><p>Today, just four models account for more than two-thirds of all vehicles with suggested retail prices of less than $25,000 in the U.S. -- Toyota&#39;s Corolla, Kia&#39;s Forte, Nissan&#39;s Sentra and Chevrolet&#39;s Trax.</p><p>It isn&#39;t as though people don&#39;t want cheap cars. Now, many are just left buying used cars.</p><p>What has Western automotive executives&#39; stomachs churning is that they might have inadvertently left a huge opening for Chinese rivals who have shown an ability to build inexpensive EVs that consumers outside the U.S. are gobbling up.</p><p>While Trump has promised even heftier tariffs to effectively keep Chinese imports out, the president-elect has suggested he might be open to Chinese automakers&#39; setting up factories in the U.S. -- though such a move would mean their labor costs would surely increase compared with what they&#39;re accustomed to back home.</p><p>Even for Musk, though, the world seems to be shifting quickly. He has said Tesla sales could rise as much as 30% next year by offering cheaper versions of existing models.</p><p>&#34;The amount of work required to make a lower-cost car is insanely high,&#34; Musk told analysts in October. &#34;It is harder to get like 20% of the cost out of a car than it is to design the car and build the entire factory in the first place -- it&#39;s like excruciating.&#34;</p><p>He added: &#34;There&#39;s not a lot of movies made about the heroes who got 20% of the cost out of a car, but let me tell you, there should be.&#34;</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","LU1861215975.USD":"贝莱德新一代科技基金 A2","LU1548497426.USD":"安联环球人工智能AT Acc","BK4527":"明星科技股","LU1861558580.USD":"日兴方舟颠覆性创新基金B","LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H","BK4550":"红杉资本持仓","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","BK4574":"无人驾驶","LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) INC","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","BK4551":"寇图资本持仓","LU1629891620.HKD":"ALLIANZ INCOME AND GROWTH \"AMG2\" (H2-HKD) INC","BK4117":"多元化保险","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU1429558221.USD":"Natixis Loomis Sayles US Growth Equity RA USD","SG9999015952.SGD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (SGD) ACC","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","LU1435385759.SGD":"Natixis Loomis Sayles US Growth Equity RA SGD-H","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","LU0823411888.USD":"法巴消费创新基金 Cap","BK4099":"汽车制造商","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD","LU0056508442.USD":"贝莱德世界科技基金A2","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","TSLA":"特斯拉","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","BK4107":"财产与意外伤害保险","IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) ACC","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","BK4592":"伊斯兰概念","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","LU2756315318.SGD":"ALLIANZ INCOME AND GROWTH \"AMG\" (SGDHDG) INC A","BK4585":"ETF&股票定投概念","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","BK4555":"新能源车","BK4533":"AQR资本管理(全球第二大对冲基金)","LU0466842654.USD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"A\" (USD) ACC","LU0097036916.USD":"贝莱德美国增长A2 USD","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","LU2087621335.USD":"ALLSPRING GLOBAL FACTOR ENHANCED EQUITY \"A\" (USD) ACC","LCID":"Lucid Group Inc"},"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2483945685","content_text":"Lucid under Peter Rawlinson has begun taking orders for its coming $90,000 version of a new electric SUV. Photo: Helynn Ospina for WSJBy Tim HigginsThe dream of a $25,000 electric vehicle for U.S. drivers is in trouble.Elon Musk has abandoned it. President-elect Donald Trump is unlikely to help. And the current economics of the U.S. auto industry don't support it.The key problem: America doesn't really sell cheap new cars anymore.Why would any automaker offer an EV -- with all of that costly technology -- at a price point that's half of what the average new vehicle goes for these days?\"I think having a regular $25,000 model is pointless,\" Musk said a few weeks ago. \"It would be silly.\"Yes, the chief executive says Tesla is still working on a $25,000 robotaxi to arrive in 2026. But for those who don't think his driverless cars are actually going to happen by then or for Luddites who just want to buy a new $25,000 EV with a steering wheel and pedals -- no luck.Musk isn't alone in taking a sour view of making a cheap EV for the U.S.A Cybercab robotaxi prototype at a Tesla store in San Jose, Calif., this month. Photo: David Paul Morris/Bloomberg\"That market sucks,\" Peter Rawlinson, chief executive of Lucid Motors, told me and my colleague Christopher Mims for our new podcast, called \"Bold Names.\"Lucid which has begun taking orders for its coming $90,000 version of the new electric SUV called the Gravity, aims to bring out a more affordable midsize vehicle to compete against the Tesla Model Y in late 2026. That vehicle is said to cost less than $50,000, but a cheap EV is something Rawlinson said he would only support by licensing his technology to another company.\"That market is notorious because you get into mass manufacture -- terrible, low margins,\" he said of the low-price EVs. \"To install the manufacturing base for millions of these units makes little sense to me.\"Abandoning the idea of a $25,000 car comes as a blow to those who were betting that the electrification of the automobile was on track to happen seemingly overnight -- with EVs for every pocketbook replacing the tens of millions of vehicles on the roadways.Instead, we've swung back to a belief that the transition, at least in the U.S., is going to be slower.Musk upended the car industry almost two years ago with his incredible claims about Tesla's ability to slash costs as it sought to develop a lower-priced EV while at the same time starting a price war by cutting the prices of the Model 3 sedan and Model Y sport-utility vehicle.Rawlinson presenting the Lucid Gravity at the Los Angeles Auto Show in November 2023. Photo: Robyn Beck/AFP/Getty ImagesRivals, lest they be left behind Tesla and its now-discarded claims, have aimed for cheap EVs of their own. But their broader efforts to electrify have been running into trouble. Ford Motor, for example, last month said it was pausing production of its electric F-150 Lightning, which starts at around $63,000, in the midst of slumping demand.A slowdown in the rate of EV sales growth has complicated the picture. So has the growing anticipation that the new Trump administration will eliminate federal tax credits that have made EVs more affordable for buyers. The cheapest car Tesla currently sells in the U.S. starts at around $43,000 -- or $35,500 with a federal tax credit of $7,500.Building and selling a cheap car for the U.S. -- EV or not -- was already difficult.To start, profits can be thin. And that's before adding expensive batteries to the equation, before inflation jacked prices up for everything, and before Chinese rivals got really, really good at making really, really inexpensive EVs of their own.A lot of attention has focused on the fact that new cars, like everything these days, just cost way more than they used to.The average transaction price for a new vehicle sold in the U.S. last month was $48,623, according to Kelley Blue Book, roughly $10,000 higher than in 2019, before the pandemic.A decade ago, about 40% of the new-vehicle transactions in the U.S. were less than $25,000, including incentives and discounts, according to the researcher J.D. Power. This year, that figure is 9%.In 2020, when Musk fanned the flames of excitement for a $25,000 car that he said was in the offing, the new-vehicle market in the U.S. was a much different thing. Even then, roughly a quarter of the new-vehicle transactions were for less than $25,000.A cheap EV is something Rawlinson says he would only support by licensing technology to another company. Photo: Helynn Ospina for WSJA year later, according to J.D. Power, it was 15%. It then fell to 6% before slightly rebounding this year as car companies offered deals to help move vehicles as higher interest rates made buying a car harder for some.What happened? The pandemic. Prices shot up -- first in the midst of supply shortages, and then they stayed high as automakers adjusted their lineup to cut out low-profit vehicles.\"As automakers were profit maximizing during the supply chain crisis era, you are going to prioritize the bigger vehicles, the more expensive vehicles with their higher margins,\" Tyson Jominy, vice president of data and analytics at J.D. Power, told me. \"Now we just don't have\" these cheaper models.Today, just four models account for more than two-thirds of all vehicles with suggested retail prices of less than $25,000 in the U.S. -- Toyota's Corolla, Kia's Forte, Nissan's Sentra and Chevrolet's Trax.It isn't as though people don't want cheap cars. Now, many are just left buying used cars.What has Western automotive executives' stomachs churning is that they might have inadvertently left a huge opening for Chinese rivals who have shown an ability to build inexpensive EVs that consumers outside the U.S. are gobbling up.While Trump has promised even heftier tariffs to effectively keep Chinese imports out, the president-elect has suggested he might be open to Chinese automakers' setting up factories in the U.S. -- though such a move would mean their labor costs would surely increase compared with what they're accustomed to back home.Even for Musk, though, the world seems to be shifting quickly. He has said Tesla sales could rise as much as 30% next year by offering cheaper versions of existing models.\"The amount of work required to make a lower-cost car is insanely high,\" Musk told analysts in October. \"It is harder to get like 20% of the cost out of a car than it is to design the car and build the entire factory in the first place -- it's like excruciating.\"He added: \"There's not a lot of movies made about the heroes who got 20% of the cost out of a car, but let me tell you, there should be.\"","news_type":1},"isVote":1,"tweetType":1,"viewCount":55,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":367731655581920,"gmtCreate":1730796075292,"gmtModify":1730796079221,"author":{"id":"4151941377592162","authorId":"4151941377592162","name":"zelia","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4151941377592162","authorIdStr":"4151941377592162"},"themes":[],"htmlText":"Look at the price.....been dropping for past 4 days!","listText":"Look at the price.....been dropping for past 4 days!","text":"Look at the price.....been dropping for past 4 days!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/367731655581920","repostId":"2481535034","repostType":2,"repost":{"id":"2481535034","kind":"highlight","pubTimestamp":1730794582,"share":"https://ttm.financial/m/news/2481535034?lang=&edition=fundamental","pubTime":"2024-11-05 16:16","market":"nz","language":"en","title":"Tesla Stock: Why I Remain A Buyer","url":"https://stock-news.laohu8.com/highlight/detail?id=2481535034","media":"seekingalpha","summary":"So I think most likely, we'll see a continued decline in interest rates, which helps with the affordability of vehicles. - CEO Elon Musk in the Q3 FY24 earnings call.  Tesla's total deliveries grew 6.4% YoY, outperforming the broader industry, which has seen YoY declines:   Total deliveries YoY  Over the next 6 months, the introduction of affordable Tesla models  in H1 FY25 is expected to boost automotive sales growth aga","content":"<html><head></head><body><ul style=\"\"><li><p>Tesla, Inc.&#39;s automotive sales are resilient vs. amidst a challenging backdrop in the industry. The rollout of affordable models in H1 FY25 are a key volumes catalyst.</p></li><li><p>Margin performance is at local highs but is likely to revert a bit, driven by fluctuations in the nature of energy business projects and lower average selling price pressures.</p></li><li><p>Valuations are at a premium, driven by full self-drive and Optimus expectations. I believe this is acceptable, contingent on the timelines of robotaxis and FSD rollout being intact in FY25.</p></li><li><p>The relative technicals vs. the S&amp;P 500 point bullish after a false breakout down. The ratio prices are basing and forming a support, indicating readiness to move up over the coming months ahead.</p></li><li><p>Prepaid expenses have been creeping up over the past few quarters, eroding cash flow conversion. This is something I am monitoring; a common oversight is for investors to focus on margin movements but ignore erosion in working capital intensity.</p></li></ul><h2 id=\"id_1651983485\">Performance Assessment</h2><p>I&#39;ve had a strong bullish view on <strong>Tesla, Inc.</strong> (NASDAQ:TSLA) since my last update in late September 2024. This investment is yet to yield major returns as it has lagged the S&amp;P 500 (SPY, SPX, IVV, VOO) slightly so far:</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/d3a4908be92a0fb491c8d03f061f2684\" tg-width=\"281\" tg-height=\"434\"/></p><p>Performance since Author&#39;s Last Article on Tesla (Seeking Alpha, Author&#39;s Last Article on Tesla)</p><p>I still hold Tesla in my portfolio since I remain bullish on the stock:</p><h2 id=\"id_345243706\">Thesis</h2><p>Since my last update on the stock, Tesla has had a full self-drive (“FSD”) and Optimus update on October 10, which broadly disappointed the market due to a perceived lack of specific data on monetization of the robotaxi vision. The stock fell 11% after this event. However, the Q3 FY24 earnings release was received more positively as the stock rallied up to 28% in 3 days after that.</p><ol start=\"1\" style=\"\"><li><p>Automotive deliveries and sales are resilient amid a challenging backdrop</p></li><li><p>Margin performance is likely to revert a bit</p></li><li><p>Valuations are at a premium driven by FSD and Optimus expectations</p></li><li><p>Technicals point bullish after a false breakout down</p></li><li><p>Prepaid expenses creep up are a working capital monitorable.</p></li></ol><h2 id=\"id_4066176264\">Automotive deliveries and sales are resilient amid a challenging backdrop</h2><p>I had previously anticipated rate cuts to boost demand. This seems to still be in-play:</p><blockquote><p>a helpful macro trend is, if there&#39;s a decline in the interest rates, thishas a massive effect on the automotive demand. For the vast majority of people, the demand is driven by the monthly payment. Can they afford monthly payment? So I think most likely, we&#39;ll see a continued decline in interest rates, which helps with the affordability of vehicles.</p><p>- CEO Elon Musk in the Q3 FY24 earnings call.</p></blockquote><p>Tesla&#39;s total deliveries grew 6.4% YoY, outperforming the broader industry, which has seen YoY declines:</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/3ca7dcc7925e9e3f2314cc72e84d3975\" alt=\"Tesla Stock: Why I Remain A Buyer\" title=\"Tesla Stock: Why I Remain A Buyer\" tg-width=\"557\" tg-height=\"251\"/><span>Tesla Stock: Why I Remain A Buyer</span></p><p>Over the next 6 months, the introduction of affordable Tesla models ($30,000 and below price points) in H1 FY25 is expected to boost automotive sales growth again by 20-30%:</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/a83ba6c664f253e6bcb6869cd17d014b\" alt=\"Automotive revenue YoY (Company Filings, Author&#39;s Analysis)\" title=\"Automotive revenue YoY (Company Filings, Author&#39;s Analysis)\" tg-width=\"559\" tg-height=\"246\"/><span>Automotive revenue YoY (Company Filings, Author&#39;s Analysis)</span></p><p>Hence, my assessment is that Tesla is holding well in sales performance so far, with further upside catalysts ahead in the next half-year.</p><h2 id=\"id_1162314054\">Margin performance is likely to revert a bit</h2><p>Tesla saw a meaningful +180bps jump in gross margins in the latest quarter:</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/092b7f2c450f7f13bfbabee80cdead00\" alt=\"Gross profit margin (Company Filings, Author&#39;s Analysis)\" title=\"Gross profit margin (Company Filings, Author&#39;s Analysis)\" tg-width=\"640\" tg-height=\"356\"/><span>Gross profit margin (Company Filings, Author&#39;s Analysis)</span></p><p>This is driven by gross profit margin uptick in both automotive (80.6% of gross profit mix) and energy business lines:</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/3ae1bf75299feebdee07cb6311835af2\" alt=\"Automotive vs Energy Business Gross Margins (Company Filings, Author&#39;s Analysis)\" title=\"Automotive vs Energy Business Gross Margins (Company Filings, Author&#39;s Analysis)\" tg-width=\"640\" tg-height=\"459\"/><span>Automotive vs Energy Business Gross Margins (Company Filings, Author&#39;s Analysis)</span></p><p>However, management commentary suggests that the current gross profit margin levels may revert down a bit:</p><blockquote><p>Energy margins in Q3 were a record at more than 30%. This is a function of mix of projects being deployed in the quarter. Note that <strong>there will be fluctuation in margins</strong> as we manage through deployments and our inventory.</p><p>- CFO Vaibhav Taneja in the Q3 FY24 earnings call, Author&#39;s bolded highlight.</p></blockquote><p>On the automotive side, Tesla&#39;s average vehicle sales price has been ticking down, driven primarily by financing incentives:</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/852de65bf54c11e0f166abbffa1005ac\" alt=\"Average vehicle sales price (Company Filings, Author&#39;s Analysis)\" title=\"Average vehicle sales price (Company Filings, Author&#39;s Analysis)\" tg-width=\"640\" tg-height=\"284\"/><span>Average vehicle sales price (Company Filings, Author&#39;s Analysis)</span></p><p>This is one of the factors expected to weigh down on margins in Q4 FY24. Thus, I anticipate the gross profit margin profile in Q4 and beyond to revert toward the 19.0% levels. I am still baking in some improvement as the company has been making structural progress on lowering the cost per vehicle.</p><h2 id=\"id_2514648645\">Valuations are at a premium driven by FSD and Optimus expectations</h2><p>Tesla stock currently trades at a 1-yr fwd P/E of 80.6x, which corresponds to a 32% premium to the recent median 1-yr fwd P/E of 61.1x:</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/0123e7ae579e1f0bed7c09dae2426cc4\" alt=\"1-yr fwd PE and MCAP (Capital IQ, Author&#39;s Analysis)\" title=\"1-yr fwd PE and MCAP (Capital IQ, Author&#39;s Analysis)\" tg-width=\"640\" tg-height=\"466\"/><span>1-yr fwd PE and MCAP (Capital IQ, Author&#39;s Analysis)</span></p><p>I posit that bullish expectations on FSD and Optimus growth vectors are the key determinants of the premium valuation. On FSD, the bullishness seems to be driven by expectations of full autonomy for the existing vehicle fleet in 2025:</p><blockquote><p>There&#39;s no need to wait for a robotaxi or a Cybercab to experience full autonomy. We expect to achieve that next year with our existing vehicle line.</p><p>- CEO Elon Musk in the Q3 FY24 earnings call.</p></blockquote><p>On the Optimus humanoid, Musk noted a massive improvement in movement dexterity and expressed confidence in scalability to high-volume production.</p><p>Now, I think it is prudent for any investor to downgrade the timelines of the Tesla CEO&#39;s comments, as Musk has a notorious reputation of pushing timelines. Still, I believe a modest relative valuation premium is acceptable at this stage. A key monitorable for it remaining so it would be approvals for the roll-out of ride-hailing services in Texas and California next year.</p><h2 id=\"id_2016154448\">Technicals point bullish after a false breakout down</h2><p><em>If this is your first time reading a Hunting Alpha article using Technical Analysis, you may want to read this post, which explains how and why I read the charts the way I do. All my charts reflect total shareholder return as they are adjusted for dividends/distributions.</em></p><h3 id=\"id_1263218508\">Relative Read of TSLA vs. SPX500</h3><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/ff230a557a1a67d0c7c9d011a6741d8c\" alt=\"TSLA vs SPX500 Technical Analysis (TradingView, Author&#39;s Analysis)\" title=\"TSLA vs SPX500 Technical Analysis (TradingView, Author&#39;s Analysis)\" tg-width=\"640\" tg-height=\"391\"/><span>TSLA vs SPX500 Technical Analysis (TradingView, Author&#39;s Analysis)</span></p><p>TSLA stock relative to the S&amp;P500 has posted a false breakout below a strong up-thrust. The ratio prices have stabilized, basing and forming a new support level. I anticipate further expansion toward the upside over the coming months.</p><h2 id=\"id_4033175429\">Prepaid expenses creep up is a working capital monitorable</h2><p>One thing that has caught my eye is a steady creep up in prepaid expenses and other current assets as a % of revenue:</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/993bae6a89a2ba6e6009505fdb6510ab\" alt=\"Prepaid expenses and other current assets as % of revenue (Company Filings, Author&#39;s Analysis)\" title=\"Prepaid expenses and other current assets as % of revenue (Company Filings, Author&#39;s Analysis)\" tg-width=\"556\" tg-height=\"246\"/><span>Prepaid expenses and other current assets as % of revenue (Company Filings, Author&#39;s Analysis)</span></p><p>From prior levels, this is leading to a 200bps detraction in the cash flow conversion profile of the company. I could not find a specific explanation for these movements. However, it is something I am monitoring for further erosion. I believe a common investing oversight is to focus on margin erosion but miss cash flow conversion erosion effects.</p><h2 id=\"id_3199848458\">Takeaway &amp; Positioning</h2><p>Tesla&#39;s automotive sales performance seems to be holding up well relative to the broader industry. My earlier thesis about demand drivers from increased affordability remains intact. Furthermore, the introduction of affordable models in H1 FY25 is a key volume catalyst.</p><p>Margins performance has hit a local high in Q3 FY24. However, this is likely to revert down a bit, driven by fluctuations in the energy business and low average selling price headwinds in the automotive business.</p><p>Valuations are at a 32% premium to 1-yr fwd PE levels. I believe this is acceptable so long as the FY25 timelines of robotaxis and ride-hailing services roll-out in Texas and California remain intact.</p><p>Technically, vs. the S&amp;P 500, TSLA is basing after a false breakout to the downside. I anticipate it to outperform the broader market over the coming months.</p><h3 id=\"id_438101673\">How to interpret Hunting Alpha&#39;s ratings:</h3><p>Strong Buy: Expect the company to outperform the S&amp;P 500 on a total shareholder return basis, with higher than usual confidence. I also have a net long position in the security in my personal portfolio.</p><p>Buy: Expect the company to outperform the S&amp;P 500 on a total shareholder return basis</p><p>Neutral/hold: Expect the company to perform in-line with the S&amp;P 500 on a total shareholder return basis</p><p>Sell: Expect the company to underperform the S&amp;P 500 on a total shareholder return basis</p><p>Strong Sell: Expect the company to underperform the S&amp;P 500 on a total shareholder return basis, with higher than usual confidence</p><p>The typical time-horizon for my views is multiple quarters to more than a year. It is not set in stone. However, I will share updates on my changes in stance in a pinned comment to this article and may also publish a new article discussing the reasons for the change in view.</p></body></html>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla Stock: Why I Remain A Buyer</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla Stock: Why I Remain A Buyer\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-05 16:16 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4732731-tesla-stock-why-i-remain-a-buyer><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Tesla, Inc.'s automotive sales are resilient vs. amidst a challenging backdrop in the industry. The rollout of affordable models in H1 FY25 are a key volumes catalyst.Margin performance is at local ...</p>\n\n<a href=\"https://seekingalpha.com/article/4732731-tesla-stock-why-i-remain-a-buyer\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","LU1435385759.SGD":"Natixis Loomis Sayles US Growth Equity RA SGD-H","LU2213496289.HKD":"ALLIANZ INCOME AND GROWTH \"AT\" (HKD) ACC","LU0082616367.USD":"摩根大通美国科技A（dist）","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","LU0964807845.USD":"ALLIANZ INCOME & GROWTH \"A\" (USD) INC","IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) ACC","LU0823411888.USD":"法巴消费创新基金 Cap","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","BK4550":"红杉资本持仓","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","LU1839511570.USD":"WELLS FARGO GLOBAL FACTOR ENHANCED EQUITY \"I\" (USD) ACC","LU0820562030.AUD":"ALLIANZ INCOME AND GROWTH \"AMH2\" (AUDHDG) H2 INC","BK4588":"碎股","LU0234572021.USD":"高盛美国核心股票组合Acc","BK4534":"瑞士信贷持仓","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","LU2063271972.USD":"富兰克林创新领域基金","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) INC","BK4551":"寇图资本持仓","LU0823414478.USD":"法巴经典能源转换基金","LU1145028129.USD":"ALLIANZ INCOME AND GROWTH \"AQ\" (USD) INC","SG9999015952.SGD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (SGD) ACC","SG9999015986.USD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","LU0466842654.USD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"A\" (USD) ACC","LU0097036916.USD":"贝莱德美国增长A2 USD","LU2326559502.SGD":"Natixis Loomis Sayles US Growth Equity P/A SGD-H","LU2087621335.USD":"ALLSPRING GLOBAL FACTOR ENHANCED EQUITY \"A\" (USD) ACC","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","BK4585":"ETF&股票定投概念","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","BK4511":"特斯拉概念","BK4581":"高盛持仓","TSLA":"特斯拉","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","BK4548":"巴美列捷福持仓","BK4574":"无人驾驶","LU1548497426.USD":"安联环球人工智能AT Acc","LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H","LU2602419157.SGD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"AC\" (SGD) ACC","LU2756315318.SGD":"ALLIANZ INCOME AND GROWTH \"AMG\" (SGDHDG) INC A","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","BK4592":"伊斯兰概念","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU1429558221.USD":"Natixis Loomis Sayles US Growth Equity RA USD"},"source_url":"https://seekingalpha.com/article/4732731-tesla-stock-why-i-remain-a-buyer","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2481535034","content_text":"Tesla, Inc.'s automotive sales are resilient vs. amidst a challenging backdrop in the industry. The rollout of affordable models in H1 FY25 are a key volumes catalyst.Margin performance is at local highs but is likely to revert a bit, driven by fluctuations in the nature of energy business projects and lower average selling price pressures.Valuations are at a premium, driven by full self-drive and Optimus expectations. I believe this is acceptable, contingent on the timelines of robotaxis and FSD rollout being intact in FY25.The relative technicals vs. the S&P 500 point bullish after a false breakout down. The ratio prices are basing and forming a support, indicating readiness to move up over the coming months ahead.Prepaid expenses have been creeping up over the past few quarters, eroding cash flow conversion. This is something I am monitoring; a common oversight is for investors to focus on margin movements but ignore erosion in working capital intensity.Performance AssessmentI've had a strong bullish view on Tesla, Inc. (NASDAQ:TSLA) since my last update in late September 2024. This investment is yet to yield major returns as it has lagged the S&P 500 (SPY, SPX, IVV, VOO) slightly so far:Performance since Author's Last Article on Tesla (Seeking Alpha, Author's Last Article on Tesla)I still hold Tesla in my portfolio since I remain bullish on the stock:ThesisSince my last update on the stock, Tesla has had a full self-drive (“FSD”) and Optimus update on October 10, which broadly disappointed the market due to a perceived lack of specific data on monetization of the robotaxi vision. The stock fell 11% after this event. However, the Q3 FY24 earnings release was received more positively as the stock rallied up to 28% in 3 days after that.Automotive deliveries and sales are resilient amid a challenging backdropMargin performance is likely to revert a bitValuations are at a premium driven by FSD and Optimus expectationsTechnicals point bullish after a false breakout downPrepaid expenses creep up are a working capital monitorable.Automotive deliveries and sales are resilient amid a challenging backdropI had previously anticipated rate cuts to boost demand. This seems to still be in-play:a helpful macro trend is, if there's a decline in the interest rates, thishas a massive effect on the automotive demand. For the vast majority of people, the demand is driven by the monthly payment. Can they afford monthly payment? So I think most likely, we'll see a continued decline in interest rates, which helps with the affordability of vehicles.- CEO Elon Musk in the Q3 FY24 earnings call.Tesla's total deliveries grew 6.4% YoY, outperforming the broader industry, which has seen YoY declines:Tesla Stock: Why I Remain A BuyerOver the next 6 months, the introduction of affordable Tesla models ($30,000 and below price points) in H1 FY25 is expected to boost automotive sales growth again by 20-30%:Automotive revenue YoY (Company Filings, Author's Analysis)Hence, my assessment is that Tesla is holding well in sales performance so far, with further upside catalysts ahead in the next half-year.Margin performance is likely to revert a bitTesla saw a meaningful +180bps jump in gross margins in the latest quarter:Gross profit margin (Company Filings, Author's Analysis)This is driven by gross profit margin uptick in both automotive (80.6% of gross profit mix) and energy business lines:Automotive vs Energy Business Gross Margins (Company Filings, Author's Analysis)However, management commentary suggests that the current gross profit margin levels may revert down a bit:Energy margins in Q3 were a record at more than 30%. This is a function of mix of projects being deployed in the quarter. Note that there will be fluctuation in margins as we manage through deployments and our inventory.- CFO Vaibhav Taneja in the Q3 FY24 earnings call, Author's bolded highlight.On the automotive side, Tesla's average vehicle sales price has been ticking down, driven primarily by financing incentives:Average vehicle sales price (Company Filings, Author's Analysis)This is one of the factors expected to weigh down on margins in Q4 FY24. Thus, I anticipate the gross profit margin profile in Q4 and beyond to revert toward the 19.0% levels. I am still baking in some improvement as the company has been making structural progress on lowering the cost per vehicle.Valuations are at a premium driven by FSD and Optimus expectationsTesla stock currently trades at a 1-yr fwd P/E of 80.6x, which corresponds to a 32% premium to the recent median 1-yr fwd P/E of 61.1x:1-yr fwd PE and MCAP (Capital IQ, Author's Analysis)I posit that bullish expectations on FSD and Optimus growth vectors are the key determinants of the premium valuation. On FSD, the bullishness seems to be driven by expectations of full autonomy for the existing vehicle fleet in 2025:There's no need to wait for a robotaxi or a Cybercab to experience full autonomy. We expect to achieve that next year with our existing vehicle line.- CEO Elon Musk in the Q3 FY24 earnings call.On the Optimus humanoid, Musk noted a massive improvement in movement dexterity and expressed confidence in scalability to high-volume production.Now, I think it is prudent for any investor to downgrade the timelines of the Tesla CEO's comments, as Musk has a notorious reputation of pushing timelines. Still, I believe a modest relative valuation premium is acceptable at this stage. A key monitorable for it remaining so it would be approvals for the roll-out of ride-hailing services in Texas and California next year.Technicals point bullish after a false breakout downIf this is your first time reading a Hunting Alpha article using Technical Analysis, you may want to read this post, which explains how and why I read the charts the way I do. All my charts reflect total shareholder return as they are adjusted for dividends/distributions.Relative Read of TSLA vs. SPX500TSLA vs SPX500 Technical Analysis (TradingView, Author's Analysis)TSLA stock relative to the S&P500 has posted a false breakout below a strong up-thrust. The ratio prices have stabilized, basing and forming a new support level. I anticipate further expansion toward the upside over the coming months.Prepaid expenses creep up is a working capital monitorableOne thing that has caught my eye is a steady creep up in prepaid expenses and other current assets as a % of revenue:Prepaid expenses and other current assets as % of revenue (Company Filings, Author's Analysis)From prior levels, this is leading to a 200bps detraction in the cash flow conversion profile of the company. I could not find a specific explanation for these movements. However, it is something I am monitoring for further erosion. I believe a common investing oversight is to focus on margin erosion but miss cash flow conversion erosion effects.Takeaway & PositioningTesla's automotive sales performance seems to be holding up well relative to the broader industry. My earlier thesis about demand drivers from increased affordability remains intact. Furthermore, the introduction of affordable models in H1 FY25 is a key volume catalyst.Margins performance has hit a local high in Q3 FY24. However, this is likely to revert down a bit, driven by fluctuations in the energy business and low average selling price headwinds in the automotive business.Valuations are at a 32% premium to 1-yr fwd PE levels. I believe this is acceptable so long as the FY25 timelines of robotaxis and ride-hailing services roll-out in Texas and California remain intact.Technically, vs. the S&P 500, TSLA is basing after a false breakout to the downside. I anticipate it to outperform the broader market over the coming months.How to interpret Hunting Alpha's ratings:Strong Buy: Expect the company to outperform the S&P 500 on a total shareholder return basis, with higher than usual confidence. I also have a net long position in the security in my personal portfolio.Buy: Expect the company to outperform the S&P 500 on a total shareholder return basisNeutral/hold: Expect the company to perform in-line with the S&P 500 on a total shareholder return basisSell: Expect the company to underperform the S&P 500 on a total shareholder return basisStrong Sell: Expect the company to underperform the S&P 500 on a total shareholder return basis, with higher than usual confidenceThe typical time-horizon for my views is multiple quarters to more than a year. It is not set in stone. However, I will share updates on my changes in stance in a pinned comment to this article and may also publish a new article discussing the reasons for the change in view.","news_type":1},"isVote":1,"tweetType":1,"viewCount":27,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"4171900329979952","authorId":"4171900329979952","name":"Barcode","avatar":"https://community-static.tradeup.com/news/6688d8fb4c2a255e3b901e79755e56df","crmLevel":1,"crmLevelSwitch":0,"idStr":"4171900329979952","authorIdStr":"4171900329979952"},"content":"Your privates still dropping private? 🤣","text":"Your privates still dropping private? 🤣","html":"Your privates still dropping private? 🤣"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":363860823785728,"gmtCreate":1729843545182,"gmtModify":1729843548997,"author":{"id":"4151941377592162","authorId":"4151941377592162","name":"zelia","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4151941377592162","authorIdStr":"4151941377592162"},"themes":[],"htmlText":"Sour grapes????","listText":"Sour grapes????","text":"Sour grapes????","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/363860823785728","repostId":"1144739433","repostType":2,"repost":{"id":"1144739433","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1729864759,"share":"https://ttm.financial/m/news/1144739433?lang=&edition=fundamental","pubTime":"2024-10-25 21:59","market":"us","language":"en","title":"Tesla Shares Jump Another 3%, Extending Yesterday's 22% Gain","url":"https://stock-news.laohu8.com/highlight/detail?id=1144739433","media":"Tiger Newspress","summary":"Tesla shares turned positive in morning trading Friday, reversing initial losses.Tesla shares closed up nearly 22% on Thursday - their biggest single-day gain in over a decade - as CEO Elon Musk's bol","content":"<html><head></head><body><p>Tesla shares jumped another 3% in morning trading, extending yesterday&#39;s 22% gain.</p><p class=\"t-img-caption\"><img alt=\"\" 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\" data-align=\"center\" tg-width=\"873\" tg-height=\"631\"/><span></span></p><p>Tesla shares closed up nearly 22% on Thursday - their biggest single-day gain in over a decade - as CEO Elon Musk&#39;s bold forecast of surging sales reassured investors he was still looking to grow its core business of selling electric cars.</p><p>Musk forecast next year, promising to launch an affordable vehicle in the first half of 2025, and said efforts to slash production costs boosted margins in the third quarter.</p><p>The stock rose to a session high of $262.2 with volumes of roughly 200 million shares. It was the biggest gain since May 2013, and erased recent losses on concerns that Musk was distracted by new projects like the recently unveiled robotaxi.</p><p>At close, nearly $150 billion was added to the company&#39;s market value.</p><p>The sharp rally might also be attributed to some short covering, he said. Short interest on Tesla stock was 2.33% at the end of September, according to LSEG data.</p><p>Musk has been pivoting Tesla into an artificial intelligence and robotics company from an EV market leader, but has yet failed to lay out a detailed business plan for his new focus. Investors sold off Tesla shares earlier this month after a robotaxi event was short on details.</p><p>Last quarter, Musk made bold company announcements about everything but cars - from driverless taxis to humanoid robots - leaving investors worried about dwindling margins already squeezed by lowered prices.</p><h2>FSD FUTURE</h2><p>&#34;He definitely seemed more passionate and invested in it this time,&#34; said Jessica Caldwell, head of insights at car research and buying website Edmunds.</p><p>&#34;I feel like so much of Tesla is tied up in the future but we need to figure out how you get there. That&#39;s what people needed to hear and they were a little bit better in providing those details than they have been in the past.&#34;</p><p>Tesla reported third-quarter margin that handily beat Wall Street expectations and said that the labor and material costs of making vehicles - known as the cost of goods sold per vehicle - dropped to its lowest-ever level, about $35,100.</p><p>It recorded $326 million in revenue for its autopilot software called Full Self Driving used in Cybertruck and other autonomous features.</p><p>&#34;FSD played a part in the margin expansion, but I think the larger driver was reduced unit production costs... Over time, FSD should drive higher long-term margin expansion,&#34; said Seth Goldstein, equity strategist at Morningstar.</p><p>FSD is the bedrock for Tesla&#39;s robotaxis.</p><p>Musk said he expects Tesla vehicles to offer paid, driverless, ride-hailing services next year, doubling down on his promise made at the robotaxi event. But that plan is likely to face significant regulatory challenges.</p><h2>HIGH P/E</h2><p>Not all investors are likely to be mollified by Tesla&#39;s reassurances on Wednesday.</p><p>Ross Gerber, CEO of Gerber Kawasaki Wealth and Investment Management and a prominent Tesla investor, said robotaxis and AI were not the fundamental businesses he wanted Musk to focus on.</p><p>&#34;The days were good when Elon slept at the factory. He was there every day, working. Not going on Trump rallies of all things he could be doing,&#34; Gerber said, referring to Musk&#39;s well-publicized support of the Republican presidential candidate.</p><p>Tesla shares are trading at 72.75 times its 12-month forward earnings estimates, compared with the 5.94 times for legacy automaker Ford Motor and 30.79 for technology giant Microsoft.</p><p>At least seven brokerages raised their price targets on the stock, with a median PT of $221, according to LSEG data.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla Shares Jump Another 3%, Extending Yesterday's 22% Gain</title>\n<style 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21:59</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Tesla shares jumped another 3% in morning trading, extending yesterday&#39;s 22% gain.</p><p class=\"t-img-caption\"><img alt=\"\" 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\" data-align=\"center\" tg-width=\"873\" tg-height=\"631\"/><span></span></p><p>Tesla shares closed up nearly 22% on Thursday - their biggest single-day gain in over a decade - as CEO Elon Musk&#39;s bold forecast of surging sales reassured investors he was still looking to grow its core business of selling electric cars.</p><p>Musk forecast next year, promising to launch an affordable vehicle in the first half of 2025, and said efforts to slash production costs boosted margins in the third quarter.</p><p>The stock rose to a session high of $262.2 with volumes of roughly 200 million shares. It was the biggest gain since May 2013, and erased recent losses on concerns that Musk was distracted by new projects like the recently unveiled robotaxi.</p><p>At close, nearly $150 billion was added to the company&#39;s market value.</p><p>The sharp rally might also be attributed to some short covering, he said. Short interest on Tesla stock was 2.33% at the end of September, according to LSEG data.</p><p>Musk has been pivoting Tesla into an artificial intelligence and robotics company from an EV market leader, but has yet failed to lay out a detailed business plan for his new focus. Investors sold off Tesla shares earlier this month after a robotaxi event was short on details.</p><p>Last quarter, Musk made bold company announcements about everything but cars - from driverless taxis to humanoid robots - leaving investors worried about dwindling margins already squeezed by lowered prices.</p><h2>FSD FUTURE</h2><p>&#34;He definitely seemed more passionate and invested in it this time,&#34; said Jessica Caldwell, head of insights at car research and buying website Edmunds.</p><p>&#34;I feel like so much of Tesla is tied up in the future but we need to figure out how you get there. That&#39;s what people needed to hear and they were a little bit better in providing those details than they have been in the past.&#34;</p><p>Tesla reported third-quarter margin that handily beat Wall Street expectations and said that the labor and material costs of making vehicles - known as the cost of goods sold per vehicle - dropped to its lowest-ever level, about $35,100.</p><p>It recorded $326 million in revenue for its autopilot software called Full Self Driving used in Cybertruck and other autonomous features.</p><p>&#34;FSD played a part in the margin expansion, but I think the larger driver was reduced unit production costs... Over time, FSD should drive higher long-term margin expansion,&#34; said Seth Goldstein, equity strategist at Morningstar.</p><p>FSD is the bedrock for Tesla&#39;s robotaxis.</p><p>Musk said he expects Tesla vehicles to offer paid, driverless, ride-hailing services next year, doubling down on his promise made at the robotaxi event. But that plan is likely to face significant regulatory challenges.</p><h2>HIGH P/E</h2><p>Not all investors are likely to be mollified by Tesla&#39;s reassurances on Wednesday.</p><p>Ross Gerber, CEO of Gerber Kawasaki Wealth and Investment Management and a prominent Tesla investor, said robotaxis and AI were not the fundamental businesses he wanted Musk to focus on.</p><p>&#34;The days were good when Elon slept at the factory. He was there every day, working. Not going on Trump rallies of all things he could be doing,&#34; Gerber said, referring to Musk&#39;s well-publicized support of the Republican presidential candidate.</p><p>Tesla shares are trading at 72.75 times its 12-month forward earnings estimates, compared with the 5.94 times for legacy automaker Ford Motor and 30.79 for technology giant Microsoft.</p><p>At least seven brokerages raised their price targets on the stock, with a median PT of $221, according to LSEG data.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1144739433","content_text":"Tesla shares jumped another 3% in morning trading, extending yesterday's 22% gain.Tesla shares closed up nearly 22% on Thursday - their biggest single-day gain in over a decade - as CEO Elon Musk's bold forecast of surging sales reassured investors he was still looking to grow its core business of selling electric cars.Musk forecast next year, promising to launch an affordable vehicle in the first half of 2025, and said efforts to slash production costs boosted margins in the third quarter.The stock rose to a session high of $262.2 with volumes of roughly 200 million shares. It was the biggest gain since May 2013, and erased recent losses on concerns that Musk was distracted by new projects like the recently unveiled robotaxi.At close, nearly $150 billion was added to the company's market value.The sharp rally might also be attributed to some short covering, he said. Short interest on Tesla stock was 2.33% at the end of September, according to LSEG data.Musk has been pivoting Tesla into an artificial intelligence and robotics company from an EV market leader, but has yet failed to lay out a detailed business plan for his new focus. Investors sold off Tesla shares earlier this month after a robotaxi event was short on details.Last quarter, Musk made bold company announcements about everything but cars - from driverless taxis to humanoid robots - leaving investors worried about dwindling margins already squeezed by lowered prices.FSD FUTURE\"He definitely seemed more passionate and invested in it this time,\" said Jessica Caldwell, head of insights at car research and buying website Edmunds.\"I feel like so much of Tesla is tied up in the future but we need to figure out how you get there. That's what people needed to hear and they were a little bit better in providing those details than they have been in the past.\"Tesla reported third-quarter margin that handily beat Wall Street expectations and said that the labor and material costs of making vehicles - known as the cost of goods sold per vehicle - dropped to its lowest-ever level, about $35,100.It recorded $326 million in revenue for its autopilot software called Full Self Driving used in Cybertruck and other autonomous features.\"FSD played a part in the margin expansion, but I think the larger driver was reduced unit production costs... Over time, FSD should drive higher long-term margin expansion,\" said Seth Goldstein, equity strategist at Morningstar.FSD is the bedrock for Tesla's robotaxis.Musk said he expects Tesla vehicles to offer paid, driverless, ride-hailing services next year, doubling down on his promise made at the robotaxi event. But that plan is likely to face significant regulatory challenges.HIGH P/ENot all investors are likely to be mollified by Tesla's reassurances on Wednesday.Ross Gerber, CEO of Gerber Kawasaki Wealth and Investment Management and a prominent Tesla investor, said robotaxis and AI were not the fundamental businesses he wanted Musk to focus on.\"The days were good when Elon slept at the factory. He was there every day, working. Not going on Trump rallies of all things he could be doing,\" Gerber said, referring to Musk's well-publicized support of the Republican presidential candidate.Tesla shares are trading at 72.75 times its 12-month forward earnings estimates, compared with the 5.94 times for legacy automaker Ford Motor and 30.79 for technology giant Microsoft.At least seven brokerages raised their price targets on the stock, with a median PT of $221, according to LSEG data.","news_type":1},"isVote":1,"tweetType":1,"viewCount":126,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":380828532007136,"gmtCreate":1733986476013,"gmtModify":1733986479734,"author":{"id":"4151941377592162","authorId":"4151941377592162","name":"zelia","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4151941377592162","authorIdStr":"4151941377592162"},"themes":[],"htmlText":"Another sour grape","listText":"Another sour grape","text":"Another sour grape","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/380828532007136","repostId":"2490824782","repostType":2,"repost":{"id":"2490824782","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1733984100,"share":"https://ttm.financial/m/news/2490824782?lang=&edition=fundamental","pubTime":"2024-12-12 14:15","market":"us","language":"en","title":"Tesla Stock Hit a Record. What History Says Comes Next","url":"https://stock-news.laohu8.com/highlight/detail?id=2490824782","media":"Dow Jones","summary":"It took 1,133 days, but Tesla shares finallyhit a new high.Coming into Thursday trading, Tesla stock was up about 69% since the Nov. 5 election after closing above $420 on Wednesday.The stock closed W","content":"<html><head></head><body><p style=\"text-align: start;\">It took 1,133 days, but Tesla shares finallyhit a new high.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/c486a0ac146a91ae6e6b631120e3f664\" alt=\"Coming into Thursday trading, Tesla stock was up about 69% since the Nov. 5 election after closing above $420 on Wednesday.\" title=\"Coming into Thursday trading, Tesla stock was up about 69% since the Nov. 5 election after closing above $420 on Wednesday.\" tg-width=\"959\" tg-height=\"636\"/><span>Coming into Thursday trading, Tesla stock was up about 69% since the Nov. 5 election after closing above $420 on Wednesday.</span></p><p style=\"text-align: start;\">The stock closed Wednesday at $424.77, eclipsing the prior split-adjusted high of $409.97 reached on Nov. 4, 2021. Shares traded as high as $424.88 on Wednesday, passing the prior intraday high of $414.50 reached on the same day.</p><p>The rally has left investors—and Wall Street—breathless. The stock is up about 69%, or $173 a share, since the Nov. 5 election, adding some $555 billion to the company’s market value. Wall Street, meanwhile, has increased target prices by an average of about $40 a share. Analysts have struggled to keep up.</p><p>Tesla’s market value now sits north of $1.3 trillion, more than $100 billion higher than the 2021 high. (Tesla’s market value eclipsed its 2021 high on Tuesday. There are about 150 million more shares outstanding today compared to then.)</p><p>All the numbers are impressive, but the next set of numbers isn’t so cheery. Tesla stock didn’t do so well the year following the 2021 high. Three months later shares were down about 28%, falling from about $410 to $291 a share. A year later Tesla stock was at $207, off almost 50%.</p><p>That isn’t encouraging, but there are other metrics to look at. Tesla shares currently trade for about 125 times estimated 2025 earnings. Tesla stock has been that expensive in the past, notably in January 2022, January 2021, and at various points in 2020.</p><p style=\"text-align: start;\">The post-January 2022 performance looks very similar to the performance after the November 2021 high. Shares were down by roughly two-thirds a year later.</p><p style=\"text-align: start;\">In 2020 and 2021, shares did just fine after reaching lofty valuation multiples. Tesla stock gained more than 740% in 2020 and added another 50% in 2021.</p><p style=\"text-align: start;\">Tesla stock traded for about 145 times current year earnings in early 2022, points out Future Fund Active ETF (FFND) co-founder and Tesla shareholderGary Black. At his adjusted earnings estimate of $3.30 for 2025 and a similar multiple, Tesla shares could approach $480. His $3.30 estimate could be low if Tesla’s planned low-price new model is a hot seller in 2025.</p><p style=\"text-align: start;\">“I’m not arguing Tesla should trade there,” adds Black. But that price-to-earnings ratio “isn’t crazy if you believe go-anywhere unsupervised [self-driving] is around the corner and only Tesla can deliver it.”</p><p style=\"text-align: start;\">Along with a new model, Tesla plans to launch a self-driving robotaxi service in late 2025.</p><p style=\"text-align: start;\">Results from the PE-related analysis are mixed. None of it means Tesla shares will rise or fall in the coming months. Every situation is different.</p><p style=\"text-align: start;\">Tesla’s 2022 stock performance was impacted by CEO Elon Musk’s purchase of then-Twitter (which is now X). Meanwhile, Tesla volumes grew rapidly in 2022 and 2023, but EV prices started to fall amid rising interest rates and more competition. Early in 2022, shortly after the record close, Wall Street expected Tesla to earn about $5 a share in 2023. It ended up earning just over $3 a share. Times were getting tougher.</p><p style=\"text-align: start;\">Earnings—and earnings expectations—always drive stock prices and are other factors for investors to consider. Today, investors expect Tesla to earn about $4.25 in 2026.</p><p style=\"text-align: start;\">The direction of that 2026 estimate will probably be the biggest factor in how the stock trades later in 2025. Tesla has its new lower-priced model and robotaxi service planned for 2025. Both things could be powerful tailwinds to estimates.</p><p style=\"text-align: start;\">If estimates rise, investors will still have to decide what to pay for Tesla’s earnings. That debate will never end.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla Stock Hit a Record. What History Says Comes Next</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla Stock Hit a Record. What History Says Comes Next\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2024-12-12 14:15</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p style=\"text-align: start;\">It took 1,133 days, but Tesla shares finallyhit a new high.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/c486a0ac146a91ae6e6b631120e3f664\" alt=\"Coming into Thursday trading, Tesla stock was up about 69% since the Nov. 5 election after closing above $420 on Wednesday.\" title=\"Coming into Thursday trading, Tesla stock was up about 69% since the Nov. 5 election after closing above $420 on Wednesday.\" tg-width=\"959\" tg-height=\"636\"/><span>Coming into Thursday trading, Tesla stock was up about 69% since the Nov. 5 election after closing above $420 on Wednesday.</span></p><p style=\"text-align: start;\">The stock closed Wednesday at $424.77, eclipsing the prior split-adjusted high of $409.97 reached on Nov. 4, 2021. Shares traded as high as $424.88 on Wednesday, passing the prior intraday high of $414.50 reached on the same day.</p><p>The rally has left investors—and Wall Street—breathless. The stock is up about 69%, or $173 a share, since the Nov. 5 election, adding some $555 billion to the company’s market value. Wall Street, meanwhile, has increased target prices by an average of about $40 a share. Analysts have struggled to keep up.</p><p>Tesla’s market value now sits north of $1.3 trillion, more than $100 billion higher than the 2021 high. (Tesla’s market value eclipsed its 2021 high on Tuesday. There are about 150 million more shares outstanding today compared to then.)</p><p>All the numbers are impressive, but the next set of numbers isn’t so cheery. Tesla stock didn’t do so well the year following the 2021 high. Three months later shares were down about 28%, falling from about $410 to $291 a share. A year later Tesla stock was at $207, off almost 50%.</p><p>That isn’t encouraging, but there are other metrics to look at. Tesla shares currently trade for about 125 times estimated 2025 earnings. Tesla stock has been that expensive in the past, notably in January 2022, January 2021, and at various points in 2020.</p><p style=\"text-align: start;\">The post-January 2022 performance looks very similar to the performance after the November 2021 high. Shares were down by roughly two-thirds a year later.</p><p style=\"text-align: start;\">In 2020 and 2021, shares did just fine after reaching lofty valuation multiples. Tesla stock gained more than 740% in 2020 and added another 50% in 2021.</p><p style=\"text-align: start;\">Tesla stock traded for about 145 times current year earnings in early 2022, points out Future Fund Active ETF (FFND) co-founder and Tesla shareholderGary Black. At his adjusted earnings estimate of $3.30 for 2025 and a similar multiple, Tesla shares could approach $480. His $3.30 estimate could be low if Tesla’s planned low-price new model is a hot seller in 2025.</p><p style=\"text-align: start;\">“I’m not arguing Tesla should trade there,” adds Black. But that price-to-earnings ratio “isn’t crazy if you believe go-anywhere unsupervised [self-driving] is around the corner and only Tesla can deliver it.”</p><p style=\"text-align: start;\">Along with a new model, Tesla plans to launch a self-driving robotaxi service in late 2025.</p><p style=\"text-align: start;\">Results from the PE-related analysis are mixed. None of it means Tesla shares will rise or fall in the coming months. Every situation is different.</p><p style=\"text-align: start;\">Tesla’s 2022 stock performance was impacted by CEO Elon Musk’s purchase of then-Twitter (which is now X). Meanwhile, Tesla volumes grew rapidly in 2022 and 2023, but EV prices started to fall amid rising interest rates and more competition. Early in 2022, shortly after the record close, Wall Street expected Tesla to earn about $5 a share in 2023. It ended up earning just over $3 a share. Times were getting tougher.</p><p style=\"text-align: start;\">Earnings—and earnings expectations—always drive stock prices and are other factors for investors to consider. Today, investors expect Tesla to earn about $4.25 in 2026.</p><p style=\"text-align: start;\">The direction of that 2026 estimate will probably be the biggest factor in how the stock trades later in 2025. Tesla has its new lower-priced model and robotaxi service planned for 2025. Both things could be powerful tailwinds to estimates.</p><p style=\"text-align: start;\">If estimates rise, investors will still have to decide what to pay for Tesla’s earnings. That debate will never end.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU1629891620.HKD":"ALLIANZ INCOME AND GROWTH \"AMG2\" (H2-HKD) INC","BK4592":"伊斯兰概念","TSYW.SI":"TESLA 3xLongSG261006","SG9999015952.SGD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (SGD) ACC","BK4534":"瑞士信贷持仓","LU1861559042.SGD":"日兴方舟颠覆性创新基金B SGD","LU1429558221.USD":"Natixis Loomis Sayles US Growth Equity RA USD","LU0823411888.USD":"法巴消费创新基金 Cap","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","TSLA":"特斯拉","LU1435385759.SGD":"Natixis Loomis Sayles US Growth Equity RA SGD-H","BK4555":"新能源车","BK4533":"AQR资本管理(全球第二大对冲基金)","LU2213496289.HKD":"ALLIANZ INCOME AND GROWTH \"AT\" (HKD) ACC","LU0082616367.USD":"摩根大通美国科技A（dist）","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","LU0056508442.USD":"贝莱德世界科技基金A2","LU0964807845.USD":"ALLIANZ INCOME & GROWTH \"A\" (USD) INC","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","LU0234572021.USD":"高盛美国核心股票组合Acc","LU0820562030.AUD":"ALLIANZ INCOME AND GROWTH \"AMH2\" (AUDHDG) H2 INC","BK4588":"碎股","BK4550":"红杉资本持仓","LU2063271972.USD":"富兰克林创新领域基金","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","LU1861558580.USD":"日兴方舟颠覆性创新基金B","BK4551":"寇图资本持仓","LU1145028129.USD":"ALLIANZ INCOME AND GROWTH \"AQ\" (USD) INC","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","SG9999015986.USD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","LU0097036916.USD":"贝莱德美国增长A2 USD","LU2023250330.USD":"ALLIANZ INCOME AND GROWTH \"AMG\" (USD) INC","LU2326559502.SGD":"Natixis Loomis Sayles US Growth Equity P/A SGD-H","LU2087621335.USD":"ALLSPRING GLOBAL FACTOR ENHANCED EQUITY \"A\" (USD) ACC","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","BK4581":"高盛持仓","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","TSLL":"Direxion Daily TSLA Bull 2X Shares","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","BK4099":"汽车制造商","BK4511":"特斯拉概念","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","BK4598":"佩洛西持仓","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","LU2756315318.SGD":"ALLIANZ INCOME AND GROWTH \"AMG\" (SGDHDG) INC A","BK4516":"特朗普概念"},"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2490824782","content_text":"It took 1,133 days, but Tesla shares finallyhit a new high.Coming into Thursday trading, Tesla stock was up about 69% since the Nov. 5 election after closing above $420 on Wednesday.The stock closed Wednesday at $424.77, eclipsing the prior split-adjusted high of $409.97 reached on Nov. 4, 2021. Shares traded as high as $424.88 on Wednesday, passing the prior intraday high of $414.50 reached on the same day.The rally has left investors—and Wall Street—breathless. The stock is up about 69%, or $173 a share, since the Nov. 5 election, adding some $555 billion to the company’s market value. Wall Street, meanwhile, has increased target prices by an average of about $40 a share. Analysts have struggled to keep up.Tesla’s market value now sits north of $1.3 trillion, more than $100 billion higher than the 2021 high. (Tesla’s market value eclipsed its 2021 high on Tuesday. There are about 150 million more shares outstanding today compared to then.)All the numbers are impressive, but the next set of numbers isn’t so cheery. Tesla stock didn’t do so well the year following the 2021 high. Three months later shares were down about 28%, falling from about $410 to $291 a share. A year later Tesla stock was at $207, off almost 50%.That isn’t encouraging, but there are other metrics to look at. Tesla shares currently trade for about 125 times estimated 2025 earnings. Tesla stock has been that expensive in the past, notably in January 2022, January 2021, and at various points in 2020.The post-January 2022 performance looks very similar to the performance after the November 2021 high. Shares were down by roughly two-thirds a year later.In 2020 and 2021, shares did just fine after reaching lofty valuation multiples. Tesla stock gained more than 740% in 2020 and added another 50% in 2021.Tesla stock traded for about 145 times current year earnings in early 2022, points out Future Fund Active ETF (FFND) co-founder and Tesla shareholderGary Black. At his adjusted earnings estimate of $3.30 for 2025 and a similar multiple, Tesla shares could approach $480. His $3.30 estimate could be low if Tesla’s planned low-price new model is a hot seller in 2025.“I’m not arguing Tesla should trade there,” adds Black. But that price-to-earnings ratio “isn’t crazy if you believe go-anywhere unsupervised [self-driving] is around the corner and only Tesla can deliver it.”Along with a new model, Tesla plans to launch a self-driving robotaxi service in late 2025.Results from the PE-related analysis are mixed. None of it means Tesla shares will rise or fall in the coming months. Every situation is different.Tesla’s 2022 stock performance was impacted by CEO Elon Musk’s purchase of then-Twitter (which is now X). Meanwhile, Tesla volumes grew rapidly in 2022 and 2023, but EV prices started to fall amid rising interest rates and more competition. Early in 2022, shortly after the record close, Wall Street expected Tesla to earn about $5 a share in 2023. It ended up earning just over $3 a share. Times were getting tougher.Earnings—and earnings expectations—always drive stock prices and are other factors for investors to consider. Today, investors expect Tesla to earn about $4.25 in 2026.The direction of that 2026 estimate will probably be the biggest factor in how the stock trades later in 2025. Tesla has its new lower-priced model and robotaxi service planned for 2025. Both things could be powerful tailwinds to estimates.If estimates rise, investors will still have to decide what to pay for Tesla’s earnings. That debate will never end.","news_type":1},"isVote":1,"tweetType":1,"viewCount":16,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":370954734887280,"gmtCreate":1731604278306,"gmtModify":1731604282180,"author":{"id":"4151941377592162","authorId":"4151941377592162","name":"zelia","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4151941377592162","authorIdStr":"4151941377592162"},"themes":[],"htmlText":"Must feel very upset cos u missed the big boat which already left the port.","listText":"Must feel very upset cos u missed the big boat which already left the port.","text":"Must feel very upset cos u missed the big boat which already left the port.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/370954734887280","repostId":"1124787577","repostType":2,"repost":{"id":"1124787577","kind":"news","pubTimestamp":1731600007,"share":"https://ttm.financial/m/news/1124787577?lang=&edition=fundamental","pubTime":"2024-11-15 00:00","market":"us","language":"en","title":"Tesla Stock Doesn't Deserve This Rally","url":"https://stock-news.laohu8.com/highlight/detail?id=1124787577","media":"seekingalpha","summary":"First off, let's address what's driving the TSLA stock's expansion in November this year. I believe that most who are buying Tesla stock these days - aside from just trend followers - are betting on the election of Donald Trump as President of the United States as a potential tailwind for Tesla, especially in light of the electric vehicle subsidies created by the Inflation Reduction Act. Additionally, a Trump administration could still levy tariffs prohibiting lower-cost Chinese EVs from enterin","content":"<html><head></head><body><h2 id=\"id_1666794739\">Summary</h2><ul style=\"\"><li><p>Despite Tesla&#39;s strong financials and growth, I maintain a &#34;Sell&#34; rating due to overvaluation driven by speculative factors like Trump&#39;s presidency and market FOMO.</p></li><li><p>Tesla&#39;s recent stock surge is attributed to potential benefits from Trump&#39;s policies, but these are uncertain and long term, not justifying the current price.</p></li><li><p>Tesla&#39;s financial health is solid, with increased revenues and cash flow, but decreasing average selling prices and high capital expenditures pose risks.</p></li><li><p>TSLA stock&#39;s current valuation exceeds even the most optimistic forecasts, making it an unattractive investment compared to other fast-growing companies.</p></li><li><p>I am Danil Sereda, chief investment officer at a family office. I analyze information that ordinary retail investors do not have access to, and lead the investing group Beyond the Wall Investing.</p></li></ul><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/97332ec96f4587d760e03c7466405358\" alt=\"Tesla office, service station, American electric car manufacturer Elon Musk, current and major repairs, alternative energy development concept, electric vehicle production, Frankfurt - May 2023\" title=\"Tesla office, service station, American electric car manufacturer Elon Musk, current and major repairs, alternative energy development concept, electric vehicle production, Frankfurt - May 2023\" tg-width=\"750\" tg-height=\"500\"/><span>Tesla office, service station, American electric car manufacturer Elon Musk, current and major repairs, alternative energy development concept, electric vehicle production, Frankfurt - May 2023</span></p><p></p><h2 id=\"id_3829677698\">Intro &amp; Thesis</h2><p>My first article about <strong>Tesla, Inc.</strong> (NASDAQ:TSLA) was published in October 2021 with a &#34;Buy&#34; rating, which I changed to &#34;Hold&#34; in October 2022 and eventually to &#34;Sell&#34; in April 2023. Since then, I have maintained my bearish rating on TSLA, which was aging well until recently - Trump&#39;s win led to a massive expansion in TSLA stock, which has been up over 60% over the past few years, according to Seeking Alpha&#39;s momentum data.</p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/22644e34544e69645941a208a4dc6f41\" alt=\"Seeking Alpha, my coverage of TSLA\" title=\"Seeking Alpha, my coverage of TSLA\" tg-width=\"640\" tg-height=\"458\"/><span>Seeking Alpha, my coverage of TSLA</span></p><p></p><p>While my bearish stance turned out to be wrong, I think the rally in Tesla stock itself is hard to explain fundamentally - it simply seems to be a reaction to a Trump-related catalyst that is unlikely to dramatically improve Tesla&#39;s business going forward. Given the valuation premium expansion and widespread FOMO I see on the market right now, I&#39;m reiterating my previous &#34;Sell&#34; rating, being a contrarian to what&#39;s going on around.</p><h2 id=\"id_1735159744\">Why Do I Think So?</h2><p>First off, let&#39;s address what&#39;s driving the TSLA stock&#39;s expansion in November this year. I believe that most who are buying Tesla stock these days - aside from just trend followers - are betting on the election of Donald Trump as President of the United States as a potential tailwind for Tesla, especially in light of the electric vehicle subsidies created by the Inflation Reduction Act. Additionally, a Trump administration could still levy tariffs prohibiting lower-cost Chinese EVs from entering the US market, which will allow Tesla to maintain market dominance. Further, Elon Musk&#39;s potential advisory role to Trump may impact federal autonomous driving laws in the United States and speed up the regulatory approval process for Tesla&#39;s self-driving technologies.</p><p>While these are all important developments for Tesla shareholders, I think the overall impact is too uncertain and too long-term to drive the stock&#39;s price up that much. I think we should look at Tesla&#39;s recent financials firsthand to really see and assess the company&#39;s medium-term prospects.</p><p>Tesla&#39;s Q3 2024 report (published in late October 2024) showed an adjusted net profit of $2.505 billion, or $0.72 per diluted share (+9% YoY), beating analyst and management expectations. The earnings beat was driven by &#34;improved vehicle deliveries, better gross margins, and efficient cost-reduction efforts&#34;, according to the management&#39;s commentary. Tesla&#39;s auto revenue grew by 2% to $20.016 billion and its Energy Generation and Storage revenue increased by 52% YoY to $2.379 billion, driven by &#34;high-demand Powerwall and Megapack products&#34;, which achieved the highest deployments and a gross margin of 30.5%.</p><p>Tesla&#39;s balance sheet remained healthy in general, as cash and cash equivalents were $33.65 billion at the close of Q3 2024. The firm&#39;s financial strength stems from its strong operating cash flows which reached $6.255 billion in Q3 - that&#39;s 89% more than last year. As a result, the FCF has gone up by about 3.2 times YoY. Though Tesla may consider share buybacks in the future, the current business environment doesn&#39;t support any buybacks until 2025-2026, I suppose.</p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/4696477d34648230d1e22e2c8554b314\" alt=\"TSLA&#39;s IR materials\" title=\"TSLA&#39;s IR materials\" tg-width=\"640\" tg-height=\"321\"/><span>TSLA&#39;s IR materials</span></p><p></p><p>On the liability side, Tesla&#39;s debt rose due to R&amp;D, AI training, and production capacity investment. However, Tesla&#39;s debt/cap ratio is still lower than the industry norm, according to Argus Research data (proprietary source, November 2024), which is a testament to its sound financial control.</p><p>Tesla delivered 462,890 vehicles during Q3, which was up 6% from the previous year driven primarily by the Model 3 and Model Y. The Shanghai facility, an integral part of Tesla&#39;s global production plans, ran at full capacity and provided substantial volumes to the firm. The plant’s bounce back from scheduled downtime in Q3 2023 speaks volumes about Tesla&#39;s reliability and performance, bullish-minded analysts at Argus Research noted.</p><p>In spite of these seemingly solid results, Tesla is plagued by issues that have hurt its financial metrics. Their average selling prices (ASP) keep decreasing due to product mix changes and increased competition within the EV space. As of note, Tesla Y is &#34;one of the quickest-depreciating cars over the past year or so: the average price of a Tesla Model 3 is now about $26,000, $8,500 less than it was a year before&#34;, according to Patrick George from Inside EVs.</p><p>This kind of ASP dynamics has challenged Tesla&#39;s automotive gross margins which, while improving over last year, remain a topic of attention for investors. Additionally, Tesla&#39;s expansion into new markets and lines of business (including Cybertruck and its upcoming low-priced EV) takes significant capital outlay, increasing the company&#39;s debt position (although it&#39;s not that scary amid Tesla&#39;s debt-to-equity of just 0.18, according to Seeking Alpha data).</p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/83e76d2c00b38b9a3998a7ef51499b80\" alt=\"Chart\" title=\"Chart\" tg-width=\"635\" tg-height=\"439\"/><span>Chart</span></p><p></p><p>Tesla&#39;s market leadership in the EV market (51% market share of the US EV market, according to Argus) is a &#34;testament to their brand and technological strength&#34;. Also, Tesla&#39;s energy businesses - Powerwall and Megapack - are expanding quickly and seem to have great long-term growth prospects. According to InsightAce Analytic, the global stationary energy storage market is estimated to reach $215.10 billion by 2031, growing at a CAGR of 22.25% during the forecast period of 2024-2031 with Tesla being one of the key market players there:</p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/e3f26a1721a19ba614598e26e409f2f2\" alt=\"InsightAce Analytic\" title=\"InsightAce Analytic\" tg-width=\"640\" tg-height=\"376\"/><span>InsightAce Analytic</span></p><p></p><p>On the other hand, Tesla is not immune to flaws and threats: This company&#39;s dependency on a handful of major markets, including the United States and China, places it at geopolitical and regulatory risk. Tesla is under strong pressure from domestic EV makers and could encounter regulatory obstacles in China, as it generates roughly a third of its consolidated sales there. In addition, Tesla’s high growth goals, including 20-30% growth in vehicle deliveries by 2025, are contingent on successful new product introductions and production capacity expansion. I think these projections are too optimistic when you see the market the company has to compete in today.</p><p>From Q4 2024 through FY2025, Tesla management set lofty expectations for both its EVs to be more accessible and its business to be autonomous. As new models roll out and production ramps up, Elon Musk expects Tesla’s vehicle deliveries to jump 20-30% by 2025. He also believes that the energy industry is likely to stay afloat with the Megapack and Powerwall markets continuing to grow.</p><p>Looking at the dynamics of analysts&#39; forecasts over the past month, we can see that the forecast EPS figures are gradually recovering from the sharp decline that has persisted since 2021. However, <em>the extent of the recovery in EPS forecasts seems too weak to me to justify the stock reaction we have seen in recent days.</em></p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/e6bdbd4bdc93e3dbc34abf3834138fd3\" alt=\"Seeking Alpha, TSLA\" title=\"Seeking Alpha, TSLA\" tg-width=\"640\" tg-height=\"330\"/><span>Seeking Alpha, TSLA</span></p><p></p><p>That is to say, sure, the recent stock rise is likely to have been warranted, but not in the way it has been. My perception is that the stock has become too distant from the present.</p><p>Despite some obvious bullish hints, Tesla&#39;s aggressive pricing - to retain market share - may continue to stress margins. Add Tesla’s heavy capital spending agenda – necessary for the company’s ambitious growth strategy - and you have a nightmare scenario that threatens even current broadly positive consensus estimates of earnings.</p><p>The presence of Tesla in China is a blessing and a curse: It&#39;s one of Tesla&#39;s key markets, but the company is now also up against regional EV makers, who are quickly taking over the market. Since Trump is now president, regulatory and geopolitical concerns also threaten Tesla’s presence in China. Whether the firm will continue to succeed in the market depends on how it is able to get past these obstacles and maintain an edge over the others. For the most part, I don’t see this risk represented clearly by market expectations today.</p><p>Additionally, as any skeptic, I&#39;m baffled as to how the company is being valued today. Not only does the stock look overbought on traditional technical measures such as the Relative Strength Index, but it&#39;s also now trading far beyond the expectations of even the most loyal bulls. Look at the Morgan Stanley CFA Adam Jonas&#39; report (proprietary source, October 2024) – he expected Tesla to be $310/share in a year. But the stock is already trading above $340, 10% higher than what one of the most bullish analysts on the market was predicting.</p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/da566d70b68ee0bc287c9b97ef3d10d0\" alt=\"Morgan Stanley (private source), October 2024, notes added\" title=\"Morgan Stanley (private source), October 2024, notes added\" tg-width=\"640\" tg-height=\"328\"/><span>Morgan Stanley (private source), October 2024, notes added</span></p><p></p><p>A lot of people would argue that EPS growth is the reason for the company’s valuation to be as strong as it is right now. But let’s face it, if you’re looking at a rapidly growing business, your best bet would be the PEG ratio, which calculates the combination of the price-to-earnings multiple and the rate of earnings growth. For Tesla in particular, this ratio doesn&#39;t even approach 1x, which is typically the benchmark for fast-growing companies. This seems to be the case at least until the end of 2027, and I suspect it may continue to be so for some time.</p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/a47258e2c54c301478e5dec891a0ef52\" alt=\"Seeking Alpha, TSLA, notes added\" title=\"Seeking Alpha, TSLA, notes added\" tg-width=\"640\" tg-height=\"346\"/><span>Seeking Alpha, TSLA, notes added</span></p><p>In other words, recent events have led to what, I believe, is an unreasonably high premium in Tesla&#39;s stock price. This premium is so significant that it seems unlikely that prudent long-term investors, following the principles of Peter Lynch or any other renowned investor in fast-growing companies, can justify holding TSLA at these levels.</p><h2 id=\"id_2580866101\">Where Can I Be Wrong?</h2><p>I might be off base in the analysis of what the market believes is an acceleration for Tesla&#39;s stock price: Perhaps I am overlooking something or an impact on Tesla&#39;s stock price that isn&#39;t yet reflected in its price, which could mean Tesla stock would swell dramatically.</p><p>Additionally, the high demand in current energy markets, which is driving multiples higher with Tesla dominating the market with its Powerwall and Megapack solutions, could drive higher multiples as the market looks forward to a higher growth rate.</p><p>When or if the Tesla stock premium eventually will drop back down to more manageable levels, I don&#39;t know for sure, I can only guess that it will at some point. If it does, it could be devastating for existing shareholders, but then again, the company may simply outgrow its current large multiples, eliminating such threats.</p><h2 id=\"id_1695721782\">The Bottom Line</h2><p>I generally agree with the bulls that Tesla&#39;s high-growth plans for Q4 2024 and FY2025, resulting from new models and growth in the energy segment, present significant opportunities for value creation. However, the business will have to judiciously control risks related to the market environment, regulatory developments, and geopolitical uncertainty to meet its long-term targets. In addition, while Trump&#39;s presidency might offer some advantages to Elon Musk&#39;s business ecosystem, it also introduces risks for Tesla in particular. Increased U.S. pressure on Chinese manufacturers could provoke retaliatory actions, and Tesla, given the critical importance of the Chinese market to its operations, could be one of the first to feel the impact. I believe these risks are being overlooked by today&#39;s Tesla buyers, who have driven the company&#39;s market cap to unprecedented heights given the fundamental setup we&#39;re looking at. Currently, Tesla is trading even higher than the most optimistic bulls predicted at the end of last month; the growth potential that very optimistic market players anticipated for the next 12 months has already been realized and even exceeded - in just a couple of weeks.</p><p>If we assess the situation without excessive optimism and try to be as objective as possible, it becomes clear that the company is overvalued, with a premium that defies reasonable logic, in my opinion. This is why I have decided to maintain my &#34;Sell&#34; rating, despite its lack of success in the recent past (as it remained relevant for many months). I believe there are many other fast-growing companies in the market that deserve investors&#39; attention, and unfortunately, Tesla isn&#39;t one of them today.</p><p><em>Thank you for reading!</em></p></body></html>","source":"seekingalpha_fund","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla Stock Doesn't Deserve This Rally</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla Stock Doesn't Deserve This Rally\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-15 00:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4736784-tesla-stock-doesnt-deserve-this-rally-reiterate-sell><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryDespite Tesla's strong financials and growth, I maintain a \"Sell\" rating due to overvaluation driven by speculative factors like Trump's presidency and market FOMO.Tesla's recent stock surge is...</p>\n\n<a href=\"https://seekingalpha.com/article/4736784-tesla-stock-doesnt-deserve-this-rally-reiterate-sell\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://seekingalpha.com/article/4736784-tesla-stock-doesnt-deserve-this-rally-reiterate-sell","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1124787577","content_text":"SummaryDespite Tesla's strong financials and growth, I maintain a \"Sell\" rating due to overvaluation driven by speculative factors like Trump's presidency and market FOMO.Tesla's recent stock surge is attributed to potential benefits from Trump's policies, but these are uncertain and long term, not justifying the current price.Tesla's financial health is solid, with increased revenues and cash flow, but decreasing average selling prices and high capital expenditures pose risks.TSLA stock's current valuation exceeds even the most optimistic forecasts, making it an unattractive investment compared to other fast-growing companies.I am Danil Sereda, chief investment officer at a family office. I analyze information that ordinary retail investors do not have access to, and lead the investing group Beyond the Wall Investing.Tesla office, service station, American electric car manufacturer Elon Musk, current and major repairs, alternative energy development concept, electric vehicle production, Frankfurt - May 2023Intro & ThesisMy first article about Tesla, Inc. (NASDAQ:TSLA) was published in October 2021 with a \"Buy\" rating, which I changed to \"Hold\" in October 2022 and eventually to \"Sell\" in April 2023. Since then, I have maintained my bearish rating on TSLA, which was aging well until recently - Trump's win led to a massive expansion in TSLA stock, which has been up over 60% over the past few years, according to Seeking Alpha's momentum data.Seeking Alpha, my coverage of TSLAWhile my bearish stance turned out to be wrong, I think the rally in Tesla stock itself is hard to explain fundamentally - it simply seems to be a reaction to a Trump-related catalyst that is unlikely to dramatically improve Tesla's business going forward. Given the valuation premium expansion and widespread FOMO I see on the market right now, I'm reiterating my previous \"Sell\" rating, being a contrarian to what's going on around.Why Do I Think So?First off, let's address what's driving the TSLA stock's expansion in November this year. I believe that most who are buying Tesla stock these days - aside from just trend followers - are betting on the election of Donald Trump as President of the United States as a potential tailwind for Tesla, especially in light of the electric vehicle subsidies created by the Inflation Reduction Act. Additionally, a Trump administration could still levy tariffs prohibiting lower-cost Chinese EVs from entering the US market, which will allow Tesla to maintain market dominance. Further, Elon Musk's potential advisory role to Trump may impact federal autonomous driving laws in the United States and speed up the regulatory approval process for Tesla's self-driving technologies.While these are all important developments for Tesla shareholders, I think the overall impact is too uncertain and too long-term to drive the stock's price up that much. I think we should look at Tesla's recent financials firsthand to really see and assess the company's medium-term prospects.Tesla's Q3 2024 report (published in late October 2024) showed an adjusted net profit of $2.505 billion, or $0.72 per diluted share (+9% YoY), beating analyst and management expectations. The earnings beat was driven by \"improved vehicle deliveries, better gross margins, and efficient cost-reduction efforts\", according to the management's commentary. Tesla's auto revenue grew by 2% to $20.016 billion and its Energy Generation and Storage revenue increased by 52% YoY to $2.379 billion, driven by \"high-demand Powerwall and Megapack products\", which achieved the highest deployments and a gross margin of 30.5%.Tesla's balance sheet remained healthy in general, as cash and cash equivalents were $33.65 billion at the close of Q3 2024. The firm's financial strength stems from its strong operating cash flows which reached $6.255 billion in Q3 - that's 89% more than last year. As a result, the FCF has gone up by about 3.2 times YoY. Though Tesla may consider share buybacks in the future, the current business environment doesn't support any buybacks until 2025-2026, I suppose.TSLA's IR materialsOn the liability side, Tesla's debt rose due to R&D, AI training, and production capacity investment. However, Tesla's debt/cap ratio is still lower than the industry norm, according to Argus Research data (proprietary source, November 2024), which is a testament to its sound financial control.Tesla delivered 462,890 vehicles during Q3, which was up 6% from the previous year driven primarily by the Model 3 and Model Y. The Shanghai facility, an integral part of Tesla's global production plans, ran at full capacity and provided substantial volumes to the firm. The plant’s bounce back from scheduled downtime in Q3 2023 speaks volumes about Tesla's reliability and performance, bullish-minded analysts at Argus Research noted.In spite of these seemingly solid results, Tesla is plagued by issues that have hurt its financial metrics. Their average selling prices (ASP) keep decreasing due to product mix changes and increased competition within the EV space. As of note, Tesla Y is \"one of the quickest-depreciating cars over the past year or so: the average price of a Tesla Model 3 is now about $26,000, $8,500 less than it was a year before\", according to Patrick George from Inside EVs.This kind of ASP dynamics has challenged Tesla's automotive gross margins which, while improving over last year, remain a topic of attention for investors. Additionally, Tesla's expansion into new markets and lines of business (including Cybertruck and its upcoming low-priced EV) takes significant capital outlay, increasing the company's debt position (although it's not that scary amid Tesla's debt-to-equity of just 0.18, according to Seeking Alpha data).ChartTesla's market leadership in the EV market (51% market share of the US EV market, according to Argus) is a \"testament to their brand and technological strength\". Also, Tesla's energy businesses - Powerwall and Megapack - are expanding quickly and seem to have great long-term growth prospects. According to InsightAce Analytic, the global stationary energy storage market is estimated to reach $215.10 billion by 2031, growing at a CAGR of 22.25% during the forecast period of 2024-2031 with Tesla being one of the key market players there:InsightAce AnalyticOn the other hand, Tesla is not immune to flaws and threats: This company's dependency on a handful of major markets, including the United States and China, places it at geopolitical and regulatory risk. Tesla is under strong pressure from domestic EV makers and could encounter regulatory obstacles in China, as it generates roughly a third of its consolidated sales there. In addition, Tesla’s high growth goals, including 20-30% growth in vehicle deliveries by 2025, are contingent on successful new product introductions and production capacity expansion. I think these projections are too optimistic when you see the market the company has to compete in today.From Q4 2024 through FY2025, Tesla management set lofty expectations for both its EVs to be more accessible and its business to be autonomous. As new models roll out and production ramps up, Elon Musk expects Tesla’s vehicle deliveries to jump 20-30% by 2025. He also believes that the energy industry is likely to stay afloat with the Megapack and Powerwall markets continuing to grow.Looking at the dynamics of analysts' forecasts over the past month, we can see that the forecast EPS figures are gradually recovering from the sharp decline that has persisted since 2021. However, the extent of the recovery in EPS forecasts seems too weak to me to justify the stock reaction we have seen in recent days.Seeking Alpha, TSLAThat is to say, sure, the recent stock rise is likely to have been warranted, but not in the way it has been. My perception is that the stock has become too distant from the present.Despite some obvious bullish hints, Tesla's aggressive pricing - to retain market share - may continue to stress margins. Add Tesla’s heavy capital spending agenda – necessary for the company’s ambitious growth strategy - and you have a nightmare scenario that threatens even current broadly positive consensus estimates of earnings.The presence of Tesla in China is a blessing and a curse: It's one of Tesla's key markets, but the company is now also up against regional EV makers, who are quickly taking over the market. Since Trump is now president, regulatory and geopolitical concerns also threaten Tesla’s presence in China. Whether the firm will continue to succeed in the market depends on how it is able to get past these obstacles and maintain an edge over the others. For the most part, I don’t see this risk represented clearly by market expectations today.Additionally, as any skeptic, I'm baffled as to how the company is being valued today. Not only does the stock look overbought on traditional technical measures such as the Relative Strength Index, but it's also now trading far beyond the expectations of even the most loyal bulls. Look at the Morgan Stanley CFA Adam Jonas' report (proprietary source, October 2024) – he expected Tesla to be $310/share in a year. But the stock is already trading above $340, 10% higher than what one of the most bullish analysts on the market was predicting.Morgan Stanley (private source), October 2024, notes addedA lot of people would argue that EPS growth is the reason for the company’s valuation to be as strong as it is right now. But let’s face it, if you’re looking at a rapidly growing business, your best bet would be the PEG ratio, which calculates the combination of the price-to-earnings multiple and the rate of earnings growth. For Tesla in particular, this ratio doesn't even approach 1x, which is typically the benchmark for fast-growing companies. This seems to be the case at least until the end of 2027, and I suspect it may continue to be so for some time.Seeking Alpha, TSLA, notes addedIn other words, recent events have led to what, I believe, is an unreasonably high premium in Tesla's stock price. This premium is so significant that it seems unlikely that prudent long-term investors, following the principles of Peter Lynch or any other renowned investor in fast-growing companies, can justify holding TSLA at these levels.Where Can I Be Wrong?I might be off base in the analysis of what the market believes is an acceleration for Tesla's stock price: Perhaps I am overlooking something or an impact on Tesla's stock price that isn't yet reflected in its price, which could mean Tesla stock would swell dramatically.Additionally, the high demand in current energy markets, which is driving multiples higher with Tesla dominating the market with its Powerwall and Megapack solutions, could drive higher multiples as the market looks forward to a higher growth rate.When or if the Tesla stock premium eventually will drop back down to more manageable levels, I don't know for sure, I can only guess that it will at some point. If it does, it could be devastating for existing shareholders, but then again, the company may simply outgrow its current large multiples, eliminating such threats.The Bottom LineI generally agree with the bulls that Tesla's high-growth plans for Q4 2024 and FY2025, resulting from new models and growth in the energy segment, present significant opportunities for value creation. However, the business will have to judiciously control risks related to the market environment, regulatory developments, and geopolitical uncertainty to meet its long-term targets. In addition, while Trump's presidency might offer some advantages to Elon Musk's business ecosystem, it also introduces risks for Tesla in particular. Increased U.S. pressure on Chinese manufacturers could provoke retaliatory actions, and Tesla, given the critical importance of the Chinese market to its operations, could be one of the first to feel the impact. I believe these risks are being overlooked by today's Tesla buyers, who have driven the company's market cap to unprecedented heights given the fundamental setup we're looking at. Currently, Tesla is trading even higher than the most optimistic bulls predicted at the end of last month; the growth potential that very optimistic market players anticipated for the next 12 months has already been realized and even exceeded - in just a couple of weeks.If we assess the situation without excessive optimism and try to be as objective as possible, it becomes clear that the company is overvalued, with a premium that defies reasonable logic, in my opinion. This is why I have decided to maintain my \"Sell\" rating, despite its lack of success in the recent past (as it remained relevant for many months). I believe there are many other fast-growing companies in the market that deserve investors' attention, and unfortunately, Tesla isn't one of them today.Thank you for reading!","news_type":1},"isVote":1,"tweetType":1,"viewCount":56,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":370954436583912,"gmtCreate":1731604209574,"gmtModify":1731604213429,"author":{"id":"4151941377592162","authorId":"4151941377592162","name":"zelia","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4151941377592162","authorIdStr":"4151941377592162"},"themes":[],"htmlText":"Try harder, please.","listText":"Try harder, please.","text":"Try harder, please.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/370954436583912","repostId":"1124787577","repostType":2,"repost":{"id":"1124787577","kind":"news","pubTimestamp":1731600007,"share":"https://ttm.financial/m/news/1124787577?lang=&edition=fundamental","pubTime":"2024-11-15 00:00","market":"us","language":"en","title":"Tesla Stock Doesn't Deserve This Rally","url":"https://stock-news.laohu8.com/highlight/detail?id=1124787577","media":"seekingalpha","summary":"First off, let's address what's driving the TSLA stock's expansion in November this year. I believe that most who are buying Tesla stock these days - aside from just trend followers - are betting on the election of Donald Trump as President of the United States as a potential tailwind for Tesla, especially in light of the electric vehicle subsidies created by the Inflation Reduction Act. Additionally, a Trump administration could still levy tariffs prohibiting lower-cost Chinese EVs from enterin","content":"<html><head></head><body><h2 id=\"id_1666794739\">Summary</h2><ul style=\"\"><li><p>Despite Tesla&#39;s strong financials and growth, I maintain a &#34;Sell&#34; rating due to overvaluation driven by speculative factors like Trump&#39;s presidency and market FOMO.</p></li><li><p>Tesla&#39;s recent stock surge is attributed to potential benefits from Trump&#39;s policies, but these are uncertain and long term, not justifying the current price.</p></li><li><p>Tesla&#39;s financial health is solid, with increased revenues and cash flow, but decreasing average selling prices and high capital expenditures pose risks.</p></li><li><p>TSLA stock&#39;s current valuation exceeds even the most optimistic forecasts, making it an unattractive investment compared to other fast-growing companies.</p></li><li><p>I am Danil Sereda, chief investment officer at a family office. I analyze information that ordinary retail investors do not have access to, and lead the investing group Beyond the Wall Investing.</p></li></ul><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/97332ec96f4587d760e03c7466405358\" alt=\"Tesla office, service station, American electric car manufacturer Elon Musk, current and major repairs, alternative energy development concept, electric vehicle production, Frankfurt - May 2023\" title=\"Tesla office, service station, American electric car manufacturer Elon Musk, current and major repairs, alternative energy development concept, electric vehicle production, Frankfurt - May 2023\" tg-width=\"750\" tg-height=\"500\"/><span>Tesla office, service station, American electric car manufacturer Elon Musk, current and major repairs, alternative energy development concept, electric vehicle production, Frankfurt - May 2023</span></p><p></p><h2 id=\"id_3829677698\">Intro &amp; Thesis</h2><p>My first article about <strong>Tesla, Inc.</strong> (NASDAQ:TSLA) was published in October 2021 with a &#34;Buy&#34; rating, which I changed to &#34;Hold&#34; in October 2022 and eventually to &#34;Sell&#34; in April 2023. Since then, I have maintained my bearish rating on TSLA, which was aging well until recently - Trump&#39;s win led to a massive expansion in TSLA stock, which has been up over 60% over the past few years, according to Seeking Alpha&#39;s momentum data.</p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/22644e34544e69645941a208a4dc6f41\" alt=\"Seeking Alpha, my coverage of TSLA\" title=\"Seeking Alpha, my coverage of TSLA\" tg-width=\"640\" tg-height=\"458\"/><span>Seeking Alpha, my coverage of TSLA</span></p><p></p><p>While my bearish stance turned out to be wrong, I think the rally in Tesla stock itself is hard to explain fundamentally - it simply seems to be a reaction to a Trump-related catalyst that is unlikely to dramatically improve Tesla&#39;s business going forward. Given the valuation premium expansion and widespread FOMO I see on the market right now, I&#39;m reiterating my previous &#34;Sell&#34; rating, being a contrarian to what&#39;s going on around.</p><h2 id=\"id_1735159744\">Why Do I Think So?</h2><p>First off, let&#39;s address what&#39;s driving the TSLA stock&#39;s expansion in November this year. I believe that most who are buying Tesla stock these days - aside from just trend followers - are betting on the election of Donald Trump as President of the United States as a potential tailwind for Tesla, especially in light of the electric vehicle subsidies created by the Inflation Reduction Act. Additionally, a Trump administration could still levy tariffs prohibiting lower-cost Chinese EVs from entering the US market, which will allow Tesla to maintain market dominance. Further, Elon Musk&#39;s potential advisory role to Trump may impact federal autonomous driving laws in the United States and speed up the regulatory approval process for Tesla&#39;s self-driving technologies.</p><p>While these are all important developments for Tesla shareholders, I think the overall impact is too uncertain and too long-term to drive the stock&#39;s price up that much. I think we should look at Tesla&#39;s recent financials firsthand to really see and assess the company&#39;s medium-term prospects.</p><p>Tesla&#39;s Q3 2024 report (published in late October 2024) showed an adjusted net profit of $2.505 billion, or $0.72 per diluted share (+9% YoY), beating analyst and management expectations. The earnings beat was driven by &#34;improved vehicle deliveries, better gross margins, and efficient cost-reduction efforts&#34;, according to the management&#39;s commentary. Tesla&#39;s auto revenue grew by 2% to $20.016 billion and its Energy Generation and Storage revenue increased by 52% YoY to $2.379 billion, driven by &#34;high-demand Powerwall and Megapack products&#34;, which achieved the highest deployments and a gross margin of 30.5%.</p><p>Tesla&#39;s balance sheet remained healthy in general, as cash and cash equivalents were $33.65 billion at the close of Q3 2024. The firm&#39;s financial strength stems from its strong operating cash flows which reached $6.255 billion in Q3 - that&#39;s 89% more than last year. As a result, the FCF has gone up by about 3.2 times YoY. Though Tesla may consider share buybacks in the future, the current business environment doesn&#39;t support any buybacks until 2025-2026, I suppose.</p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/4696477d34648230d1e22e2c8554b314\" alt=\"TSLA&#39;s IR materials\" title=\"TSLA&#39;s IR materials\" tg-width=\"640\" tg-height=\"321\"/><span>TSLA&#39;s IR materials</span></p><p></p><p>On the liability side, Tesla&#39;s debt rose due to R&amp;D, AI training, and production capacity investment. However, Tesla&#39;s debt/cap ratio is still lower than the industry norm, according to Argus Research data (proprietary source, November 2024), which is a testament to its sound financial control.</p><p>Tesla delivered 462,890 vehicles during Q3, which was up 6% from the previous year driven primarily by the Model 3 and Model Y. The Shanghai facility, an integral part of Tesla&#39;s global production plans, ran at full capacity and provided substantial volumes to the firm. The plant’s bounce back from scheduled downtime in Q3 2023 speaks volumes about Tesla&#39;s reliability and performance, bullish-minded analysts at Argus Research noted.</p><p>In spite of these seemingly solid results, Tesla is plagued by issues that have hurt its financial metrics. Their average selling prices (ASP) keep decreasing due to product mix changes and increased competition within the EV space. As of note, Tesla Y is &#34;one of the quickest-depreciating cars over the past year or so: the average price of a Tesla Model 3 is now about $26,000, $8,500 less than it was a year before&#34;, according to Patrick George from Inside EVs.</p><p>This kind of ASP dynamics has challenged Tesla&#39;s automotive gross margins which, while improving over last year, remain a topic of attention for investors. Additionally, Tesla&#39;s expansion into new markets and lines of business (including Cybertruck and its upcoming low-priced EV) takes significant capital outlay, increasing the company&#39;s debt position (although it&#39;s not that scary amid Tesla&#39;s debt-to-equity of just 0.18, according to Seeking Alpha data).</p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/83e76d2c00b38b9a3998a7ef51499b80\" alt=\"Chart\" title=\"Chart\" tg-width=\"635\" tg-height=\"439\"/><span>Chart</span></p><p></p><p>Tesla&#39;s market leadership in the EV market (51% market share of the US EV market, according to Argus) is a &#34;testament to their brand and technological strength&#34;. Also, Tesla&#39;s energy businesses - Powerwall and Megapack - are expanding quickly and seem to have great long-term growth prospects. According to InsightAce Analytic, the global stationary energy storage market is estimated to reach $215.10 billion by 2031, growing at a CAGR of 22.25% during the forecast period of 2024-2031 with Tesla being one of the key market players there:</p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/e3f26a1721a19ba614598e26e409f2f2\" alt=\"InsightAce Analytic\" title=\"InsightAce Analytic\" tg-width=\"640\" tg-height=\"376\"/><span>InsightAce Analytic</span></p><p></p><p>On the other hand, Tesla is not immune to flaws and threats: This company&#39;s dependency on a handful of major markets, including the United States and China, places it at geopolitical and regulatory risk. Tesla is under strong pressure from domestic EV makers and could encounter regulatory obstacles in China, as it generates roughly a third of its consolidated sales there. In addition, Tesla’s high growth goals, including 20-30% growth in vehicle deliveries by 2025, are contingent on successful new product introductions and production capacity expansion. I think these projections are too optimistic when you see the market the company has to compete in today.</p><p>From Q4 2024 through FY2025, Tesla management set lofty expectations for both its EVs to be more accessible and its business to be autonomous. As new models roll out and production ramps up, Elon Musk expects Tesla’s vehicle deliveries to jump 20-30% by 2025. He also believes that the energy industry is likely to stay afloat with the Megapack and Powerwall markets continuing to grow.</p><p>Looking at the dynamics of analysts&#39; forecasts over the past month, we can see that the forecast EPS figures are gradually recovering from the sharp decline that has persisted since 2021. However, <em>the extent of the recovery in EPS forecasts seems too weak to me to justify the stock reaction we have seen in recent days.</em></p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/e6bdbd4bdc93e3dbc34abf3834138fd3\" alt=\"Seeking Alpha, TSLA\" title=\"Seeking Alpha, TSLA\" tg-width=\"640\" tg-height=\"330\"/><span>Seeking Alpha, TSLA</span></p><p></p><p>That is to say, sure, the recent stock rise is likely to have been warranted, but not in the way it has been. My perception is that the stock has become too distant from the present.</p><p>Despite some obvious bullish hints, Tesla&#39;s aggressive pricing - to retain market share - may continue to stress margins. Add Tesla’s heavy capital spending agenda – necessary for the company’s ambitious growth strategy - and you have a nightmare scenario that threatens even current broadly positive consensus estimates of earnings.</p><p>The presence of Tesla in China is a blessing and a curse: It&#39;s one of Tesla&#39;s key markets, but the company is now also up against regional EV makers, who are quickly taking over the market. Since Trump is now president, regulatory and geopolitical concerns also threaten Tesla’s presence in China. Whether the firm will continue to succeed in the market depends on how it is able to get past these obstacles and maintain an edge over the others. For the most part, I don’t see this risk represented clearly by market expectations today.</p><p>Additionally, as any skeptic, I&#39;m baffled as to how the company is being valued today. Not only does the stock look overbought on traditional technical measures such as the Relative Strength Index, but it&#39;s also now trading far beyond the expectations of even the most loyal bulls. Look at the Morgan Stanley CFA Adam Jonas&#39; report (proprietary source, October 2024) – he expected Tesla to be $310/share in a year. But the stock is already trading above $340, 10% higher than what one of the most bullish analysts on the market was predicting.</p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/da566d70b68ee0bc287c9b97ef3d10d0\" alt=\"Morgan Stanley (private source), October 2024, notes added\" title=\"Morgan Stanley (private source), October 2024, notes added\" tg-width=\"640\" tg-height=\"328\"/><span>Morgan Stanley (private source), October 2024, notes added</span></p><p></p><p>A lot of people would argue that EPS growth is the reason for the company’s valuation to be as strong as it is right now. But let’s face it, if you’re looking at a rapidly growing business, your best bet would be the PEG ratio, which calculates the combination of the price-to-earnings multiple and the rate of earnings growth. For Tesla in particular, this ratio doesn&#39;t even approach 1x, which is typically the benchmark for fast-growing companies. This seems to be the case at least until the end of 2027, and I suspect it may continue to be so for some time.</p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/a47258e2c54c301478e5dec891a0ef52\" alt=\"Seeking Alpha, TSLA, notes added\" title=\"Seeking Alpha, TSLA, notes added\" tg-width=\"640\" tg-height=\"346\"/><span>Seeking Alpha, TSLA, notes added</span></p><p>In other words, recent events have led to what, I believe, is an unreasonably high premium in Tesla&#39;s stock price. This premium is so significant that it seems unlikely that prudent long-term investors, following the principles of Peter Lynch or any other renowned investor in fast-growing companies, can justify holding TSLA at these levels.</p><h2 id=\"id_2580866101\">Where Can I Be Wrong?</h2><p>I might be off base in the analysis of what the market believes is an acceleration for Tesla&#39;s stock price: Perhaps I am overlooking something or an impact on Tesla&#39;s stock price that isn&#39;t yet reflected in its price, which could mean Tesla stock would swell dramatically.</p><p>Additionally, the high demand in current energy markets, which is driving multiples higher with Tesla dominating the market with its Powerwall and Megapack solutions, could drive higher multiples as the market looks forward to a higher growth rate.</p><p>When or if the Tesla stock premium eventually will drop back down to more manageable levels, I don&#39;t know for sure, I can only guess that it will at some point. If it does, it could be devastating for existing shareholders, but then again, the company may simply outgrow its current large multiples, eliminating such threats.</p><h2 id=\"id_1695721782\">The Bottom Line</h2><p>I generally agree with the bulls that Tesla&#39;s high-growth plans for Q4 2024 and FY2025, resulting from new models and growth in the energy segment, present significant opportunities for value creation. However, the business will have to judiciously control risks related to the market environment, regulatory developments, and geopolitical uncertainty to meet its long-term targets. In addition, while Trump&#39;s presidency might offer some advantages to Elon Musk&#39;s business ecosystem, it also introduces risks for Tesla in particular. Increased U.S. pressure on Chinese manufacturers could provoke retaliatory actions, and Tesla, given the critical importance of the Chinese market to its operations, could be one of the first to feel the impact. I believe these risks are being overlooked by today&#39;s Tesla buyers, who have driven the company&#39;s market cap to unprecedented heights given the fundamental setup we&#39;re looking at. Currently, Tesla is trading even higher than the most optimistic bulls predicted at the end of last month; the growth potential that very optimistic market players anticipated for the next 12 months has already been realized and even exceeded - in just a couple of weeks.</p><p>If we assess the situation without excessive optimism and try to be as objective as possible, it becomes clear that the company is overvalued, with a premium that defies reasonable logic, in my opinion. This is why I have decided to maintain my &#34;Sell&#34; rating, despite its lack of success in the recent past (as it remained relevant for many months). I believe there are many other fast-growing companies in the market that deserve investors&#39; attention, and unfortunately, Tesla isn&#39;t one of them today.</p><p><em>Thank you for reading!</em></p></body></html>","source":"seekingalpha_fund","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla Stock Doesn't Deserve This Rally</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla Stock Doesn't Deserve This Rally\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-15 00:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4736784-tesla-stock-doesnt-deserve-this-rally-reiterate-sell><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryDespite Tesla's strong financials and growth, I maintain a \"Sell\" rating due to overvaluation driven by speculative factors like Trump's presidency and market FOMO.Tesla's recent stock surge is...</p>\n\n<a href=\"https://seekingalpha.com/article/4736784-tesla-stock-doesnt-deserve-this-rally-reiterate-sell\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://seekingalpha.com/article/4736784-tesla-stock-doesnt-deserve-this-rally-reiterate-sell","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1124787577","content_text":"SummaryDespite Tesla's strong financials and growth, I maintain a \"Sell\" rating due to overvaluation driven by speculative factors like Trump's presidency and market FOMO.Tesla's recent stock surge is attributed to potential benefits from Trump's policies, but these are uncertain and long term, not justifying the current price.Tesla's financial health is solid, with increased revenues and cash flow, but decreasing average selling prices and high capital expenditures pose risks.TSLA stock's current valuation exceeds even the most optimistic forecasts, making it an unattractive investment compared to other fast-growing companies.I am Danil Sereda, chief investment officer at a family office. I analyze information that ordinary retail investors do not have access to, and lead the investing group Beyond the Wall Investing.Tesla office, service station, American electric car manufacturer Elon Musk, current and major repairs, alternative energy development concept, electric vehicle production, Frankfurt - May 2023Intro & ThesisMy first article about Tesla, Inc. (NASDAQ:TSLA) was published in October 2021 with a \"Buy\" rating, which I changed to \"Hold\" in October 2022 and eventually to \"Sell\" in April 2023. Since then, I have maintained my bearish rating on TSLA, which was aging well until recently - Trump's win led to a massive expansion in TSLA stock, which has been up over 60% over the past few years, according to Seeking Alpha's momentum data.Seeking Alpha, my coverage of TSLAWhile my bearish stance turned out to be wrong, I think the rally in Tesla stock itself is hard to explain fundamentally - it simply seems to be a reaction to a Trump-related catalyst that is unlikely to dramatically improve Tesla's business going forward. Given the valuation premium expansion and widespread FOMO I see on the market right now, I'm reiterating my previous \"Sell\" rating, being a contrarian to what's going on around.Why Do I Think So?First off, let's address what's driving the TSLA stock's expansion in November this year. I believe that most who are buying Tesla stock these days - aside from just trend followers - are betting on the election of Donald Trump as President of the United States as a potential tailwind for Tesla, especially in light of the electric vehicle subsidies created by the Inflation Reduction Act. Additionally, a Trump administration could still levy tariffs prohibiting lower-cost Chinese EVs from entering the US market, which will allow Tesla to maintain market dominance. Further, Elon Musk's potential advisory role to Trump may impact federal autonomous driving laws in the United States and speed up the regulatory approval process for Tesla's self-driving technologies.While these are all important developments for Tesla shareholders, I think the overall impact is too uncertain and too long-term to drive the stock's price up that much. I think we should look at Tesla's recent financials firsthand to really see and assess the company's medium-term prospects.Tesla's Q3 2024 report (published in late October 2024) showed an adjusted net profit of $2.505 billion, or $0.72 per diluted share (+9% YoY), beating analyst and management expectations. The earnings beat was driven by \"improved vehicle deliveries, better gross margins, and efficient cost-reduction efforts\", according to the management's commentary. Tesla's auto revenue grew by 2% to $20.016 billion and its Energy Generation and Storage revenue increased by 52% YoY to $2.379 billion, driven by \"high-demand Powerwall and Megapack products\", which achieved the highest deployments and a gross margin of 30.5%.Tesla's balance sheet remained healthy in general, as cash and cash equivalents were $33.65 billion at the close of Q3 2024. The firm's financial strength stems from its strong operating cash flows which reached $6.255 billion in Q3 - that's 89% more than last year. As a result, the FCF has gone up by about 3.2 times YoY. Though Tesla may consider share buybacks in the future, the current business environment doesn't support any buybacks until 2025-2026, I suppose.TSLA's IR materialsOn the liability side, Tesla's debt rose due to R&D, AI training, and production capacity investment. However, Tesla's debt/cap ratio is still lower than the industry norm, according to Argus Research data (proprietary source, November 2024), which is a testament to its sound financial control.Tesla delivered 462,890 vehicles during Q3, which was up 6% from the previous year driven primarily by the Model 3 and Model Y. The Shanghai facility, an integral part of Tesla's global production plans, ran at full capacity and provided substantial volumes to the firm. The plant’s bounce back from scheduled downtime in Q3 2023 speaks volumes about Tesla's reliability and performance, bullish-minded analysts at Argus Research noted.In spite of these seemingly solid results, Tesla is plagued by issues that have hurt its financial metrics. Their average selling prices (ASP) keep decreasing due to product mix changes and increased competition within the EV space. As of note, Tesla Y is \"one of the quickest-depreciating cars over the past year or so: the average price of a Tesla Model 3 is now about $26,000, $8,500 less than it was a year before\", according to Patrick George from Inside EVs.This kind of ASP dynamics has challenged Tesla's automotive gross margins which, while improving over last year, remain a topic of attention for investors. Additionally, Tesla's expansion into new markets and lines of business (including Cybertruck and its upcoming low-priced EV) takes significant capital outlay, increasing the company's debt position (although it's not that scary amid Tesla's debt-to-equity of just 0.18, according to Seeking Alpha data).ChartTesla's market leadership in the EV market (51% market share of the US EV market, according to Argus) is a \"testament to their brand and technological strength\". Also, Tesla's energy businesses - Powerwall and Megapack - are expanding quickly and seem to have great long-term growth prospects. According to InsightAce Analytic, the global stationary energy storage market is estimated to reach $215.10 billion by 2031, growing at a CAGR of 22.25% during the forecast period of 2024-2031 with Tesla being one of the key market players there:InsightAce AnalyticOn the other hand, Tesla is not immune to flaws and threats: This company's dependency on a handful of major markets, including the United States and China, places it at geopolitical and regulatory risk. Tesla is under strong pressure from domestic EV makers and could encounter regulatory obstacles in China, as it generates roughly a third of its consolidated sales there. In addition, Tesla’s high growth goals, including 20-30% growth in vehicle deliveries by 2025, are contingent on successful new product introductions and production capacity expansion. I think these projections are too optimistic when you see the market the company has to compete in today.From Q4 2024 through FY2025, Tesla management set lofty expectations for both its EVs to be more accessible and its business to be autonomous. As new models roll out and production ramps up, Elon Musk expects Tesla’s vehicle deliveries to jump 20-30% by 2025. He also believes that the energy industry is likely to stay afloat with the Megapack and Powerwall markets continuing to grow.Looking at the dynamics of analysts' forecasts over the past month, we can see that the forecast EPS figures are gradually recovering from the sharp decline that has persisted since 2021. However, the extent of the recovery in EPS forecasts seems too weak to me to justify the stock reaction we have seen in recent days.Seeking Alpha, TSLAThat is to say, sure, the recent stock rise is likely to have been warranted, but not in the way it has been. My perception is that the stock has become too distant from the present.Despite some obvious bullish hints, Tesla's aggressive pricing - to retain market share - may continue to stress margins. Add Tesla’s heavy capital spending agenda – necessary for the company’s ambitious growth strategy - and you have a nightmare scenario that threatens even current broadly positive consensus estimates of earnings.The presence of Tesla in China is a blessing and a curse: It's one of Tesla's key markets, but the company is now also up against regional EV makers, who are quickly taking over the market. Since Trump is now president, regulatory and geopolitical concerns also threaten Tesla’s presence in China. Whether the firm will continue to succeed in the market depends on how it is able to get past these obstacles and maintain an edge over the others. For the most part, I don’t see this risk represented clearly by market expectations today.Additionally, as any skeptic, I'm baffled as to how the company is being valued today. Not only does the stock look overbought on traditional technical measures such as the Relative Strength Index, but it's also now trading far beyond the expectations of even the most loyal bulls. Look at the Morgan Stanley CFA Adam Jonas' report (proprietary source, October 2024) – he expected Tesla to be $310/share in a year. But the stock is already trading above $340, 10% higher than what one of the most bullish analysts on the market was predicting.Morgan Stanley (private source), October 2024, notes addedA lot of people would argue that EPS growth is the reason for the company’s valuation to be as strong as it is right now. But let’s face it, if you’re looking at a rapidly growing business, your best bet would be the PEG ratio, which calculates the combination of the price-to-earnings multiple and the rate of earnings growth. For Tesla in particular, this ratio doesn't even approach 1x, which is typically the benchmark for fast-growing companies. This seems to be the case at least until the end of 2027, and I suspect it may continue to be so for some time.Seeking Alpha, TSLA, notes addedIn other words, recent events have led to what, I believe, is an unreasonably high premium in Tesla's stock price. This premium is so significant that it seems unlikely that prudent long-term investors, following the principles of Peter Lynch or any other renowned investor in fast-growing companies, can justify holding TSLA at these levels.Where Can I Be Wrong?I might be off base in the analysis of what the market believes is an acceleration for Tesla's stock price: Perhaps I am overlooking something or an impact on Tesla's stock price that isn't yet reflected in its price, which could mean Tesla stock would swell dramatically.Additionally, the high demand in current energy markets, which is driving multiples higher with Tesla dominating the market with its Powerwall and Megapack solutions, could drive higher multiples as the market looks forward to a higher growth rate.When or if the Tesla stock premium eventually will drop back down to more manageable levels, I don't know for sure, I can only guess that it will at some point. If it does, it could be devastating for existing shareholders, but then again, the company may simply outgrow its current large multiples, eliminating such threats.The Bottom LineI generally agree with the bulls that Tesla's high-growth plans for Q4 2024 and FY2025, resulting from new models and growth in the energy segment, present significant opportunities for value creation. However, the business will have to judiciously control risks related to the market environment, regulatory developments, and geopolitical uncertainty to meet its long-term targets. In addition, while Trump's presidency might offer some advantages to Elon Musk's business ecosystem, it also introduces risks for Tesla in particular. Increased U.S. pressure on Chinese manufacturers could provoke retaliatory actions, and Tesla, given the critical importance of the Chinese market to its operations, could be one of the first to feel the impact. I believe these risks are being overlooked by today's Tesla buyers, who have driven the company's market cap to unprecedented heights given the fundamental setup we're looking at. Currently, Tesla is trading even higher than the most optimistic bulls predicted at the end of last month; the growth potential that very optimistic market players anticipated for the next 12 months has already been realized and even exceeded - in just a couple of weeks.If we assess the situation without excessive optimism and try to be as objective as possible, it becomes clear that the company is overvalued, with a premium that defies reasonable logic, in my opinion. This is why I have decided to maintain my \"Sell\" rating, despite its lack of success in the recent past (as it remained relevant for many months). I believe there are many other fast-growing companies in the market that deserve investors' attention, and unfortunately, Tesla isn't one of them today.Thank you for reading!","news_type":1},"isVote":1,"tweetType":1,"viewCount":26,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":363860814844144,"gmtCreate":1729843533356,"gmtModify":1729843537160,"author":{"id":"4151941377592162","authorId":"4151941377592162","name":"zelia","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4151941377592162","authorIdStr":"4151941377592162"},"themes":[],"htmlText":"Another F saying negative things abt tesla","listText":"Another F saying negative things abt tesla","text":"Another F saying negative things abt tesla","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/363860814844144","repostId":"1144739433","repostType":2,"repost":{"id":"1144739433","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1729864759,"share":"https://ttm.financial/m/news/1144739433?lang=&edition=fundamental","pubTime":"2024-10-25 21:59","market":"us","language":"en","title":"Tesla Shares Jump Another 3%, Extending Yesterday's 22% Gain","url":"https://stock-news.laohu8.com/highlight/detail?id=1144739433","media":"Tiger Newspress","summary":"Tesla shares turned positive in morning trading Friday, reversing initial losses.Tesla shares closed up nearly 22% on Thursday - their biggest single-day gain in over a decade - as CEO Elon Musk's bol","content":"<html><head></head><body><p>Tesla shares jumped another 3% in morning trading, extending yesterday&#39;s 22% gain.</p><p class=\"t-img-caption\"><img alt=\"\" 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\" data-align=\"center\" tg-width=\"873\" tg-height=\"631\"/><span></span></p><p>Tesla shares closed up nearly 22% on Thursday - their biggest single-day gain in over a decade - as CEO Elon Musk&#39;s bold forecast of surging sales reassured investors he was still looking to grow its core business of selling electric cars.</p><p>Musk forecast next year, promising to launch an affordable vehicle in the first half of 2025, and said efforts to slash production costs boosted margins in the third quarter.</p><p>The stock rose to a session high of $262.2 with volumes of roughly 200 million shares. It was the biggest gain since May 2013, and erased recent losses on concerns that Musk was distracted by new projects like the recently unveiled robotaxi.</p><p>At close, nearly $150 billion was added to the company&#39;s market value.</p><p>The sharp rally might also be attributed to some short covering, he said. Short interest on Tesla stock was 2.33% at the end of September, according to LSEG data.</p><p>Musk has been pivoting Tesla into an artificial intelligence and robotics company from an EV market leader, but has yet failed to lay out a detailed business plan for his new focus. Investors sold off Tesla shares earlier this month after a robotaxi event was short on details.</p><p>Last quarter, Musk made bold company announcements about everything but cars - from driverless taxis to humanoid robots - leaving investors worried about dwindling margins already squeezed by lowered prices.</p><h2>FSD FUTURE</h2><p>&#34;He definitely seemed more passionate and invested in it this time,&#34; said Jessica Caldwell, head of insights at car research and buying website Edmunds.</p><p>&#34;I feel like so much of Tesla is tied up in the future but we need to figure out how you get there. That&#39;s what people needed to hear and they were a little bit better in providing those details than they have been in the past.&#34;</p><p>Tesla reported third-quarter margin that handily beat Wall Street expectations and said that the labor and material costs of making vehicles - known as the cost of goods sold per vehicle - dropped to its lowest-ever level, about $35,100.</p><p>It recorded $326 million in revenue for its autopilot software called Full Self Driving used in Cybertruck and other autonomous features.</p><p>&#34;FSD played a part in the margin expansion, but I think the larger driver was reduced unit production costs... Over time, FSD should drive higher long-term margin expansion,&#34; said Seth Goldstein, equity strategist at Morningstar.</p><p>FSD is the bedrock for Tesla&#39;s robotaxis.</p><p>Musk said he expects Tesla vehicles to offer paid, driverless, ride-hailing services next year, doubling down on his promise made at the robotaxi event. But that plan is likely to face significant regulatory challenges.</p><h2>HIGH P/E</h2><p>Not all investors are likely to be mollified by Tesla&#39;s reassurances on Wednesday.</p><p>Ross Gerber, CEO of Gerber Kawasaki Wealth and Investment Management and a prominent Tesla investor, said robotaxis and AI were not the fundamental businesses he wanted Musk to focus on.</p><p>&#34;The days were good when Elon slept at the factory. He was there every day, working. Not going on Trump rallies of all things he could be doing,&#34; Gerber said, referring to Musk&#39;s well-publicized support of the Republican presidential candidate.</p><p>Tesla shares are trading at 72.75 times its 12-month forward earnings estimates, compared with the 5.94 times for legacy automaker Ford Motor and 30.79 for technology giant Microsoft.</p><p>At least seven brokerages raised their price targets on the stock, with a median PT of $221, according to LSEG data.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla Shares Jump Another 3%, Extending Yesterday's 22% Gain</title>\n<style 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21:59</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Tesla shares jumped another 3% in morning trading, extending yesterday&#39;s 22% gain.</p><p class=\"t-img-caption\"><img alt=\"\" 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\" data-align=\"center\" tg-width=\"873\" tg-height=\"631\"/><span></span></p><p>Tesla shares closed up nearly 22% on Thursday - their biggest single-day gain in over a decade - as CEO Elon Musk&#39;s bold forecast of surging sales reassured investors he was still looking to grow its core business of selling electric cars.</p><p>Musk forecast next year, promising to launch an affordable vehicle in the first half of 2025, and said efforts to slash production costs boosted margins in the third quarter.</p><p>The stock rose to a session high of $262.2 with volumes of roughly 200 million shares. It was the biggest gain since May 2013, and erased recent losses on concerns that Musk was distracted by new projects like the recently unveiled robotaxi.</p><p>At close, nearly $150 billion was added to the company&#39;s market value.</p><p>The sharp rally might also be attributed to some short covering, he said. Short interest on Tesla stock was 2.33% at the end of September, according to LSEG data.</p><p>Musk has been pivoting Tesla into an artificial intelligence and robotics company from an EV market leader, but has yet failed to lay out a detailed business plan for his new focus. Investors sold off Tesla shares earlier this month after a robotaxi event was short on details.</p><p>Last quarter, Musk made bold company announcements about everything but cars - from driverless taxis to humanoid robots - leaving investors worried about dwindling margins already squeezed by lowered prices.</p><h2>FSD FUTURE</h2><p>&#34;He definitely seemed more passionate and invested in it this time,&#34; said Jessica Caldwell, head of insights at car research and buying website Edmunds.</p><p>&#34;I feel like so much of Tesla is tied up in the future but we need to figure out how you get there. That&#39;s what people needed to hear and they were a little bit better in providing those details than they have been in the past.&#34;</p><p>Tesla reported third-quarter margin that handily beat Wall Street expectations and said that the labor and material costs of making vehicles - known as the cost of goods sold per vehicle - dropped to its lowest-ever level, about $35,100.</p><p>It recorded $326 million in revenue for its autopilot software called Full Self Driving used in Cybertruck and other autonomous features.</p><p>&#34;FSD played a part in the margin expansion, but I think the larger driver was reduced unit production costs... Over time, FSD should drive higher long-term margin expansion,&#34; said Seth Goldstein, equity strategist at Morningstar.</p><p>FSD is the bedrock for Tesla&#39;s robotaxis.</p><p>Musk said he expects Tesla vehicles to offer paid, driverless, ride-hailing services next year, doubling down on his promise made at the robotaxi event. But that plan is likely to face significant regulatory challenges.</p><h2>HIGH P/E</h2><p>Not all investors are likely to be mollified by Tesla&#39;s reassurances on Wednesday.</p><p>Ross Gerber, CEO of Gerber Kawasaki Wealth and Investment Management and a prominent Tesla investor, said robotaxis and AI were not the fundamental businesses he wanted Musk to focus on.</p><p>&#34;The days were good when Elon slept at the factory. He was there every day, working. Not going on Trump rallies of all things he could be doing,&#34; Gerber said, referring to Musk&#39;s well-publicized support of the Republican presidential candidate.</p><p>Tesla shares are trading at 72.75 times its 12-month forward earnings estimates, compared with the 5.94 times for legacy automaker Ford Motor and 30.79 for technology giant Microsoft.</p><p>At least seven brokerages raised their price targets on the stock, with a median PT of $221, according to LSEG data.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1144739433","content_text":"Tesla shares jumped another 3% in morning trading, extending yesterday's 22% gain.Tesla shares closed up nearly 22% on Thursday - their biggest single-day gain in over a decade - as CEO Elon Musk's bold forecast of surging sales reassured investors he was still looking to grow its core business of selling electric cars.Musk forecast next year, promising to launch an affordable vehicle in the first half of 2025, and said efforts to slash production costs boosted margins in the third quarter.The stock rose to a session high of $262.2 with volumes of roughly 200 million shares. It was the biggest gain since May 2013, and erased recent losses on concerns that Musk was distracted by new projects like the recently unveiled robotaxi.At close, nearly $150 billion was added to the company's market value.The sharp rally might also be attributed to some short covering, he said. Short interest on Tesla stock was 2.33% at the end of September, according to LSEG data.Musk has been pivoting Tesla into an artificial intelligence and robotics company from an EV market leader, but has yet failed to lay out a detailed business plan for his new focus. Investors sold off Tesla shares earlier this month after a robotaxi event was short on details.Last quarter, Musk made bold company announcements about everything but cars - from driverless taxis to humanoid robots - leaving investors worried about dwindling margins already squeezed by lowered prices.FSD FUTURE\"He definitely seemed more passionate and invested in it this time,\" said Jessica Caldwell, head of insights at car research and buying website Edmunds.\"I feel like so much of Tesla is tied up in the future but we need to figure out how you get there. That's what people needed to hear and they were a little bit better in providing those details than they have been in the past.\"Tesla reported third-quarter margin that handily beat Wall Street expectations and said that the labor and material costs of making vehicles - known as the cost of goods sold per vehicle - dropped to its lowest-ever level, about $35,100.It recorded $326 million in revenue for its autopilot software called Full Self Driving used in Cybertruck and other autonomous features.\"FSD played a part in the margin expansion, but I think the larger driver was reduced unit production costs... Over time, FSD should drive higher long-term margin expansion,\" said Seth Goldstein, equity strategist at Morningstar.FSD is the bedrock for Tesla's robotaxis.Musk said he expects Tesla vehicles to offer paid, driverless, ride-hailing services next year, doubling down on his promise made at the robotaxi event. But that plan is likely to face significant regulatory challenges.HIGH P/ENot all investors are likely to be mollified by Tesla's reassurances on Wednesday.Ross Gerber, CEO of Gerber Kawasaki Wealth and Investment Management and a prominent Tesla investor, said robotaxis and AI were not the fundamental businesses he wanted Musk to focus on.\"The days were good when Elon slept at the factory. He was there every day, working. Not going on Trump rallies of all things he could be doing,\" Gerber said, referring to Musk's well-publicized support of the Republican presidential candidate.Tesla shares are trading at 72.75 times its 12-month forward earnings estimates, compared with the 5.94 times for legacy automaker Ford Motor and 30.79 for technology giant Microsoft.At least seven brokerages raised their price targets on the stock, with a median PT of $221, according to LSEG data.","news_type":1},"isVote":1,"tweetType":1,"viewCount":125,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":371879335067960,"gmtCreate":1731830572819,"gmtModify":1731830577025,"author":{"id":"4151941377592162","authorId":"4151941377592162","name":"zelia","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4151941377592162","authorIdStr":"4151941377592162"},"themes":[],"htmlText":"So many sour grapes here who missed the rally. Sour grapes&nbsp;","listText":"So many sour grapes here who missed the rally. Sour grapes&nbsp;","text":"So many sour grapes here who missed the rally. Sour grapes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/371879335067960","repostId":"2483945685","repostType":2,"repost":{"id":"2483945685","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1731804456,"share":"https://ttm.financial/m/news/2483945685?lang=&edition=fundamental","pubTime":"2024-11-17 08:47","market":"hk","language":"en","title":"The Withering Dream of a Cheap American Electric Car","url":"https://stock-news.laohu8.com/highlight/detail?id=2483945685","media":"Dow Jones","summary":"The dream of a $25,000 electric vehicle for U.S. drivers is in trouble.Elon Musk has abandoned it. President-elect Donald Trump is unlikely to help. And the current economics of the U.S. auto industry don't support it.The key problem: America doesn't really sell cheap new cars anymore.Why would any automaker offer an EV -- with all of that costly technology -- at a price point that's half of what the average new vehicle goes for these days?Lucid which has begun taking orders for its coming $90,000 version of the new electric SUV called the Gravity, aims to bring out a more affordable midsize vehicle to compete against the Tesla Model Y in late 2026. That vehicle is said to cost less than $50,000, but a cheap EV is something Rawlinson said he would only support by licensing his technology to another company.A slowdown in the rate of EV sales growth has complicated the picture. So has the growing anticipation that the new Trump administration will eliminate federal tax credits that have ","content":"<html><head></head><body><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/f84d4eadce68c2473c982dcb5199c769\" alt=\"Lucid under Peter Rawlinson has begun taking orders for its coming $90,000 version of a new electric SUV. Photo: Helynn Ospina for WSJ\" title=\"Lucid under Peter Rawlinson has begun taking orders for its coming $90,000 version of a new electric SUV. Photo: Helynn Ospina for WSJ\" tg-width=\"700\" tg-height=\"875\"/><span>Lucid under Peter Rawlinson has begun taking orders for its coming $90,000 version of a new electric SUV. Photo: Helynn Ospina for WSJ</span></p><p>By Tim Higgins</p><p>The dream of a $25,000 electric vehicle for U.S. drivers is in trouble.</p><p>Elon Musk has abandoned it. President-elect Donald Trump is unlikely to help. And the current economics of the U.S. auto industry don&#39;t support it.</p><p>The key problem: America doesn&#39;t really sell cheap new cars anymore.</p><p>Why would any automaker offer an EV -- with all of that costly technology -- at a price point that&#39;s half of what the average new vehicle goes for these days?</p><p>&#34;I think having a regular $25,000 model is pointless,&#34; Musk said a few weeks ago. &#34;It would be silly.&#34;</p><p>Yes, the chief executive says Tesla is still working on a $25,000 robotaxi to arrive in 2026. But for those who don&#39;t think his driverless cars are actually going to happen by then or for Luddites who just want to buy a new $25,000 EV with a steering wheel and pedals -- no luck.</p><p>Musk isn&#39;t alone in taking a sour view of making a cheap EV for the U.S.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/e5d55a098786e56c1db04690d64f2db9\" alt=\"A Cybercab robotaxi prototype at a Tesla store in San Jose, Calif., this month. Photo: David Paul Morris/Bloomberg\" title=\"A Cybercab robotaxi prototype at a Tesla store in San Jose, Calif., this month. Photo: David Paul Morris/Bloomberg\" tg-width=\"700\" tg-height=\"466\"/><span>A Cybercab robotaxi prototype at a Tesla store in San Jose, Calif., this month. Photo: David Paul Morris/Bloomberg</span></p><p>&#34;That market sucks,&#34; Peter Rawlinson, chief executive of Lucid Motors, told me and my colleague Christopher Mims for our new podcast, called &#34;Bold Names.&#34;</p><p>Lucid which has begun taking orders for its coming $90,000 version of the new electric SUV called the Gravity, aims to bring out a more affordable midsize vehicle to compete against the Tesla Model Y in late 2026. That vehicle is said to cost less than $50,000, but a cheap EV is something Rawlinson said he would only support by licensing his technology to another company.</p><p>&#34;That market is notorious because you get into mass manufacture -- terrible, low margins,&#34; he said of the low-price EVs. &#34;To install the manufacturing base for millions of these units makes little sense to me.&#34;</p><p>Abandoning the idea of a $25,000 car comes as a blow to those who were betting that the electrification of the automobile was on track to happen seemingly overnight -- with EVs for every pocketbook replacing the tens of millions of vehicles on the roadways.</p><p>Instead, we&#39;ve swung back to a belief that the transition, at least in the U.S., is going to be slower.</p><p>Musk upended the car industry almost two years ago with his incredible claims about Tesla&#39;s ability to slash costs as it sought to develop a lower-priced EV while at the same time starting a price war by cutting the prices of the Model 3 sedan and Model Y sport-utility vehicle.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/d1c19151eaf12aa963979a613d6d3511\" alt=\"Rawlinson presenting the Lucid Gravity at the Los Angeles Auto Show in November 2023. Photo: Robyn Beck/AFP/Getty Images\" title=\"Rawlinson presenting the Lucid Gravity at the Los Angeles Auto Show in November 2023. Photo: Robyn Beck/AFP/Getty Images\" tg-width=\"700\" tg-height=\"466\"/><span>Rawlinson presenting the Lucid Gravity at the Los Angeles Auto Show in November 2023. Photo: Robyn Beck/AFP/Getty Images</span></p><p>Rivals, lest they be left behind Tesla and its now-discarded claims, have aimed for cheap EVs of their own. But their broader efforts to electrify have been running into trouble. Ford Motor, for example, last month said it was pausing production of its electric F-150 Lightning, which starts at around $63,000, in the midst of slumping demand.</p><p>A slowdown in the rate of EV sales growth has complicated the picture. So has the growing anticipation that the new Trump administration will eliminate federal tax credits that have made EVs more affordable for buyers. The cheapest car Tesla currently sells in the U.S. starts at around $43,000 -- or $35,500 with a federal tax credit of $7,500.</p><p>Building and selling a cheap car for the U.S. -- EV or not -- was already difficult.</p><p>To start, profits can be thin. And that&#39;s before adding expensive batteries to the equation, before inflation jacked prices up for everything, and before Chinese rivals got really, really good at making really, really inexpensive EVs of their own.</p><p>A lot of attention has focused on the fact that new cars, like everything these days, just cost way more than they used to.</p><p>The average transaction price for a new vehicle sold in the U.S. last month was $48,623, according to Kelley Blue Book, roughly $10,000 higher than in 2019, before the pandemic.</p><p>A decade ago, about 40% of the new-vehicle transactions in the U.S. were less than $25,000, including incentives and discounts, according to the researcher J.D. Power. This year, that figure is 9%.</p><p>In 2020, when Musk fanned the flames of excitement for a $25,000 car that he said was in the offing, the new-vehicle market in the U.S. was a much different thing. Even then, roughly a quarter of the new-vehicle transactions were for less than $25,000.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/1cfaf5aca179b0fa933c52a7f40d82d9\" alt=\"A cheap EV is something Rawlinson says he would only support by licensing technology to another company. Photo: Helynn Ospina for WSJ\" title=\"A cheap EV is something Rawlinson says he would only support by licensing technology to another company. Photo: Helynn Ospina for WSJ\" tg-width=\"700\" tg-height=\"466\"/><span>A cheap EV is something Rawlinson says he would only support by licensing technology to another company. Photo: Helynn Ospina for WSJ</span></p><p>A year later, according to J.D. Power, it was 15%. It then fell to 6% before slightly rebounding this year as car companies offered deals to help move vehicles as higher interest rates made buying a car harder for some.</p><p>What happened? The pandemic. Prices shot up -- first in the midst of supply shortages, and then they stayed high as automakers adjusted their lineup to cut out low-profit vehicles.</p><p>&#34;As automakers were profit maximizing during the supply chain crisis era, you are going to prioritize the bigger vehicles, the more expensive vehicles with their higher margins,&#34; Tyson Jominy, vice president of data and analytics at J.D. Power, told me. &#34;Now we just don&#39;t have&#34; these cheaper models.</p><p>Today, just four models account for more than two-thirds of all vehicles with suggested retail prices of less than $25,000 in the U.S. -- Toyota&#39;s Corolla, Kia&#39;s Forte, Nissan&#39;s Sentra and Chevrolet&#39;s Trax.</p><p>It isn&#39;t as though people don&#39;t want cheap cars. Now, many are just left buying used cars.</p><p>What has Western automotive executives&#39; stomachs churning is that they might have inadvertently left a huge opening for Chinese rivals who have shown an ability to build inexpensive EVs that consumers outside the U.S. are gobbling up.</p><p>While Trump has promised even heftier tariffs to effectively keep Chinese imports out, the president-elect has suggested he might be open to Chinese automakers&#39; setting up factories in the U.S. -- though such a move would mean their labor costs would surely increase compared with what they&#39;re accustomed to back home.</p><p>Even for Musk, though, the world seems to be shifting quickly. He has said Tesla sales could rise as much as 30% next year by offering cheaper versions of existing models.</p><p>&#34;The amount of work required to make a lower-cost car is insanely high,&#34; Musk told analysts in October. &#34;It is harder to get like 20% of the cost out of a car than it is to design the car and build the entire factory in the first place -- it&#39;s like excruciating.&#34;</p><p>He added: &#34;There&#39;s not a lot of movies made about the heroes who got 20% of the cost out of a car, but let me tell you, there should be.&#34;</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Withering Dream of a Cheap American Electric Car</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Withering Dream of a Cheap American Electric Car\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2024-11-17 08:47</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/f84d4eadce68c2473c982dcb5199c769\" alt=\"Lucid under Peter Rawlinson has begun taking orders for its coming $90,000 version of a new electric SUV. Photo: Helynn Ospina for WSJ\" title=\"Lucid under Peter Rawlinson has begun taking orders for its coming $90,000 version of a new electric SUV. Photo: Helynn Ospina for WSJ\" tg-width=\"700\" tg-height=\"875\"/><span>Lucid under Peter Rawlinson has begun taking orders for its coming $90,000 version of a new electric SUV. Photo: Helynn Ospina for WSJ</span></p><p>By Tim Higgins</p><p>The dream of a $25,000 electric vehicle for U.S. drivers is in trouble.</p><p>Elon Musk has abandoned it. President-elect Donald Trump is unlikely to help. And the current economics of the U.S. auto industry don&#39;t support it.</p><p>The key problem: America doesn&#39;t really sell cheap new cars anymore.</p><p>Why would any automaker offer an EV -- with all of that costly technology -- at a price point that&#39;s half of what the average new vehicle goes for these days?</p><p>&#34;I think having a regular $25,000 model is pointless,&#34; Musk said a few weeks ago. &#34;It would be silly.&#34;</p><p>Yes, the chief executive says Tesla is still working on a $25,000 robotaxi to arrive in 2026. But for those who don&#39;t think his driverless cars are actually going to happen by then or for Luddites who just want to buy a new $25,000 EV with a steering wheel and pedals -- no luck.</p><p>Musk isn&#39;t alone in taking a sour view of making a cheap EV for the U.S.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/e5d55a098786e56c1db04690d64f2db9\" alt=\"A Cybercab robotaxi prototype at a Tesla store in San Jose, Calif., this month. Photo: David Paul Morris/Bloomberg\" title=\"A Cybercab robotaxi prototype at a Tesla store in San Jose, Calif., this month. Photo: David Paul Morris/Bloomberg\" tg-width=\"700\" tg-height=\"466\"/><span>A Cybercab robotaxi prototype at a Tesla store in San Jose, Calif., this month. Photo: David Paul Morris/Bloomberg</span></p><p>&#34;That market sucks,&#34; Peter Rawlinson, chief executive of Lucid Motors, told me and my colleague Christopher Mims for our new podcast, called &#34;Bold Names.&#34;</p><p>Lucid which has begun taking orders for its coming $90,000 version of the new electric SUV called the Gravity, aims to bring out a more affordable midsize vehicle to compete against the Tesla Model Y in late 2026. That vehicle is said to cost less than $50,000, but a cheap EV is something Rawlinson said he would only support by licensing his technology to another company.</p><p>&#34;That market is notorious because you get into mass manufacture -- terrible, low margins,&#34; he said of the low-price EVs. &#34;To install the manufacturing base for millions of these units makes little sense to me.&#34;</p><p>Abandoning the idea of a $25,000 car comes as a blow to those who were betting that the electrification of the automobile was on track to happen seemingly overnight -- with EVs for every pocketbook replacing the tens of millions of vehicles on the roadways.</p><p>Instead, we&#39;ve swung back to a belief that the transition, at least in the U.S., is going to be slower.</p><p>Musk upended the car industry almost two years ago with his incredible claims about Tesla&#39;s ability to slash costs as it sought to develop a lower-priced EV while at the same time starting a price war by cutting the prices of the Model 3 sedan and Model Y sport-utility vehicle.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/d1c19151eaf12aa963979a613d6d3511\" alt=\"Rawlinson presenting the Lucid Gravity at the Los Angeles Auto Show in November 2023. Photo: Robyn Beck/AFP/Getty Images\" title=\"Rawlinson presenting the Lucid Gravity at the Los Angeles Auto Show in November 2023. Photo: Robyn Beck/AFP/Getty Images\" tg-width=\"700\" tg-height=\"466\"/><span>Rawlinson presenting the Lucid Gravity at the Los Angeles Auto Show in November 2023. Photo: Robyn Beck/AFP/Getty Images</span></p><p>Rivals, lest they be left behind Tesla and its now-discarded claims, have aimed for cheap EVs of their own. But their broader efforts to electrify have been running into trouble. Ford Motor, for example, last month said it was pausing production of its electric F-150 Lightning, which starts at around $63,000, in the midst of slumping demand.</p><p>A slowdown in the rate of EV sales growth has complicated the picture. So has the growing anticipation that the new Trump administration will eliminate federal tax credits that have made EVs more affordable for buyers. The cheapest car Tesla currently sells in the U.S. starts at around $43,000 -- or $35,500 with a federal tax credit of $7,500.</p><p>Building and selling a cheap car for the U.S. -- EV or not -- was already difficult.</p><p>To start, profits can be thin. And that&#39;s before adding expensive batteries to the equation, before inflation jacked prices up for everything, and before Chinese rivals got really, really good at making really, really inexpensive EVs of their own.</p><p>A lot of attention has focused on the fact that new cars, like everything these days, just cost way more than they used to.</p><p>The average transaction price for a new vehicle sold in the U.S. last month was $48,623, according to Kelley Blue Book, roughly $10,000 higher than in 2019, before the pandemic.</p><p>A decade ago, about 40% of the new-vehicle transactions in the U.S. were less than $25,000, including incentives and discounts, according to the researcher J.D. Power. This year, that figure is 9%.</p><p>In 2020, when Musk fanned the flames of excitement for a $25,000 car that he said was in the offing, the new-vehicle market in the U.S. was a much different thing. Even then, roughly a quarter of the new-vehicle transactions were for less than $25,000.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/1cfaf5aca179b0fa933c52a7f40d82d9\" alt=\"A cheap EV is something Rawlinson says he would only support by licensing technology to another company. Photo: Helynn Ospina for WSJ\" title=\"A cheap EV is something Rawlinson says he would only support by licensing technology to another company. Photo: Helynn Ospina for WSJ\" tg-width=\"700\" tg-height=\"466\"/><span>A cheap EV is something Rawlinson says he would only support by licensing technology to another company. Photo: Helynn Ospina for WSJ</span></p><p>A year later, according to J.D. Power, it was 15%. It then fell to 6% before slightly rebounding this year as car companies offered deals to help move vehicles as higher interest rates made buying a car harder for some.</p><p>What happened? The pandemic. Prices shot up -- first in the midst of supply shortages, and then they stayed high as automakers adjusted their lineup to cut out low-profit vehicles.</p><p>&#34;As automakers were profit maximizing during the supply chain crisis era, you are going to prioritize the bigger vehicles, the more expensive vehicles with their higher margins,&#34; Tyson Jominy, vice president of data and analytics at J.D. Power, told me. &#34;Now we just don&#39;t have&#34; these cheaper models.</p><p>Today, just four models account for more than two-thirds of all vehicles with suggested retail prices of less than $25,000 in the U.S. -- Toyota&#39;s Corolla, Kia&#39;s Forte, Nissan&#39;s Sentra and Chevrolet&#39;s Trax.</p><p>It isn&#39;t as though people don&#39;t want cheap cars. Now, many are just left buying used cars.</p><p>What has Western automotive executives&#39; stomachs churning is that they might have inadvertently left a huge opening for Chinese rivals who have shown an ability to build inexpensive EVs that consumers outside the U.S. are gobbling up.</p><p>While Trump has promised even heftier tariffs to effectively keep Chinese imports out, the president-elect has suggested he might be open to Chinese automakers&#39; setting up factories in the U.S. -- though such a move would mean their labor costs would surely increase compared with what they&#39;re accustomed to back home.</p><p>Even for Musk, though, the world seems to be shifting quickly. He has said Tesla sales could rise as much as 30% next year by offering cheaper versions of existing models.</p><p>&#34;The amount of work required to make a lower-cost car is insanely high,&#34; Musk told analysts in October. &#34;It is harder to get like 20% of the cost out of a car than it is to design the car and build the entire factory in the first place -- it&#39;s like excruciating.&#34;</p><p>He added: &#34;There&#39;s not a lot of movies made about the heroes who got 20% of the cost out of a car, but let me tell you, there should be.&#34;</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","LU1861215975.USD":"贝莱德新一代科技基金 A2","LU1548497426.USD":"安联环球人工智能AT Acc","BK4527":"明星科技股","LU1861558580.USD":"日兴方舟颠覆性创新基金B","LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H","BK4550":"红杉资本持仓","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","BK4574":"无人驾驶","LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) INC","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","BK4551":"寇图资本持仓","LU1629891620.HKD":"ALLIANZ INCOME AND GROWTH \"AMG2\" (H2-HKD) INC","BK4117":"多元化保险","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU1429558221.USD":"Natixis Loomis Sayles US Growth Equity RA USD","SG9999015952.SGD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (SGD) ACC","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","LU1435385759.SGD":"Natixis Loomis Sayles US Growth Equity RA SGD-H","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","LU0823411888.USD":"法巴消费创新基金 Cap","BK4099":"汽车制造商","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD","LU0056508442.USD":"贝莱德世界科技基金A2","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","TSLA":"特斯拉","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","BK4107":"财产与意外伤害保险","IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) ACC","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","BK4592":"伊斯兰概念","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","LU2756315318.SGD":"ALLIANZ INCOME AND GROWTH \"AMG\" (SGDHDG) INC A","BK4585":"ETF&股票定投概念","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","BK4555":"新能源车","BK4533":"AQR资本管理(全球第二大对冲基金)","LU0466842654.USD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"A\" (USD) ACC","LU0097036916.USD":"贝莱德美国增长A2 USD","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","LU2087621335.USD":"ALLSPRING GLOBAL FACTOR ENHANCED EQUITY \"A\" (USD) ACC","LCID":"Lucid Group Inc"},"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2483945685","content_text":"Lucid under Peter Rawlinson has begun taking orders for its coming $90,000 version of a new electric SUV. Photo: Helynn Ospina for WSJBy Tim HigginsThe dream of a $25,000 electric vehicle for U.S. drivers is in trouble.Elon Musk has abandoned it. President-elect Donald Trump is unlikely to help. And the current economics of the U.S. auto industry don't support it.The key problem: America doesn't really sell cheap new cars anymore.Why would any automaker offer an EV -- with all of that costly technology -- at a price point that's half of what the average new vehicle goes for these days?\"I think having a regular $25,000 model is pointless,\" Musk said a few weeks ago. \"It would be silly.\"Yes, the chief executive says Tesla is still working on a $25,000 robotaxi to arrive in 2026. But for those who don't think his driverless cars are actually going to happen by then or for Luddites who just want to buy a new $25,000 EV with a steering wheel and pedals -- no luck.Musk isn't alone in taking a sour view of making a cheap EV for the U.S.A Cybercab robotaxi prototype at a Tesla store in San Jose, Calif., this month. Photo: David Paul Morris/Bloomberg\"That market sucks,\" Peter Rawlinson, chief executive of Lucid Motors, told me and my colleague Christopher Mims for our new podcast, called \"Bold Names.\"Lucid which has begun taking orders for its coming $90,000 version of the new electric SUV called the Gravity, aims to bring out a more affordable midsize vehicle to compete against the Tesla Model Y in late 2026. That vehicle is said to cost less than $50,000, but a cheap EV is something Rawlinson said he would only support by licensing his technology to another company.\"That market is notorious because you get into mass manufacture -- terrible, low margins,\" he said of the low-price EVs. \"To install the manufacturing base for millions of these units makes little sense to me.\"Abandoning the idea of a $25,000 car comes as a blow to those who were betting that the electrification of the automobile was on track to happen seemingly overnight -- with EVs for every pocketbook replacing the tens of millions of vehicles on the roadways.Instead, we've swung back to a belief that the transition, at least in the U.S., is going to be slower.Musk upended the car industry almost two years ago with his incredible claims about Tesla's ability to slash costs as it sought to develop a lower-priced EV while at the same time starting a price war by cutting the prices of the Model 3 sedan and Model Y sport-utility vehicle.Rawlinson presenting the Lucid Gravity at the Los Angeles Auto Show in November 2023. Photo: Robyn Beck/AFP/Getty ImagesRivals, lest they be left behind Tesla and its now-discarded claims, have aimed for cheap EVs of their own. But their broader efforts to electrify have been running into trouble. Ford Motor, for example, last month said it was pausing production of its electric F-150 Lightning, which starts at around $63,000, in the midst of slumping demand.A slowdown in the rate of EV sales growth has complicated the picture. So has the growing anticipation that the new Trump administration will eliminate federal tax credits that have made EVs more affordable for buyers. The cheapest car Tesla currently sells in the U.S. starts at around $43,000 -- or $35,500 with a federal tax credit of $7,500.Building and selling a cheap car for the U.S. -- EV or not -- was already difficult.To start, profits can be thin. And that's before adding expensive batteries to the equation, before inflation jacked prices up for everything, and before Chinese rivals got really, really good at making really, really inexpensive EVs of their own.A lot of attention has focused on the fact that new cars, like everything these days, just cost way more than they used to.The average transaction price for a new vehicle sold in the U.S. last month was $48,623, according to Kelley Blue Book, roughly $10,000 higher than in 2019, before the pandemic.A decade ago, about 40% of the new-vehicle transactions in the U.S. were less than $25,000, including incentives and discounts, according to the researcher J.D. Power. This year, that figure is 9%.In 2020, when Musk fanned the flames of excitement for a $25,000 car that he said was in the offing, the new-vehicle market in the U.S. was a much different thing. Even then, roughly a quarter of the new-vehicle transactions were for less than $25,000.A cheap EV is something Rawlinson says he would only support by licensing technology to another company. Photo: Helynn Ospina for WSJA year later, according to J.D. Power, it was 15%. It then fell to 6% before slightly rebounding this year as car companies offered deals to help move vehicles as higher interest rates made buying a car harder for some.What happened? The pandemic. Prices shot up -- first in the midst of supply shortages, and then they stayed high as automakers adjusted their lineup to cut out low-profit vehicles.\"As automakers were profit maximizing during the supply chain crisis era, you are going to prioritize the bigger vehicles, the more expensive vehicles with their higher margins,\" Tyson Jominy, vice president of data and analytics at J.D. Power, told me. \"Now we just don't have\" these cheaper models.Today, just four models account for more than two-thirds of all vehicles with suggested retail prices of less than $25,000 in the U.S. -- Toyota's Corolla, Kia's Forte, Nissan's Sentra and Chevrolet's Trax.It isn't as though people don't want cheap cars. Now, many are just left buying used cars.What has Western automotive executives' stomachs churning is that they might have inadvertently left a huge opening for Chinese rivals who have shown an ability to build inexpensive EVs that consumers outside the U.S. are gobbling up.While Trump has promised even heftier tariffs to effectively keep Chinese imports out, the president-elect has suggested he might be open to Chinese automakers' setting up factories in the U.S. -- though such a move would mean their labor costs would surely increase compared with what they're accustomed to back home.Even for Musk, though, the world seems to be shifting quickly. He has said Tesla sales could rise as much as 30% next year by offering cheaper versions of existing models.\"The amount of work required to make a lower-cost car is insanely high,\" Musk told analysts in October. \"It is harder to get like 20% of the cost out of a car than it is to design the car and build the entire factory in the first place -- it's like excruciating.\"He added: \"There's not a lot of movies made about the heroes who got 20% of the cost out of a car, but let me tell you, there should be.\"","news_type":1},"isVote":1,"tweetType":1,"viewCount":119,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":371566767894896,"gmtCreate":1731754265069,"gmtModify":1731754269064,"author":{"id":"4151941377592162","authorId":"4151941377592162","name":"zelia","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4151941377592162","authorIdStr":"4151941377592162"},"themes":[],"htmlText":"Trying hard to talk down the stock.","listText":"Trying hard to talk down the stock.","text":"Trying hard to talk down the stock.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/371566767894896","repostId":"2483945685","repostType":2,"repost":{"id":"2483945685","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1731804456,"share":"https://ttm.financial/m/news/2483945685?lang=&edition=fundamental","pubTime":"2024-11-17 08:47","market":"hk","language":"en","title":"The Withering Dream of a Cheap American Electric Car","url":"https://stock-news.laohu8.com/highlight/detail?id=2483945685","media":"Dow Jones","summary":"The dream of a $25,000 electric vehicle for U.S. drivers is in trouble.Elon Musk has abandoned it. President-elect Donald Trump is unlikely to help. And the current economics of the U.S. auto industry don't support it.The key problem: America doesn't really sell cheap new cars anymore.Why would any automaker offer an EV -- with all of that costly technology -- at a price point that's half of what the average new vehicle goes for these days?Lucid which has begun taking orders for its coming $90,000 version of the new electric SUV called the Gravity, aims to bring out a more affordable midsize vehicle to compete against the Tesla Model Y in late 2026. That vehicle is said to cost less than $50,000, but a cheap EV is something Rawlinson said he would only support by licensing his technology to another company.A slowdown in the rate of EV sales growth has complicated the picture. So has the growing anticipation that the new Trump administration will eliminate federal tax credits that have ","content":"<html><head></head><body><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/f84d4eadce68c2473c982dcb5199c769\" alt=\"Lucid under Peter Rawlinson has begun taking orders for its coming $90,000 version of a new electric SUV. Photo: Helynn Ospina for WSJ\" title=\"Lucid under Peter Rawlinson has begun taking orders for its coming $90,000 version of a new electric SUV. Photo: Helynn Ospina for WSJ\" tg-width=\"700\" tg-height=\"875\"/><span>Lucid under Peter Rawlinson has begun taking orders for its coming $90,000 version of a new electric SUV. Photo: Helynn Ospina for WSJ</span></p><p>By Tim Higgins</p><p>The dream of a $25,000 electric vehicle for U.S. drivers is in trouble.</p><p>Elon Musk has abandoned it. President-elect Donald Trump is unlikely to help. And the current economics of the U.S. auto industry don&#39;t support it.</p><p>The key problem: America doesn&#39;t really sell cheap new cars anymore.</p><p>Why would any automaker offer an EV -- with all of that costly technology -- at a price point that&#39;s half of what the average new vehicle goes for these days?</p><p>&#34;I think having a regular $25,000 model is pointless,&#34; Musk said a few weeks ago. &#34;It would be silly.&#34;</p><p>Yes, the chief executive says Tesla is still working on a $25,000 robotaxi to arrive in 2026. But for those who don&#39;t think his driverless cars are actually going to happen by then or for Luddites who just want to buy a new $25,000 EV with a steering wheel and pedals -- no luck.</p><p>Musk isn&#39;t alone in taking a sour view of making a cheap EV for the U.S.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/e5d55a098786e56c1db04690d64f2db9\" alt=\"A Cybercab robotaxi prototype at a Tesla store in San Jose, Calif., this month. Photo: David Paul Morris/Bloomberg\" title=\"A Cybercab robotaxi prototype at a Tesla store in San Jose, Calif., this month. Photo: David Paul Morris/Bloomberg\" tg-width=\"700\" tg-height=\"466\"/><span>A Cybercab robotaxi prototype at a Tesla store in San Jose, Calif., this month. Photo: David Paul Morris/Bloomberg</span></p><p>&#34;That market sucks,&#34; Peter Rawlinson, chief executive of Lucid Motors, told me and my colleague Christopher Mims for our new podcast, called &#34;Bold Names.&#34;</p><p>Lucid which has begun taking orders for its coming $90,000 version of the new electric SUV called the Gravity, aims to bring out a more affordable midsize vehicle to compete against the Tesla Model Y in late 2026. That vehicle is said to cost less than $50,000, but a cheap EV is something Rawlinson said he would only support by licensing his technology to another company.</p><p>&#34;That market is notorious because you get into mass manufacture -- terrible, low margins,&#34; he said of the low-price EVs. &#34;To install the manufacturing base for millions of these units makes little sense to me.&#34;</p><p>Abandoning the idea of a $25,000 car comes as a blow to those who were betting that the electrification of the automobile was on track to happen seemingly overnight -- with EVs for every pocketbook replacing the tens of millions of vehicles on the roadways.</p><p>Instead, we&#39;ve swung back to a belief that the transition, at least in the U.S., is going to be slower.</p><p>Musk upended the car industry almost two years ago with his incredible claims about Tesla&#39;s ability to slash costs as it sought to develop a lower-priced EV while at the same time starting a price war by cutting the prices of the Model 3 sedan and Model Y sport-utility vehicle.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/d1c19151eaf12aa963979a613d6d3511\" alt=\"Rawlinson presenting the Lucid Gravity at the Los Angeles Auto Show in November 2023. Photo: Robyn Beck/AFP/Getty Images\" title=\"Rawlinson presenting the Lucid Gravity at the Los Angeles Auto Show in November 2023. Photo: Robyn Beck/AFP/Getty Images\" tg-width=\"700\" tg-height=\"466\"/><span>Rawlinson presenting the Lucid Gravity at the Los Angeles Auto Show in November 2023. Photo: Robyn Beck/AFP/Getty Images</span></p><p>Rivals, lest they be left behind Tesla and its now-discarded claims, have aimed for cheap EVs of their own. But their broader efforts to electrify have been running into trouble. Ford Motor, for example, last month said it was pausing production of its electric F-150 Lightning, which starts at around $63,000, in the midst of slumping demand.</p><p>A slowdown in the rate of EV sales growth has complicated the picture. So has the growing anticipation that the new Trump administration will eliminate federal tax credits that have made EVs more affordable for buyers. The cheapest car Tesla currently sells in the U.S. starts at around $43,000 -- or $35,500 with a federal tax credit of $7,500.</p><p>Building and selling a cheap car for the U.S. -- EV or not -- was already difficult.</p><p>To start, profits can be thin. And that&#39;s before adding expensive batteries to the equation, before inflation jacked prices up for everything, and before Chinese rivals got really, really good at making really, really inexpensive EVs of their own.</p><p>A lot of attention has focused on the fact that new cars, like everything these days, just cost way more than they used to.</p><p>The average transaction price for a new vehicle sold in the U.S. last month was $48,623, according to Kelley Blue Book, roughly $10,000 higher than in 2019, before the pandemic.</p><p>A decade ago, about 40% of the new-vehicle transactions in the U.S. were less than $25,000, including incentives and discounts, according to the researcher J.D. Power. This year, that figure is 9%.</p><p>In 2020, when Musk fanned the flames of excitement for a $25,000 car that he said was in the offing, the new-vehicle market in the U.S. was a much different thing. Even then, roughly a quarter of the new-vehicle transactions were for less than $25,000.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/1cfaf5aca179b0fa933c52a7f40d82d9\" alt=\"A cheap EV is something Rawlinson says he would only support by licensing technology to another company. Photo: Helynn Ospina for WSJ\" title=\"A cheap EV is something Rawlinson says he would only support by licensing technology to another company. Photo: Helynn Ospina for WSJ\" tg-width=\"700\" tg-height=\"466\"/><span>A cheap EV is something Rawlinson says he would only support by licensing technology to another company. Photo: Helynn Ospina for WSJ</span></p><p>A year later, according to J.D. Power, it was 15%. It then fell to 6% before slightly rebounding this year as car companies offered deals to help move vehicles as higher interest rates made buying a car harder for some.</p><p>What happened? The pandemic. Prices shot up -- first in the midst of supply shortages, and then they stayed high as automakers adjusted their lineup to cut out low-profit vehicles.</p><p>&#34;As automakers were profit maximizing during the supply chain crisis era, you are going to prioritize the bigger vehicles, the more expensive vehicles with their higher margins,&#34; Tyson Jominy, vice president of data and analytics at J.D. Power, told me. &#34;Now we just don&#39;t have&#34; these cheaper models.</p><p>Today, just four models account for more than two-thirds of all vehicles with suggested retail prices of less than $25,000 in the U.S. -- Toyota&#39;s Corolla, Kia&#39;s Forte, Nissan&#39;s Sentra and Chevrolet&#39;s Trax.</p><p>It isn&#39;t as though people don&#39;t want cheap cars. Now, many are just left buying used cars.</p><p>What has Western automotive executives&#39; stomachs churning is that they might have inadvertently left a huge opening for Chinese rivals who have shown an ability to build inexpensive EVs that consumers outside the U.S. are gobbling up.</p><p>While Trump has promised even heftier tariffs to effectively keep Chinese imports out, the president-elect has suggested he might be open to Chinese automakers&#39; setting up factories in the U.S. -- though such a move would mean their labor costs would surely increase compared with what they&#39;re accustomed to back home.</p><p>Even for Musk, though, the world seems to be shifting quickly. He has said Tesla sales could rise as much as 30% next year by offering cheaper versions of existing models.</p><p>&#34;The amount of work required to make a lower-cost car is insanely high,&#34; Musk told analysts in October. &#34;It is harder to get like 20% of the cost out of a car than it is to design the car and build the entire factory in the first place -- it&#39;s like excruciating.&#34;</p><p>He added: &#34;There&#39;s not a lot of movies made about the heroes who got 20% of the cost out of a car, but let me tell you, there should be.&#34;</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Withering Dream of a Cheap American Electric Car</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Withering Dream of a Cheap American Electric Car\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2024-11-17 08:47</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/f84d4eadce68c2473c982dcb5199c769\" alt=\"Lucid under Peter Rawlinson has begun taking orders for its coming $90,000 version of a new electric SUV. Photo: Helynn Ospina for WSJ\" title=\"Lucid under Peter Rawlinson has begun taking orders for its coming $90,000 version of a new electric SUV. Photo: Helynn Ospina for WSJ\" tg-width=\"700\" tg-height=\"875\"/><span>Lucid under Peter Rawlinson has begun taking orders for its coming $90,000 version of a new electric SUV. Photo: Helynn Ospina for WSJ</span></p><p>By Tim Higgins</p><p>The dream of a $25,000 electric vehicle for U.S. drivers is in trouble.</p><p>Elon Musk has abandoned it. President-elect Donald Trump is unlikely to help. And the current economics of the U.S. auto industry don&#39;t support it.</p><p>The key problem: America doesn&#39;t really sell cheap new cars anymore.</p><p>Why would any automaker offer an EV -- with all of that costly technology -- at a price point that&#39;s half of what the average new vehicle goes for these days?</p><p>&#34;I think having a regular $25,000 model is pointless,&#34; Musk said a few weeks ago. &#34;It would be silly.&#34;</p><p>Yes, the chief executive says Tesla is still working on a $25,000 robotaxi to arrive in 2026. But for those who don&#39;t think his driverless cars are actually going to happen by then or for Luddites who just want to buy a new $25,000 EV with a steering wheel and pedals -- no luck.</p><p>Musk isn&#39;t alone in taking a sour view of making a cheap EV for the U.S.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/e5d55a098786e56c1db04690d64f2db9\" alt=\"A Cybercab robotaxi prototype at a Tesla store in San Jose, Calif., this month. Photo: David Paul Morris/Bloomberg\" title=\"A Cybercab robotaxi prototype at a Tesla store in San Jose, Calif., this month. Photo: David Paul Morris/Bloomberg\" tg-width=\"700\" tg-height=\"466\"/><span>A Cybercab robotaxi prototype at a Tesla store in San Jose, Calif., this month. Photo: David Paul Morris/Bloomberg</span></p><p>&#34;That market sucks,&#34; Peter Rawlinson, chief executive of Lucid Motors, told me and my colleague Christopher Mims for our new podcast, called &#34;Bold Names.&#34;</p><p>Lucid which has begun taking orders for its coming $90,000 version of the new electric SUV called the Gravity, aims to bring out a more affordable midsize vehicle to compete against the Tesla Model Y in late 2026. That vehicle is said to cost less than $50,000, but a cheap EV is something Rawlinson said he would only support by licensing his technology to another company.</p><p>&#34;That market is notorious because you get into mass manufacture -- terrible, low margins,&#34; he said of the low-price EVs. &#34;To install the manufacturing base for millions of these units makes little sense to me.&#34;</p><p>Abandoning the idea of a $25,000 car comes as a blow to those who were betting that the electrification of the automobile was on track to happen seemingly overnight -- with EVs for every pocketbook replacing the tens of millions of vehicles on the roadways.</p><p>Instead, we&#39;ve swung back to a belief that the transition, at least in the U.S., is going to be slower.</p><p>Musk upended the car industry almost two years ago with his incredible claims about Tesla&#39;s ability to slash costs as it sought to develop a lower-priced EV while at the same time starting a price war by cutting the prices of the Model 3 sedan and Model Y sport-utility vehicle.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/d1c19151eaf12aa963979a613d6d3511\" alt=\"Rawlinson presenting the Lucid Gravity at the Los Angeles Auto Show in November 2023. Photo: Robyn Beck/AFP/Getty Images\" title=\"Rawlinson presenting the Lucid Gravity at the Los Angeles Auto Show in November 2023. Photo: Robyn Beck/AFP/Getty Images\" tg-width=\"700\" tg-height=\"466\"/><span>Rawlinson presenting the Lucid Gravity at the Los Angeles Auto Show in November 2023. Photo: Robyn Beck/AFP/Getty Images</span></p><p>Rivals, lest they be left behind Tesla and its now-discarded claims, have aimed for cheap EVs of their own. But their broader efforts to electrify have been running into trouble. Ford Motor, for example, last month said it was pausing production of its electric F-150 Lightning, which starts at around $63,000, in the midst of slumping demand.</p><p>A slowdown in the rate of EV sales growth has complicated the picture. So has the growing anticipation that the new Trump administration will eliminate federal tax credits that have made EVs more affordable for buyers. The cheapest car Tesla currently sells in the U.S. starts at around $43,000 -- or $35,500 with a federal tax credit of $7,500.</p><p>Building and selling a cheap car for the U.S. -- EV or not -- was already difficult.</p><p>To start, profits can be thin. And that&#39;s before adding expensive batteries to the equation, before inflation jacked prices up for everything, and before Chinese rivals got really, really good at making really, really inexpensive EVs of their own.</p><p>A lot of attention has focused on the fact that new cars, like everything these days, just cost way more than they used to.</p><p>The average transaction price for a new vehicle sold in the U.S. last month was $48,623, according to Kelley Blue Book, roughly $10,000 higher than in 2019, before the pandemic.</p><p>A decade ago, about 40% of the new-vehicle transactions in the U.S. were less than $25,000, including incentives and discounts, according to the researcher J.D. Power. This year, that figure is 9%.</p><p>In 2020, when Musk fanned the flames of excitement for a $25,000 car that he said was in the offing, the new-vehicle market in the U.S. was a much different thing. Even then, roughly a quarter of the new-vehicle transactions were for less than $25,000.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/1cfaf5aca179b0fa933c52a7f40d82d9\" alt=\"A cheap EV is something Rawlinson says he would only support by licensing technology to another company. Photo: Helynn Ospina for WSJ\" title=\"A cheap EV is something Rawlinson says he would only support by licensing technology to another company. Photo: Helynn Ospina for WSJ\" tg-width=\"700\" tg-height=\"466\"/><span>A cheap EV is something Rawlinson says he would only support by licensing technology to another company. Photo: Helynn Ospina for WSJ</span></p><p>A year later, according to J.D. Power, it was 15%. It then fell to 6% before slightly rebounding this year as car companies offered deals to help move vehicles as higher interest rates made buying a car harder for some.</p><p>What happened? The pandemic. Prices shot up -- first in the midst of supply shortages, and then they stayed high as automakers adjusted their lineup to cut out low-profit vehicles.</p><p>&#34;As automakers were profit maximizing during the supply chain crisis era, you are going to prioritize the bigger vehicles, the more expensive vehicles with their higher margins,&#34; Tyson Jominy, vice president of data and analytics at J.D. Power, told me. &#34;Now we just don&#39;t have&#34; these cheaper models.</p><p>Today, just four models account for more than two-thirds of all vehicles with suggested retail prices of less than $25,000 in the U.S. -- Toyota&#39;s Corolla, Kia&#39;s Forte, Nissan&#39;s Sentra and Chevrolet&#39;s Trax.</p><p>It isn&#39;t as though people don&#39;t want cheap cars. Now, many are just left buying used cars.</p><p>What has Western automotive executives&#39; stomachs churning is that they might have inadvertently left a huge opening for Chinese rivals who have shown an ability to build inexpensive EVs that consumers outside the U.S. are gobbling up.</p><p>While Trump has promised even heftier tariffs to effectively keep Chinese imports out, the president-elect has suggested he might be open to Chinese automakers&#39; setting up factories in the U.S. -- though such a move would mean their labor costs would surely increase compared with what they&#39;re accustomed to back home.</p><p>Even for Musk, though, the world seems to be shifting quickly. He has said Tesla sales could rise as much as 30% next year by offering cheaper versions of existing models.</p><p>&#34;The amount of work required to make a lower-cost car is insanely high,&#34; Musk told analysts in October. &#34;It is harder to get like 20% of the cost out of a car than it is to design the car and build the entire factory in the first place -- it&#39;s like excruciating.&#34;</p><p>He added: &#34;There&#39;s not a lot of movies made about the heroes who got 20% of the cost out of a car, but let me tell you, there should be.&#34;</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","LU1861215975.USD":"贝莱德新一代科技基金 A2","LU1548497426.USD":"安联环球人工智能AT Acc","BK4527":"明星科技股","LU1861558580.USD":"日兴方舟颠覆性创新基金B","LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H","BK4550":"红杉资本持仓","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","BK4574":"无人驾驶","LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) INC","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","BK4551":"寇图资本持仓","LU1629891620.HKD":"ALLIANZ INCOME AND GROWTH \"AMG2\" (H2-HKD) INC","BK4117":"多元化保险","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU1429558221.USD":"Natixis Loomis Sayles US Growth Equity RA USD","SG9999015952.SGD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (SGD) ACC","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","LU1435385759.SGD":"Natixis Loomis Sayles US Growth Equity RA SGD-H","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","LU0823411888.USD":"法巴消费创新基金 Cap","BK4099":"汽车制造商","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD","LU0056508442.USD":"贝莱德世界科技基金A2","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","TSLA":"特斯拉","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","BK4107":"财产与意外伤害保险","IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) ACC","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","BK4592":"伊斯兰概念","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","LU2756315318.SGD":"ALLIANZ INCOME AND GROWTH \"AMG\" (SGDHDG) INC A","BK4585":"ETF&股票定投概念","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","BK4555":"新能源车","BK4533":"AQR资本管理(全球第二大对冲基金)","LU0466842654.USD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"A\" (USD) ACC","LU0097036916.USD":"贝莱德美国增长A2 USD","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","LU2087621335.USD":"ALLSPRING GLOBAL FACTOR ENHANCED EQUITY \"A\" (USD) ACC","LCID":"Lucid Group Inc"},"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2483945685","content_text":"Lucid under Peter Rawlinson has begun taking orders for its coming $90,000 version of a new electric SUV. Photo: Helynn Ospina for WSJBy Tim HigginsThe dream of a $25,000 electric vehicle for U.S. drivers is in trouble.Elon Musk has abandoned it. President-elect Donald Trump is unlikely to help. And the current economics of the U.S. auto industry don't support it.The key problem: America doesn't really sell cheap new cars anymore.Why would any automaker offer an EV -- with all of that costly technology -- at a price point that's half of what the average new vehicle goes for these days?\"I think having a regular $25,000 model is pointless,\" Musk said a few weeks ago. \"It would be silly.\"Yes, the chief executive says Tesla is still working on a $25,000 robotaxi to arrive in 2026. But for those who don't think his driverless cars are actually going to happen by then or for Luddites who just want to buy a new $25,000 EV with a steering wheel and pedals -- no luck.Musk isn't alone in taking a sour view of making a cheap EV for the U.S.A Cybercab robotaxi prototype at a Tesla store in San Jose, Calif., this month. Photo: David Paul Morris/Bloomberg\"That market sucks,\" Peter Rawlinson, chief executive of Lucid Motors, told me and my colleague Christopher Mims for our new podcast, called \"Bold Names.\"Lucid which has begun taking orders for its coming $90,000 version of the new electric SUV called the Gravity, aims to bring out a more affordable midsize vehicle to compete against the Tesla Model Y in late 2026. That vehicle is said to cost less than $50,000, but a cheap EV is something Rawlinson said he would only support by licensing his technology to another company.\"That market is notorious because you get into mass manufacture -- terrible, low margins,\" he said of the low-price EVs. \"To install the manufacturing base for millions of these units makes little sense to me.\"Abandoning the idea of a $25,000 car comes as a blow to those who were betting that the electrification of the automobile was on track to happen seemingly overnight -- with EVs for every pocketbook replacing the tens of millions of vehicles on the roadways.Instead, we've swung back to a belief that the transition, at least in the U.S., is going to be slower.Musk upended the car industry almost two years ago with his incredible claims about Tesla's ability to slash costs as it sought to develop a lower-priced EV while at the same time starting a price war by cutting the prices of the Model 3 sedan and Model Y sport-utility vehicle.Rawlinson presenting the Lucid Gravity at the Los Angeles Auto Show in November 2023. Photo: Robyn Beck/AFP/Getty ImagesRivals, lest they be left behind Tesla and its now-discarded claims, have aimed for cheap EVs of their own. But their broader efforts to electrify have been running into trouble. Ford Motor, for example, last month said it was pausing production of its electric F-150 Lightning, which starts at around $63,000, in the midst of slumping demand.A slowdown in the rate of EV sales growth has complicated the picture. So has the growing anticipation that the new Trump administration will eliminate federal tax credits that have made EVs more affordable for buyers. The cheapest car Tesla currently sells in the U.S. starts at around $43,000 -- or $35,500 with a federal tax credit of $7,500.Building and selling a cheap car for the U.S. -- EV or not -- was already difficult.To start, profits can be thin. And that's before adding expensive batteries to the equation, before inflation jacked prices up for everything, and before Chinese rivals got really, really good at making really, really inexpensive EVs of their own.A lot of attention has focused on the fact that new cars, like everything these days, just cost way more than they used to.The average transaction price for a new vehicle sold in the U.S. last month was $48,623, according to Kelley Blue Book, roughly $10,000 higher than in 2019, before the pandemic.A decade ago, about 40% of the new-vehicle transactions in the U.S. were less than $25,000, including incentives and discounts, according to the researcher J.D. Power. This year, that figure is 9%.In 2020, when Musk fanned the flames of excitement for a $25,000 car that he said was in the offing, the new-vehicle market in the U.S. was a much different thing. Even then, roughly a quarter of the new-vehicle transactions were for less than $25,000.A cheap EV is something Rawlinson says he would only support by licensing technology to another company. Photo: Helynn Ospina for WSJA year later, according to J.D. Power, it was 15%. It then fell to 6% before slightly rebounding this year as car companies offered deals to help move vehicles as higher interest rates made buying a car harder for some.What happened? The pandemic. Prices shot up -- first in the midst of supply shortages, and then they stayed high as automakers adjusted their lineup to cut out low-profit vehicles.\"As automakers were profit maximizing during the supply chain crisis era, you are going to prioritize the bigger vehicles, the more expensive vehicles with their higher margins,\" Tyson Jominy, vice president of data and analytics at J.D. Power, told me. \"Now we just don't have\" these cheaper models.Today, just four models account for more than two-thirds of all vehicles with suggested retail prices of less than $25,000 in the U.S. -- Toyota's Corolla, Kia's Forte, Nissan's Sentra and Chevrolet's Trax.It isn't as though people don't want cheap cars. Now, many are just left buying used cars.What has Western automotive executives' stomachs churning is that they might have inadvertently left a huge opening for Chinese rivals who have shown an ability to build inexpensive EVs that consumers outside the U.S. are gobbling up.While Trump has promised even heftier tariffs to effectively keep Chinese imports out, the president-elect has suggested he might be open to Chinese automakers' setting up factories in the U.S. -- though such a move would mean their labor costs would surely increase compared with what they're accustomed to back home.Even for Musk, though, the world seems to be shifting quickly. He has said Tesla sales could rise as much as 30% next year by offering cheaper versions of existing models.\"The amount of work required to make a lower-cost car is insanely high,\" Musk told analysts in October. \"It is harder to get like 20% of the cost out of a car than it is to design the car and build the entire factory in the first place -- it's like excruciating.\"He added: \"There's not a lot of movies made about the heroes who got 20% of the cost out of a car, but let me tell you, there should be.\"","news_type":1},"isVote":1,"tweetType":1,"viewCount":14,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":371032357318792,"gmtCreate":1731602229239,"gmtModify":1731603301978,"author":{"id":"4151941377592162","authorId":"4151941377592162","name":"zelia","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4151941377592162","authorIdStr":"4151941377592162"},"themes":[],"htmlText":"Don't worry. We know the grapes are very sour.....u are such a sour grape","listText":"Don't worry. We know the grapes are very sour.....u are such a sour grape","text":"Don't worry. We know the grapes are very sour.....u are such a sour grape","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/371032357318792","repostId":"1124787577","repostType":2,"repost":{"id":"1124787577","kind":"news","pubTimestamp":1731600007,"share":"https://ttm.financial/m/news/1124787577?lang=&edition=fundamental","pubTime":"2024-11-15 00:00","market":"us","language":"en","title":"Tesla Stock Doesn't Deserve This Rally","url":"https://stock-news.laohu8.com/highlight/detail?id=1124787577","media":"seekingalpha","summary":"First off, let's address what's driving the TSLA stock's expansion in November this year. I believe that most who are buying Tesla stock these days - aside from just trend followers - are betting on the election of Donald Trump as President of the United States as a potential tailwind for Tesla, especially in light of the electric vehicle subsidies created by the Inflation Reduction Act. Additionally, a Trump administration could still levy tariffs prohibiting lower-cost Chinese EVs from enterin","content":"<html><head></head><body><h2 id=\"id_1666794739\">Summary</h2><ul style=\"\"><li><p>Despite Tesla&#39;s strong financials and growth, I maintain a &#34;Sell&#34; rating due to overvaluation driven by speculative factors like Trump&#39;s presidency and market FOMO.</p></li><li><p>Tesla&#39;s recent stock surge is attributed to potential benefits from Trump&#39;s policies, but these are uncertain and long term, not justifying the current price.</p></li><li><p>Tesla&#39;s financial health is solid, with increased revenues and cash flow, but decreasing average selling prices and high capital expenditures pose risks.</p></li><li><p>TSLA stock&#39;s current valuation exceeds even the most optimistic forecasts, making it an unattractive investment compared to other fast-growing companies.</p></li><li><p>I am Danil Sereda, chief investment officer at a family office. I analyze information that ordinary retail investors do not have access to, and lead the investing group Beyond the Wall Investing.</p></li></ul><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/97332ec96f4587d760e03c7466405358\" alt=\"Tesla office, service station, American electric car manufacturer Elon Musk, current and major repairs, alternative energy development concept, electric vehicle production, Frankfurt - May 2023\" title=\"Tesla office, service station, American electric car manufacturer Elon Musk, current and major repairs, alternative energy development concept, electric vehicle production, Frankfurt - May 2023\" tg-width=\"750\" tg-height=\"500\"/><span>Tesla office, service station, American electric car manufacturer Elon Musk, current and major repairs, alternative energy development concept, electric vehicle production, Frankfurt - May 2023</span></p><p></p><h2 id=\"id_3829677698\">Intro &amp; Thesis</h2><p>My first article about <strong>Tesla, Inc.</strong> (NASDAQ:TSLA) was published in October 2021 with a &#34;Buy&#34; rating, which I changed to &#34;Hold&#34; in October 2022 and eventually to &#34;Sell&#34; in April 2023. Since then, I have maintained my bearish rating on TSLA, which was aging well until recently - Trump&#39;s win led to a massive expansion in TSLA stock, which has been up over 60% over the past few years, according to Seeking Alpha&#39;s momentum data.</p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/22644e34544e69645941a208a4dc6f41\" alt=\"Seeking Alpha, my coverage of TSLA\" title=\"Seeking Alpha, my coverage of TSLA\" tg-width=\"640\" tg-height=\"458\"/><span>Seeking Alpha, my coverage of TSLA</span></p><p></p><p>While my bearish stance turned out to be wrong, I think the rally in Tesla stock itself is hard to explain fundamentally - it simply seems to be a reaction to a Trump-related catalyst that is unlikely to dramatically improve Tesla&#39;s business going forward. Given the valuation premium expansion and widespread FOMO I see on the market right now, I&#39;m reiterating my previous &#34;Sell&#34; rating, being a contrarian to what&#39;s going on around.</p><h2 id=\"id_1735159744\">Why Do I Think So?</h2><p>First off, let&#39;s address what&#39;s driving the TSLA stock&#39;s expansion in November this year. I believe that most who are buying Tesla stock these days - aside from just trend followers - are betting on the election of Donald Trump as President of the United States as a potential tailwind for Tesla, especially in light of the electric vehicle subsidies created by the Inflation Reduction Act. Additionally, a Trump administration could still levy tariffs prohibiting lower-cost Chinese EVs from entering the US market, which will allow Tesla to maintain market dominance. Further, Elon Musk&#39;s potential advisory role to Trump may impact federal autonomous driving laws in the United States and speed up the regulatory approval process for Tesla&#39;s self-driving technologies.</p><p>While these are all important developments for Tesla shareholders, I think the overall impact is too uncertain and too long-term to drive the stock&#39;s price up that much. I think we should look at Tesla&#39;s recent financials firsthand to really see and assess the company&#39;s medium-term prospects.</p><p>Tesla&#39;s Q3 2024 report (published in late October 2024) showed an adjusted net profit of $2.505 billion, or $0.72 per diluted share (+9% YoY), beating analyst and management expectations. The earnings beat was driven by &#34;improved vehicle deliveries, better gross margins, and efficient cost-reduction efforts&#34;, according to the management&#39;s commentary. Tesla&#39;s auto revenue grew by 2% to $20.016 billion and its Energy Generation and Storage revenue increased by 52% YoY to $2.379 billion, driven by &#34;high-demand Powerwall and Megapack products&#34;, which achieved the highest deployments and a gross margin of 30.5%.</p><p>Tesla&#39;s balance sheet remained healthy in general, as cash and cash equivalents were $33.65 billion at the close of Q3 2024. The firm&#39;s financial strength stems from its strong operating cash flows which reached $6.255 billion in Q3 - that&#39;s 89% more than last year. As a result, the FCF has gone up by about 3.2 times YoY. Though Tesla may consider share buybacks in the future, the current business environment doesn&#39;t support any buybacks until 2025-2026, I suppose.</p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/4696477d34648230d1e22e2c8554b314\" alt=\"TSLA&#39;s IR materials\" title=\"TSLA&#39;s IR materials\" tg-width=\"640\" tg-height=\"321\"/><span>TSLA&#39;s IR materials</span></p><p></p><p>On the liability side, Tesla&#39;s debt rose due to R&amp;D, AI training, and production capacity investment. However, Tesla&#39;s debt/cap ratio is still lower than the industry norm, according to Argus Research data (proprietary source, November 2024), which is a testament to its sound financial control.</p><p>Tesla delivered 462,890 vehicles during Q3, which was up 6% from the previous year driven primarily by the Model 3 and Model Y. The Shanghai facility, an integral part of Tesla&#39;s global production plans, ran at full capacity and provided substantial volumes to the firm. The plant’s bounce back from scheduled downtime in Q3 2023 speaks volumes about Tesla&#39;s reliability and performance, bullish-minded analysts at Argus Research noted.</p><p>In spite of these seemingly solid results, Tesla is plagued by issues that have hurt its financial metrics. Their average selling prices (ASP) keep decreasing due to product mix changes and increased competition within the EV space. As of note, Tesla Y is &#34;one of the quickest-depreciating cars over the past year or so: the average price of a Tesla Model 3 is now about $26,000, $8,500 less than it was a year before&#34;, according to Patrick George from Inside EVs.</p><p>This kind of ASP dynamics has challenged Tesla&#39;s automotive gross margins which, while improving over last year, remain a topic of attention for investors. Additionally, Tesla&#39;s expansion into new markets and lines of business (including Cybertruck and its upcoming low-priced EV) takes significant capital outlay, increasing the company&#39;s debt position (although it&#39;s not that scary amid Tesla&#39;s debt-to-equity of just 0.18, according to Seeking Alpha data).</p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/83e76d2c00b38b9a3998a7ef51499b80\" alt=\"Chart\" title=\"Chart\" tg-width=\"635\" tg-height=\"439\"/><span>Chart</span></p><p></p><p>Tesla&#39;s market leadership in the EV market (51% market share of the US EV market, according to Argus) is a &#34;testament to their brand and technological strength&#34;. Also, Tesla&#39;s energy businesses - Powerwall and Megapack - are expanding quickly and seem to have great long-term growth prospects. According to InsightAce Analytic, the global stationary energy storage market is estimated to reach $215.10 billion by 2031, growing at a CAGR of 22.25% during the forecast period of 2024-2031 with Tesla being one of the key market players there:</p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/e3f26a1721a19ba614598e26e409f2f2\" alt=\"InsightAce Analytic\" title=\"InsightAce Analytic\" tg-width=\"640\" tg-height=\"376\"/><span>InsightAce Analytic</span></p><p></p><p>On the other hand, Tesla is not immune to flaws and threats: This company&#39;s dependency on a handful of major markets, including the United States and China, places it at geopolitical and regulatory risk. Tesla is under strong pressure from domestic EV makers and could encounter regulatory obstacles in China, as it generates roughly a third of its consolidated sales there. In addition, Tesla’s high growth goals, including 20-30% growth in vehicle deliveries by 2025, are contingent on successful new product introductions and production capacity expansion. I think these projections are too optimistic when you see the market the company has to compete in today.</p><p>From Q4 2024 through FY2025, Tesla management set lofty expectations for both its EVs to be more accessible and its business to be autonomous. As new models roll out and production ramps up, Elon Musk expects Tesla’s vehicle deliveries to jump 20-30% by 2025. He also believes that the energy industry is likely to stay afloat with the Megapack and Powerwall markets continuing to grow.</p><p>Looking at the dynamics of analysts&#39; forecasts over the past month, we can see that the forecast EPS figures are gradually recovering from the sharp decline that has persisted since 2021. However, <em>the extent of the recovery in EPS forecasts seems too weak to me to justify the stock reaction we have seen in recent days.</em></p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/e6bdbd4bdc93e3dbc34abf3834138fd3\" alt=\"Seeking Alpha, TSLA\" title=\"Seeking Alpha, TSLA\" tg-width=\"640\" tg-height=\"330\"/><span>Seeking Alpha, TSLA</span></p><p></p><p>That is to say, sure, the recent stock rise is likely to have been warranted, but not in the way it has been. My perception is that the stock has become too distant from the present.</p><p>Despite some obvious bullish hints, Tesla&#39;s aggressive pricing - to retain market share - may continue to stress margins. Add Tesla’s heavy capital spending agenda – necessary for the company’s ambitious growth strategy - and you have a nightmare scenario that threatens even current broadly positive consensus estimates of earnings.</p><p>The presence of Tesla in China is a blessing and a curse: It&#39;s one of Tesla&#39;s key markets, but the company is now also up against regional EV makers, who are quickly taking over the market. Since Trump is now president, regulatory and geopolitical concerns also threaten Tesla’s presence in China. Whether the firm will continue to succeed in the market depends on how it is able to get past these obstacles and maintain an edge over the others. For the most part, I don’t see this risk represented clearly by market expectations today.</p><p>Additionally, as any skeptic, I&#39;m baffled as to how the company is being valued today. Not only does the stock look overbought on traditional technical measures such as the Relative Strength Index, but it&#39;s also now trading far beyond the expectations of even the most loyal bulls. Look at the Morgan Stanley CFA Adam Jonas&#39; report (proprietary source, October 2024) – he expected Tesla to be $310/share in a year. But the stock is already trading above $340, 10% higher than what one of the most bullish analysts on the market was predicting.</p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/da566d70b68ee0bc287c9b97ef3d10d0\" alt=\"Morgan Stanley (private source), October 2024, notes added\" title=\"Morgan Stanley (private source), October 2024, notes added\" tg-width=\"640\" tg-height=\"328\"/><span>Morgan Stanley (private source), October 2024, notes added</span></p><p></p><p>A lot of people would argue that EPS growth is the reason for the company’s valuation to be as strong as it is right now. But let’s face it, if you’re looking at a rapidly growing business, your best bet would be the PEG ratio, which calculates the combination of the price-to-earnings multiple and the rate of earnings growth. For Tesla in particular, this ratio doesn&#39;t even approach 1x, which is typically the benchmark for fast-growing companies. This seems to be the case at least until the end of 2027, and I suspect it may continue to be so for some time.</p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/a47258e2c54c301478e5dec891a0ef52\" alt=\"Seeking Alpha, TSLA, notes added\" title=\"Seeking Alpha, TSLA, notes added\" tg-width=\"640\" tg-height=\"346\"/><span>Seeking Alpha, TSLA, notes added</span></p><p>In other words, recent events have led to what, I believe, is an unreasonably high premium in Tesla&#39;s stock price. This premium is so significant that it seems unlikely that prudent long-term investors, following the principles of Peter Lynch or any other renowned investor in fast-growing companies, can justify holding TSLA at these levels.</p><h2 id=\"id_2580866101\">Where Can I Be Wrong?</h2><p>I might be off base in the analysis of what the market believes is an acceleration for Tesla&#39;s stock price: Perhaps I am overlooking something or an impact on Tesla&#39;s stock price that isn&#39;t yet reflected in its price, which could mean Tesla stock would swell dramatically.</p><p>Additionally, the high demand in current energy markets, which is driving multiples higher with Tesla dominating the market with its Powerwall and Megapack solutions, could drive higher multiples as the market looks forward to a higher growth rate.</p><p>When or if the Tesla stock premium eventually will drop back down to more manageable levels, I don&#39;t know for sure, I can only guess that it will at some point. If it does, it could be devastating for existing shareholders, but then again, the company may simply outgrow its current large multiples, eliminating such threats.</p><h2 id=\"id_1695721782\">The Bottom Line</h2><p>I generally agree with the bulls that Tesla&#39;s high-growth plans for Q4 2024 and FY2025, resulting from new models and growth in the energy segment, present significant opportunities for value creation. However, the business will have to judiciously control risks related to the market environment, regulatory developments, and geopolitical uncertainty to meet its long-term targets. In addition, while Trump&#39;s presidency might offer some advantages to Elon Musk&#39;s business ecosystem, it also introduces risks for Tesla in particular. Increased U.S. pressure on Chinese manufacturers could provoke retaliatory actions, and Tesla, given the critical importance of the Chinese market to its operations, could be one of the first to feel the impact. I believe these risks are being overlooked by today&#39;s Tesla buyers, who have driven the company&#39;s market cap to unprecedented heights given the fundamental setup we&#39;re looking at. Currently, Tesla is trading even higher than the most optimistic bulls predicted at the end of last month; the growth potential that very optimistic market players anticipated for the next 12 months has already been realized and even exceeded - in just a couple of weeks.</p><p>If we assess the situation without excessive optimism and try to be as objective as possible, it becomes clear that the company is overvalued, with a premium that defies reasonable logic, in my opinion. This is why I have decided to maintain my &#34;Sell&#34; rating, despite its lack of success in the recent past (as it remained relevant for many months). I believe there are many other fast-growing companies in the market that deserve investors&#39; attention, and unfortunately, Tesla isn&#39;t one of them today.</p><p><em>Thank you for reading!</em></p></body></html>","source":"seekingalpha_fund","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla Stock Doesn't Deserve This Rally</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla Stock Doesn't Deserve This Rally\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-15 00:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4736784-tesla-stock-doesnt-deserve-this-rally-reiterate-sell><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryDespite Tesla's strong financials and growth, I maintain a \"Sell\" rating due to overvaluation driven by speculative factors like Trump's presidency and market FOMO.Tesla's recent stock surge is...</p>\n\n<a href=\"https://seekingalpha.com/article/4736784-tesla-stock-doesnt-deserve-this-rally-reiterate-sell\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://seekingalpha.com/article/4736784-tesla-stock-doesnt-deserve-this-rally-reiterate-sell","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1124787577","content_text":"SummaryDespite Tesla's strong financials and growth, I maintain a \"Sell\" rating due to overvaluation driven by speculative factors like Trump's presidency and market FOMO.Tesla's recent stock surge is attributed to potential benefits from Trump's policies, but these are uncertain and long term, not justifying the current price.Tesla's financial health is solid, with increased revenues and cash flow, but decreasing average selling prices and high capital expenditures pose risks.TSLA stock's current valuation exceeds even the most optimistic forecasts, making it an unattractive investment compared to other fast-growing companies.I am Danil Sereda, chief investment officer at a family office. I analyze information that ordinary retail investors do not have access to, and lead the investing group Beyond the Wall Investing.Tesla office, service station, American electric car manufacturer Elon Musk, current and major repairs, alternative energy development concept, electric vehicle production, Frankfurt - May 2023Intro & ThesisMy first article about Tesla, Inc. (NASDAQ:TSLA) was published in October 2021 with a \"Buy\" rating, which I changed to \"Hold\" in October 2022 and eventually to \"Sell\" in April 2023. Since then, I have maintained my bearish rating on TSLA, which was aging well until recently - Trump's win led to a massive expansion in TSLA stock, which has been up over 60% over the past few years, according to Seeking Alpha's momentum data.Seeking Alpha, my coverage of TSLAWhile my bearish stance turned out to be wrong, I think the rally in Tesla stock itself is hard to explain fundamentally - it simply seems to be a reaction to a Trump-related catalyst that is unlikely to dramatically improve Tesla's business going forward. Given the valuation premium expansion and widespread FOMO I see on the market right now, I'm reiterating my previous \"Sell\" rating, being a contrarian to what's going on around.Why Do I Think So?First off, let's address what's driving the TSLA stock's expansion in November this year. I believe that most who are buying Tesla stock these days - aside from just trend followers - are betting on the election of Donald Trump as President of the United States as a potential tailwind for Tesla, especially in light of the electric vehicle subsidies created by the Inflation Reduction Act. Additionally, a Trump administration could still levy tariffs prohibiting lower-cost Chinese EVs from entering the US market, which will allow Tesla to maintain market dominance. Further, Elon Musk's potential advisory role to Trump may impact federal autonomous driving laws in the United States and speed up the regulatory approval process for Tesla's self-driving technologies.While these are all important developments for Tesla shareholders, I think the overall impact is too uncertain and too long-term to drive the stock's price up that much. I think we should look at Tesla's recent financials firsthand to really see and assess the company's medium-term prospects.Tesla's Q3 2024 report (published in late October 2024) showed an adjusted net profit of $2.505 billion, or $0.72 per diluted share (+9% YoY), beating analyst and management expectations. The earnings beat was driven by \"improved vehicle deliveries, better gross margins, and efficient cost-reduction efforts\", according to the management's commentary. Tesla's auto revenue grew by 2% to $20.016 billion and its Energy Generation and Storage revenue increased by 52% YoY to $2.379 billion, driven by \"high-demand Powerwall and Megapack products\", which achieved the highest deployments and a gross margin of 30.5%.Tesla's balance sheet remained healthy in general, as cash and cash equivalents were $33.65 billion at the close of Q3 2024. The firm's financial strength stems from its strong operating cash flows which reached $6.255 billion in Q3 - that's 89% more than last year. As a result, the FCF has gone up by about 3.2 times YoY. Though Tesla may consider share buybacks in the future, the current business environment doesn't support any buybacks until 2025-2026, I suppose.TSLA's IR materialsOn the liability side, Tesla's debt rose due to R&D, AI training, and production capacity investment. However, Tesla's debt/cap ratio is still lower than the industry norm, according to Argus Research data (proprietary source, November 2024), which is a testament to its sound financial control.Tesla delivered 462,890 vehicles during Q3, which was up 6% from the previous year driven primarily by the Model 3 and Model Y. The Shanghai facility, an integral part of Tesla's global production plans, ran at full capacity and provided substantial volumes to the firm. The plant’s bounce back from scheduled downtime in Q3 2023 speaks volumes about Tesla's reliability and performance, bullish-minded analysts at Argus Research noted.In spite of these seemingly solid results, Tesla is plagued by issues that have hurt its financial metrics. Their average selling prices (ASP) keep decreasing due to product mix changes and increased competition within the EV space. As of note, Tesla Y is \"one of the quickest-depreciating cars over the past year or so: the average price of a Tesla Model 3 is now about $26,000, $8,500 less than it was a year before\", according to Patrick George from Inside EVs.This kind of ASP dynamics has challenged Tesla's automotive gross margins which, while improving over last year, remain a topic of attention for investors. Additionally, Tesla's expansion into new markets and lines of business (including Cybertruck and its upcoming low-priced EV) takes significant capital outlay, increasing the company's debt position (although it's not that scary amid Tesla's debt-to-equity of just 0.18, according to Seeking Alpha data).ChartTesla's market leadership in the EV market (51% market share of the US EV market, according to Argus) is a \"testament to their brand and technological strength\". Also, Tesla's energy businesses - Powerwall and Megapack - are expanding quickly and seem to have great long-term growth prospects. According to InsightAce Analytic, the global stationary energy storage market is estimated to reach $215.10 billion by 2031, growing at a CAGR of 22.25% during the forecast period of 2024-2031 with Tesla being one of the key market players there:InsightAce AnalyticOn the other hand, Tesla is not immune to flaws and threats: This company's dependency on a handful of major markets, including the United States and China, places it at geopolitical and regulatory risk. Tesla is under strong pressure from domestic EV makers and could encounter regulatory obstacles in China, as it generates roughly a third of its consolidated sales there. In addition, Tesla’s high growth goals, including 20-30% growth in vehicle deliveries by 2025, are contingent on successful new product introductions and production capacity expansion. I think these projections are too optimistic when you see the market the company has to compete in today.From Q4 2024 through FY2025, Tesla management set lofty expectations for both its EVs to be more accessible and its business to be autonomous. As new models roll out and production ramps up, Elon Musk expects Tesla’s vehicle deliveries to jump 20-30% by 2025. He also believes that the energy industry is likely to stay afloat with the Megapack and Powerwall markets continuing to grow.Looking at the dynamics of analysts' forecasts over the past month, we can see that the forecast EPS figures are gradually recovering from the sharp decline that has persisted since 2021. However, the extent of the recovery in EPS forecasts seems too weak to me to justify the stock reaction we have seen in recent days.Seeking Alpha, TSLAThat is to say, sure, the recent stock rise is likely to have been warranted, but not in the way it has been. My perception is that the stock has become too distant from the present.Despite some obvious bullish hints, Tesla's aggressive pricing - to retain market share - may continue to stress margins. Add Tesla’s heavy capital spending agenda – necessary for the company’s ambitious growth strategy - and you have a nightmare scenario that threatens even current broadly positive consensus estimates of earnings.The presence of Tesla in China is a blessing and a curse: It's one of Tesla's key markets, but the company is now also up against regional EV makers, who are quickly taking over the market. Since Trump is now president, regulatory and geopolitical concerns also threaten Tesla’s presence in China. Whether the firm will continue to succeed in the market depends on how it is able to get past these obstacles and maintain an edge over the others. For the most part, I don’t see this risk represented clearly by market expectations today.Additionally, as any skeptic, I'm baffled as to how the company is being valued today. Not only does the stock look overbought on traditional technical measures such as the Relative Strength Index, but it's also now trading far beyond the expectations of even the most loyal bulls. Look at the Morgan Stanley CFA Adam Jonas' report (proprietary source, October 2024) – he expected Tesla to be $310/share in a year. But the stock is already trading above $340, 10% higher than what one of the most bullish analysts on the market was predicting.Morgan Stanley (private source), October 2024, notes addedA lot of people would argue that EPS growth is the reason for the company’s valuation to be as strong as it is right now. But let’s face it, if you’re looking at a rapidly growing business, your best bet would be the PEG ratio, which calculates the combination of the price-to-earnings multiple and the rate of earnings growth. For Tesla in particular, this ratio doesn't even approach 1x, which is typically the benchmark for fast-growing companies. This seems to be the case at least until the end of 2027, and I suspect it may continue to be so for some time.Seeking Alpha, TSLA, notes addedIn other words, recent events have led to what, I believe, is an unreasonably high premium in Tesla's stock price. This premium is so significant that it seems unlikely that prudent long-term investors, following the principles of Peter Lynch or any other renowned investor in fast-growing companies, can justify holding TSLA at these levels.Where Can I Be Wrong?I might be off base in the analysis of what the market believes is an acceleration for Tesla's stock price: Perhaps I am overlooking something or an impact on Tesla's stock price that isn't yet reflected in its price, which could mean Tesla stock would swell dramatically.Additionally, the high demand in current energy markets, which is driving multiples higher with Tesla dominating the market with its Powerwall and Megapack solutions, could drive higher multiples as the market looks forward to a higher growth rate.When or if the Tesla stock premium eventually will drop back down to more manageable levels, I don't know for sure, I can only guess that it will at some point. If it does, it could be devastating for existing shareholders, but then again, the company may simply outgrow its current large multiples, eliminating such threats.The Bottom LineI generally agree with the bulls that Tesla's high-growth plans for Q4 2024 and FY2025, resulting from new models and growth in the energy segment, present significant opportunities for value creation. However, the business will have to judiciously control risks related to the market environment, regulatory developments, and geopolitical uncertainty to meet its long-term targets. In addition, while Trump's presidency might offer some advantages to Elon Musk's business ecosystem, it also introduces risks for Tesla in particular. Increased U.S. pressure on Chinese manufacturers could provoke retaliatory actions, and Tesla, given the critical importance of the Chinese market to its operations, could be one of the first to feel the impact. I believe these risks are being overlooked by today's Tesla buyers, who have driven the company's market cap to unprecedented heights given the fundamental setup we're looking at. Currently, Tesla is trading even higher than the most optimistic bulls predicted at the end of last month; the growth potential that very optimistic market players anticipated for the next 12 months has already been realized and even exceeded - in just a couple of weeks.If we assess the situation without excessive optimism and try to be as objective as possible, it becomes clear that the company is overvalued, with a premium that defies reasonable logic, in my opinion. This is why I have decided to maintain my \"Sell\" rating, despite its lack of success in the recent past (as it remained relevant for many months). I believe there are many other fast-growing companies in the market that deserve investors' attention, and unfortunately, Tesla isn't one of them today.Thank you for reading!","news_type":1},"isVote":1,"tweetType":1,"viewCount":80,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":366428004249832,"gmtCreate":1730468379628,"gmtModify":1730468383611,"author":{"id":"4151941377592162","authorId":"4151941377592162","name":"zelia","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4151941377592162","authorIdStr":"4151941377592162"},"themes":[],"htmlText":"SO many hatets around. THe more the merrier. Pls keep shorting. So that the peice can go up even more","listText":"SO many hatets around. THe more the merrier. Pls keep shorting. So that the peice can go up even more","text":"SO many hatets around. THe more the merrier. Pls keep shorting. So that the peice can go up even more","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/366428004249832","repostId":"2480001074","repostType":2,"repost":{"id":"2480001074","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1730512800,"share":"https://ttm.financial/m/news/2480001074?lang=&edition=fundamental","pubTime":"2024-11-02 10:00","market":"us","language":"en","title":"Don’t Let Tesla’s Big Moves Fool You. Where the Chart Says the Stock Is Heading Next","url":"https://stock-news.laohu8.com/highlight/detail?id=2480001074","media":"Dow Jones","summary":"Tesla stock fell on Friday, failing to take shares to akey leveltraders were looking for.Coming into Friday trading, Tesla stock was down about 7% for the week, leaving share up about 1% year to date.","content":"<html><head></head><body><p style=\"text-align: start;\">Tesla stock fell on Friday, failing to take shares to akey leveltraders were looking for.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/6490391a04aec93f1d543e9c4834327f\" alt=\"Coming into Friday trading, Tesla stock was down about 7% for the week, leaving share up about 1% year to date.\" title=\"Coming into Friday trading, Tesla stock was down about 7% for the week, leaving share up about 1% year to date.\" tg-width=\"958\" tg-height=\"631\"/><span>Coming into Friday trading, Tesla stock was down about 7% for the week, leaving share up about 1% year to date.</span></p><p style=\"text-align: start;\">Shares of the electric vehicle maker fell 0.3% to $248.98 while the S&amp;P 500 and Dow Jones Industrial Average rose 0.4% and 0.7%, respectively.</p><p>The stock finished roughly $16, or 6%, away from $265, a level where it has run into resistance for months.</p><p>Resistance is a term used by technical stock market analysts that describes where investors have sold stock to take profits. It’s like an invisible ceiling for a share price.</p><p>Technical analysts don’t make fundamental calls on Tesla or other shares. They look at stock charts to get a sense of where a stock could go over the short and medium term.</p><p>Tesla shares broke through that resistance, closing at $269.19 this past Friday following better-than-expected third-quarter earnings. It was a sign that shares could be breaking through the ceiling.</p><p style=\"text-align: start;\">But one close above $265 isn’t a trend and it’s a better sign if a stock can keep closing above key levels.</p><p style=\"text-align: start;\">“A breakout would require two weekly…closes above that level to be confirmed [and] decisive,” says Fairlead Strategies founder and technical analyst Katie Stockton.</p><p style=\"text-align: start;\">Confirmation didn’t happen. Tesla shares closed Thursday below $250, dropping 3%. The market deserved some of the blame. The S&amp;P 500 dropped 1.9%, reacting badly to inflation data and earnings from Microsoft. Shares of the tech giant fell 6.1%</p><p style=\"text-align: start;\">A failed breakout likely leaves Tesla stock trading in a range. The opposite of resistance is support. The $243 level is now “possible support,” adds Stockton. Below that, investors will be looking at 50-day and 200-day moving averages of about $$233 and $202, respectively.</p><p style=\"text-align: start;\">It would have taken some heavy lifting to get shares north of $265. They needed a roughly 5% gain on Friday. Tesla stock has gained more than 5% in a day 227 times over its history as a publicly traded company, according to FactSet. That’s about 0.6% of the time.</p><p style=\"text-align: start;\">It looks as if investors decided to take profits on Tesla stock, again, around $265. Earnings didn’t change that.</p><p style=\"text-align: start;\">Through Friday trading, Tesla stock was up about 50 cents, or 0.2%, year to date. It’s a small move, but the path to flat has been wild. Shares were up about 80% from a 52-week intraday low reached in April. Shares were down about 10% from a 52-week intraday high reached after Tesla’s third-quarter earnings report.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Don’t Let Tesla’s Big Moves Fool You. Where the Chart Says the Stock Is Heading Next</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDon’t Let Tesla’s Big Moves Fool You. Where the Chart Says the Stock Is Heading Next\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2024-11-02 10:00</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p style=\"text-align: start;\">Tesla stock fell on Friday, failing to take shares to akey leveltraders were looking for.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/6490391a04aec93f1d543e9c4834327f\" alt=\"Coming into Friday trading, Tesla stock was down about 7% for the week, leaving share up about 1% year to date.\" title=\"Coming into Friday trading, Tesla stock was down about 7% for the week, leaving share up about 1% year to date.\" tg-width=\"958\" tg-height=\"631\"/><span>Coming into Friday trading, Tesla stock was down about 7% for the week, leaving share up about 1% year to date.</span></p><p style=\"text-align: start;\">Shares of the electric vehicle maker fell 0.3% to $248.98 while the S&amp;P 500 and Dow Jones Industrial Average rose 0.4% and 0.7%, respectively.</p><p>The stock finished roughly $16, or 6%, away from $265, a level where it has run into resistance for months.</p><p>Resistance is a term used by technical stock market analysts that describes where investors have sold stock to take profits. It’s like an invisible ceiling for a share price.</p><p>Technical analysts don’t make fundamental calls on Tesla or other shares. They look at stock charts to get a sense of where a stock could go over the short and medium term.</p><p>Tesla shares broke through that resistance, closing at $269.19 this past Friday following better-than-expected third-quarter earnings. It was a sign that shares could be breaking through the ceiling.</p><p style=\"text-align: start;\">But one close above $265 isn’t a trend and it’s a better sign if a stock can keep closing above key levels.</p><p style=\"text-align: start;\">“A breakout would require two weekly…closes above that level to be confirmed [and] decisive,” says Fairlead Strategies founder and technical analyst Katie Stockton.</p><p style=\"text-align: start;\">Confirmation didn’t happen. Tesla shares closed Thursday below $250, dropping 3%. The market deserved some of the blame. The S&amp;P 500 dropped 1.9%, reacting badly to inflation data and earnings from Microsoft. Shares of the tech giant fell 6.1%</p><p style=\"text-align: start;\">A failed breakout likely leaves Tesla stock trading in a range. The opposite of resistance is support. The $243 level is now “possible support,” adds Stockton. Below that, investors will be looking at 50-day and 200-day moving averages of about $$233 and $202, respectively.</p><p style=\"text-align: start;\">It would have taken some heavy lifting to get shares north of $265. They needed a roughly 5% gain on Friday. Tesla stock has gained more than 5% in a day 227 times over its history as a publicly traded company, according to FactSet. That’s about 0.6% of the time.</p><p style=\"text-align: start;\">It looks as if investors decided to take profits on Tesla stock, again, around $265. Earnings didn’t change that.</p><p style=\"text-align: start;\">Through Friday trading, Tesla stock was up about 50 cents, or 0.2%, year to date. It’s a small move, but the path to flat has been wild. Shares were up about 80% from a 52-week intraday low reached in April. Shares were down about 10% from a 52-week intraday high reached after Tesla’s third-quarter earnings report.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU1435385759.SGD":"Natixis Loomis Sayles US Growth Equity RA SGD-H","BK4527":"明星科技股","LU1839511570.USD":"WELLS FARGO GLOBAL FACTOR ENHANCED EQUITY \"I\" (USD) ACC","LU2213496289.HKD":"ALLIANZ INCOME AND GROWTH \"AT\" (HKD) ACC","LU0056508442.USD":"贝莱德世界科技基金A2","LU0964807845.USD":"ALLIANZ INCOME & GROWTH \"A\" (USD) INC","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","BK4550":"红杉资本持仓","BK4588":"碎股","IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) ACC","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","BK4551":"寇图资本持仓","LU0820562030.AUD":"ALLIANZ INCOME AND GROWTH \"AMH2\" (AUDHDG) H2 INC","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","LU2063271972.USD":"富兰克林创新领域基金","BK4581":"高盛持仓","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","SG9999015986.USD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","BK4099":"汽车制造商","LU1145028129.USD":"ALLIANZ INCOME AND GROWTH \"AQ\" (USD) INC","LU0466842654.USD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"A\" (USD) ACC","SG9999015978.USD":"利安颠覆性创新基金A","LU0097036916.USD":"贝莱德美国增长A2 USD","LU0823414478.USD":"法巴经典能源转换基金","LU2326559502.SGD":"Natixis Loomis Sayles US Growth Equity P/A SGD-H","LU2087621335.USD":"ALLSPRING GLOBAL FACTOR ENHANCED EQUITY \"A\" (USD) ACC","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","LU2023250330.USD":"ALLIANZ INCOME AND GROWTH \"AMG\" (USD) INC","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","LU1861215975.USD":"贝莱德新一代科技基金 A2","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","LU1548497426.USD":"安联环球人工智能AT Acc","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H","LU1861558580.USD":"日兴方舟颠覆性创新基金B","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","TSLA":"特斯拉","BK4592":"伊斯兰概念","TSLL":"Direxion Daily TSLA Bull 2X Shares","LU2756315318.SGD":"ALLIANZ INCOME AND GROWTH \"AMG\" (SGDHDG) INC A","LU1861559042.SGD":"日兴方舟颠覆性创新基金B SGD","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","BK4533":"AQR资本管理(全球第二大对冲基金)","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","SG9999015952.SGD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (SGD) ACC","LU0823411888.USD":"法巴消费创新基金 Cap"},"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2480001074","content_text":"Tesla stock fell on Friday, failing to take shares to akey leveltraders were looking for.Coming into Friday trading, Tesla stock was down about 7% for the week, leaving share up about 1% year to date.Shares of the electric vehicle maker fell 0.3% to $248.98 while the S&P 500 and Dow Jones Industrial Average rose 0.4% and 0.7%, respectively.The stock finished roughly $16, or 6%, away from $265, a level where it has run into resistance for months.Resistance is a term used by technical stock market analysts that describes where investors have sold stock to take profits. It’s like an invisible ceiling for a share price.Technical analysts don’t make fundamental calls on Tesla or other shares. They look at stock charts to get a sense of where a stock could go over the short and medium term.Tesla shares broke through that resistance, closing at $269.19 this past Friday following better-than-expected third-quarter earnings. It was a sign that shares could be breaking through the ceiling.But one close above $265 isn’t a trend and it’s a better sign if a stock can keep closing above key levels.“A breakout would require two weekly…closes above that level to be confirmed [and] decisive,” says Fairlead Strategies founder and technical analyst Katie Stockton.Confirmation didn’t happen. Tesla shares closed Thursday below $250, dropping 3%. The market deserved some of the blame. The S&P 500 dropped 1.9%, reacting badly to inflation data and earnings from Microsoft. Shares of the tech giant fell 6.1%A failed breakout likely leaves Tesla stock trading in a range. The opposite of resistance is support. The $243 level is now “possible support,” adds Stockton. Below that, investors will be looking at 50-day and 200-day moving averages of about $$233 and $202, respectively.It would have taken some heavy lifting to get shares north of $265. They needed a roughly 5% gain on Friday. Tesla stock has gained more than 5% in a day 227 times over its history as a publicly traded company, according to FactSet. That’s about 0.6% of the time.It looks as if investors decided to take profits on Tesla stock, again, around $265. Earnings didn’t change that.Through Friday trading, Tesla stock was up about 50 cents, or 0.2%, year to date. It’s a small move, but the path to flat has been wild. Shares were up about 80% from a 52-week intraday low reached in April. Shares were down about 10% from a 52-week intraday high reached after Tesla’s third-quarter earnings report.","news_type":1},"isVote":1,"tweetType":1,"viewCount":18,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":370190287581304,"gmtCreate":1731406712456,"gmtModify":1731406716230,"author":{"id":"4151941377592162","authorId":"4151941377592162","name":"zelia","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4151941377592162","authorIdStr":"4151941377592162"},"themes":[],"htmlText":"We know. The grapes very sour. Pls try harder","listText":"We know. The grapes very sour. Pls try harder","text":"We know. The grapes very sour. Pls try harder","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/370190287581304","repostId":"1127091485","repostType":2,"repost":{"id":"1127091485","kind":"news","weMediaInfo":{"introduction":"Track stock‘s movements and relevant news","home_visible":1,"media_name":"Stock Track","id":"1086803395","head_image":"https://static.tigerbbs.com/a81accab1e7ee4144dc051f71903a390"},"pubTimestamp":1731405995,"share":"https://ttm.financial/m/news/1127091485?lang=&edition=fundamental","pubTime":"2024-11-12 18:06","market":"us","language":"en","title":"Stock Track | Tesla Slipped 3% Amid Concerns Over Growth, Valuation and Trade Tensions","url":"https://stock-news.laohu8.com/highlight/detail?id=1127091485","media":"Stock Track","summary":"Shares of Tesla Inc.  were down around 5% in pre-market trading on Monday, November 12th, as investors appeared to take profits following the electric vehicle maker's recent post-election rally.Tesla's stock had surged nearly 40% since Donald Trump's reelection victory on November 5th, buoyed by optimism that the new administration's policies could benefit the company's autonomous driving and robotaxi initiatives. However, the euphoria appears to be waning amid concerns over Tesla's slowing grow","content":"<html><head></head><body><p>Shares of Tesla Inc. (TSLA) were down over 3% in pre-market trading, as investors appeared to take profits following the electric vehicle maker&#39;s recent post-election rally.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/434479b8c2d812ce8d61382beefde139\" title=\"\" tg-width=\"794\" tg-height=\"844\"/></p><p>Tesla&#39;s stock had surged nearly 40% since Donald Trump&#39;s reelection victory on November 5th, buoyed by optimism that the new administration&#39;s policies could benefit the company&#39;s autonomous driving and robotaxi initiatives. However, the euphoria appears to be waning amid concerns over Tesla&#39;s slowing growth prospects and lofty valuation.</p><p>While Tesla&#39;s Bitcoin holdings have appreciated significantly, reaching a value of around $1 billion as the cryptocurrency hit a new all-time high, analysts have raised concerns about the company&#39;s core electric vehicle business. Tesla&#39;s EV sales growth has been slowing, and it faces increasing competition from low-cost manufacturers like China&#39;s BYD, which offers vehicles priced as low as $10,000. This has put pressure on Tesla&#39;s profitability and raised doubts about the sustainability of its current valuation.</p><p>Additionally, there are concerns that the potential for escalating trade tensions between the US and China under the new Trump administration could impact the global tech and automotive industries, including Tesla. Trump is reportedly considering elevating China hawks like Marco Rubio and Mike Waltz to key positions, which could further strain relations between the two superpowers.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Stock Track | Tesla Slipped 3% Amid Concerns Over Growth, Valuation and Trade Tensions</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nStock Track | Tesla Slipped 3% Amid Concerns Over Growth, Valuation and Trade Tensions\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1086803395\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/a81accab1e7ee4144dc051f71903a390);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Stock Track </p>\n<p class=\"h-time\">2024-11-12 18:06</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Shares of Tesla Inc. (TSLA) were down over 3% in pre-market trading, as investors appeared to take profits following the electric vehicle maker&#39;s recent post-election rally.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/434479b8c2d812ce8d61382beefde139\" title=\"\" tg-width=\"794\" tg-height=\"844\"/></p><p>Tesla&#39;s stock had surged nearly 40% since Donald Trump&#39;s reelection victory on November 5th, buoyed by optimism that the new administration&#39;s policies could benefit the company&#39;s autonomous driving and robotaxi initiatives. However, the euphoria appears to be waning amid concerns over Tesla&#39;s slowing growth prospects and lofty valuation.</p><p>While Tesla&#39;s Bitcoin holdings have appreciated significantly, reaching a value of around $1 billion as the cryptocurrency hit a new all-time high, analysts have raised concerns about the company&#39;s core electric vehicle business. Tesla&#39;s EV sales growth has been slowing, and it faces increasing competition from low-cost manufacturers like China&#39;s BYD, which offers vehicles priced as low as $10,000. This has put pressure on Tesla&#39;s profitability and raised doubts about the sustainability of its current valuation.</p><p>Additionally, there are concerns that the potential for escalating trade tensions between the US and China under the new Trump administration could impact the global tech and automotive industries, including Tesla. Trump is reportedly considering elevating China hawks like Marco Rubio and Mike Waltz to key positions, which could further strain relations between the two superpowers.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1127091485","content_text":"Shares of Tesla Inc. (TSLA) were down over 3% in pre-market trading, as investors appeared to take profits following the electric vehicle maker's recent post-election rally.Tesla's stock had surged nearly 40% since Donald Trump's reelection victory on November 5th, buoyed by optimism that the new administration's policies could benefit the company's autonomous driving and robotaxi initiatives. However, the euphoria appears to be waning amid concerns over Tesla's slowing growth prospects and lofty valuation.While Tesla's Bitcoin holdings have appreciated significantly, reaching a value of around $1 billion as the cryptocurrency hit a new all-time high, analysts have raised concerns about the company's core electric vehicle business. Tesla's EV sales growth has been slowing, and it faces increasing competition from low-cost manufacturers like China's BYD, which offers vehicles priced as low as $10,000. This has put pressure on Tesla's profitability and raised doubts about the sustainability of its current valuation.Additionally, there are concerns that the potential for escalating trade tensions between the US and China under the new Trump administration could impact the global tech and automotive industries, including Tesla. Trump is reportedly considering elevating China hawks like Marco Rubio and Mike Waltz to key positions, which could further strain relations between the two superpowers.","news_type":1},"isVote":1,"tweetType":1,"viewCount":23,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":367731903901872,"gmtCreate":1730796049915,"gmtModify":1730796053908,"author":{"id":"4151941377592162","authorId":"4151941377592162","name":"zelia","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4151941377592162","authorIdStr":"4151941377592162"},"themes":[],"htmlText":"How many times u need to publish this????","listText":"How many times u need to publish this????","text":"How many times u need to publish this????","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/367731903901872","repostId":"2481535034","repostType":2,"repost":{"id":"2481535034","kind":"highlight","pubTimestamp":1730794582,"share":"https://ttm.financial/m/news/2481535034?lang=&edition=fundamental","pubTime":"2024-11-05 16:16","market":"nz","language":"en","title":"Tesla Stock: Why I Remain A Buyer","url":"https://stock-news.laohu8.com/highlight/detail?id=2481535034","media":"seekingalpha","summary":"So I think most likely, we'll see a continued decline in interest rates, which helps with the affordability of vehicles. - CEO Elon Musk in the Q3 FY24 earnings call.  Tesla's total deliveries grew 6.4% YoY, outperforming the broader industry, which has seen YoY declines:   Total deliveries YoY  Over the next 6 months, the introduction of affordable Tesla models  in H1 FY25 is expected to boost automotive sales growth aga","content":"<html><head></head><body><ul style=\"\"><li><p>Tesla, Inc.&#39;s automotive sales are resilient vs. amidst a challenging backdrop in the industry. The rollout of affordable models in H1 FY25 are a key volumes catalyst.</p></li><li><p>Margin performance is at local highs but is likely to revert a bit, driven by fluctuations in the nature of energy business projects and lower average selling price pressures.</p></li><li><p>Valuations are at a premium, driven by full self-drive and Optimus expectations. I believe this is acceptable, contingent on the timelines of robotaxis and FSD rollout being intact in FY25.</p></li><li><p>The relative technicals vs. the S&amp;P 500 point bullish after a false breakout down. The ratio prices are basing and forming a support, indicating readiness to move up over the coming months ahead.</p></li><li><p>Prepaid expenses have been creeping up over the past few quarters, eroding cash flow conversion. This is something I am monitoring; a common oversight is for investors to focus on margin movements but ignore erosion in working capital intensity.</p></li></ul><h2 id=\"id_1651983485\">Performance Assessment</h2><p>I&#39;ve had a strong bullish view on <strong>Tesla, Inc.</strong> (NASDAQ:TSLA) since my last update in late September 2024. This investment is yet to yield major returns as it has lagged the S&amp;P 500 (SPY, SPX, IVV, VOO) slightly so far:</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/d3a4908be92a0fb491c8d03f061f2684\" tg-width=\"281\" tg-height=\"434\"/></p><p>Performance since Author&#39;s Last Article on Tesla (Seeking Alpha, Author&#39;s Last Article on Tesla)</p><p>I still hold Tesla in my portfolio since I remain bullish on the stock:</p><h2 id=\"id_345243706\">Thesis</h2><p>Since my last update on the stock, Tesla has had a full self-drive (“FSD”) and Optimus update on October 10, which broadly disappointed the market due to a perceived lack of specific data on monetization of the robotaxi vision. The stock fell 11% after this event. However, the Q3 FY24 earnings release was received more positively as the stock rallied up to 28% in 3 days after that.</p><ol start=\"1\" style=\"\"><li><p>Automotive deliveries and sales are resilient amid a challenging backdrop</p></li><li><p>Margin performance is likely to revert a bit</p></li><li><p>Valuations are at a premium driven by FSD and Optimus expectations</p></li><li><p>Technicals point bullish after a false breakout down</p></li><li><p>Prepaid expenses creep up are a working capital monitorable.</p></li></ol><h2 id=\"id_4066176264\">Automotive deliveries and sales are resilient amid a challenging backdrop</h2><p>I had previously anticipated rate cuts to boost demand. This seems to still be in-play:</p><blockquote><p>a helpful macro trend is, if there&#39;s a decline in the interest rates, thishas a massive effect on the automotive demand. For the vast majority of people, the demand is driven by the monthly payment. Can they afford monthly payment? So I think most likely, we&#39;ll see a continued decline in interest rates, which helps with the affordability of vehicles.</p><p>- CEO Elon Musk in the Q3 FY24 earnings call.</p></blockquote><p>Tesla&#39;s total deliveries grew 6.4% YoY, outperforming the broader industry, which has seen YoY declines:</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/3ca7dcc7925e9e3f2314cc72e84d3975\" alt=\"Tesla Stock: Why I Remain A Buyer\" title=\"Tesla Stock: Why I Remain A Buyer\" tg-width=\"557\" tg-height=\"251\"/><span>Tesla Stock: Why I Remain A Buyer</span></p><p>Over the next 6 months, the introduction of affordable Tesla models ($30,000 and below price points) in H1 FY25 is expected to boost automotive sales growth again by 20-30%:</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/a83ba6c664f253e6bcb6869cd17d014b\" alt=\"Automotive revenue YoY (Company Filings, Author&#39;s Analysis)\" title=\"Automotive revenue YoY (Company Filings, Author&#39;s Analysis)\" tg-width=\"559\" tg-height=\"246\"/><span>Automotive revenue YoY (Company Filings, Author&#39;s Analysis)</span></p><p>Hence, my assessment is that Tesla is holding well in sales performance so far, with further upside catalysts ahead in the next half-year.</p><h2 id=\"id_1162314054\">Margin performance is likely to revert a bit</h2><p>Tesla saw a meaningful +180bps jump in gross margins in the latest quarter:</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/092b7f2c450f7f13bfbabee80cdead00\" alt=\"Gross profit margin (Company Filings, Author&#39;s Analysis)\" title=\"Gross profit margin (Company Filings, Author&#39;s Analysis)\" tg-width=\"640\" tg-height=\"356\"/><span>Gross profit margin (Company Filings, Author&#39;s Analysis)</span></p><p>This is driven by gross profit margin uptick in both automotive (80.6% of gross profit mix) and energy business lines:</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/3ae1bf75299feebdee07cb6311835af2\" alt=\"Automotive vs Energy Business Gross Margins (Company Filings, Author&#39;s Analysis)\" title=\"Automotive vs Energy Business Gross Margins (Company Filings, Author&#39;s Analysis)\" tg-width=\"640\" tg-height=\"459\"/><span>Automotive vs Energy Business Gross Margins (Company Filings, Author&#39;s Analysis)</span></p><p>However, management commentary suggests that the current gross profit margin levels may revert down a bit:</p><blockquote><p>Energy margins in Q3 were a record at more than 30%. This is a function of mix of projects being deployed in the quarter. Note that <strong>there will be fluctuation in margins</strong> as we manage through deployments and our inventory.</p><p>- CFO Vaibhav Taneja in the Q3 FY24 earnings call, Author&#39;s bolded highlight.</p></blockquote><p>On the automotive side, Tesla&#39;s average vehicle sales price has been ticking down, driven primarily by financing incentives:</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/852de65bf54c11e0f166abbffa1005ac\" alt=\"Average vehicle sales price (Company Filings, Author&#39;s Analysis)\" title=\"Average vehicle sales price (Company Filings, Author&#39;s Analysis)\" tg-width=\"640\" tg-height=\"284\"/><span>Average vehicle sales price (Company Filings, Author&#39;s Analysis)</span></p><p>This is one of the factors expected to weigh down on margins in Q4 FY24. Thus, I anticipate the gross profit margin profile in Q4 and beyond to revert toward the 19.0% levels. I am still baking in some improvement as the company has been making structural progress on lowering the cost per vehicle.</p><h2 id=\"id_2514648645\">Valuations are at a premium driven by FSD and Optimus expectations</h2><p>Tesla stock currently trades at a 1-yr fwd P/E of 80.6x, which corresponds to a 32% premium to the recent median 1-yr fwd P/E of 61.1x:</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/0123e7ae579e1f0bed7c09dae2426cc4\" alt=\"1-yr fwd PE and MCAP (Capital IQ, Author&#39;s Analysis)\" title=\"1-yr fwd PE and MCAP (Capital IQ, Author&#39;s Analysis)\" tg-width=\"640\" tg-height=\"466\"/><span>1-yr fwd PE and MCAP (Capital IQ, Author&#39;s Analysis)</span></p><p>I posit that bullish expectations on FSD and Optimus growth vectors are the key determinants of the premium valuation. On FSD, the bullishness seems to be driven by expectations of full autonomy for the existing vehicle fleet in 2025:</p><blockquote><p>There&#39;s no need to wait for a robotaxi or a Cybercab to experience full autonomy. We expect to achieve that next year with our existing vehicle line.</p><p>- CEO Elon Musk in the Q3 FY24 earnings call.</p></blockquote><p>On the Optimus humanoid, Musk noted a massive improvement in movement dexterity and expressed confidence in scalability to high-volume production.</p><p>Now, I think it is prudent for any investor to downgrade the timelines of the Tesla CEO&#39;s comments, as Musk has a notorious reputation of pushing timelines. Still, I believe a modest relative valuation premium is acceptable at this stage. A key monitorable for it remaining so it would be approvals for the roll-out of ride-hailing services in Texas and California next year.</p><h2 id=\"id_2016154448\">Technicals point bullish after a false breakout down</h2><p><em>If this is your first time reading a Hunting Alpha article using Technical Analysis, you may want to read this post, which explains how and why I read the charts the way I do. All my charts reflect total shareholder return as they are adjusted for dividends/distributions.</em></p><h3 id=\"id_1263218508\">Relative Read of TSLA vs. SPX500</h3><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/ff230a557a1a67d0c7c9d011a6741d8c\" alt=\"TSLA vs SPX500 Technical Analysis (TradingView, Author&#39;s Analysis)\" title=\"TSLA vs SPX500 Technical Analysis (TradingView, Author&#39;s Analysis)\" tg-width=\"640\" tg-height=\"391\"/><span>TSLA vs SPX500 Technical Analysis (TradingView, Author&#39;s Analysis)</span></p><p>TSLA stock relative to the S&amp;P500 has posted a false breakout below a strong up-thrust. The ratio prices have stabilized, basing and forming a new support level. I anticipate further expansion toward the upside over the coming months.</p><h2 id=\"id_4033175429\">Prepaid expenses creep up is a working capital monitorable</h2><p>One thing that has caught my eye is a steady creep up in prepaid expenses and other current assets as a % of revenue:</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/993bae6a89a2ba6e6009505fdb6510ab\" alt=\"Prepaid expenses and other current assets as % of revenue (Company Filings, Author&#39;s Analysis)\" title=\"Prepaid expenses and other current assets as % of revenue (Company Filings, Author&#39;s Analysis)\" tg-width=\"556\" tg-height=\"246\"/><span>Prepaid expenses and other current assets as % of revenue (Company Filings, Author&#39;s Analysis)</span></p><p>From prior levels, this is leading to a 200bps detraction in the cash flow conversion profile of the company. I could not find a specific explanation for these movements. However, it is something I am monitoring for further erosion. I believe a common investing oversight is to focus on margin erosion but miss cash flow conversion erosion effects.</p><h2 id=\"id_3199848458\">Takeaway &amp; Positioning</h2><p>Tesla&#39;s automotive sales performance seems to be holding up well relative to the broader industry. My earlier thesis about demand drivers from increased affordability remains intact. Furthermore, the introduction of affordable models in H1 FY25 is a key volume catalyst.</p><p>Margins performance has hit a local high in Q3 FY24. However, this is likely to revert down a bit, driven by fluctuations in the energy business and low average selling price headwinds in the automotive business.</p><p>Valuations are at a 32% premium to 1-yr fwd PE levels. I believe this is acceptable so long as the FY25 timelines of robotaxis and ride-hailing services roll-out in Texas and California remain intact.</p><p>Technically, vs. the S&amp;P 500, TSLA is basing after a false breakout to the downside. I anticipate it to outperform the broader market over the coming months.</p><h3 id=\"id_438101673\">How to interpret Hunting Alpha&#39;s ratings:</h3><p>Strong Buy: Expect the company to outperform the S&amp;P 500 on a total shareholder return basis, with higher than usual confidence. I also have a net long position in the security in my personal portfolio.</p><p>Buy: Expect the company to outperform the S&amp;P 500 on a total shareholder return basis</p><p>Neutral/hold: Expect the company to perform in-line with the S&amp;P 500 on a total shareholder return basis</p><p>Sell: Expect the company to underperform the S&amp;P 500 on a total shareholder return basis</p><p>Strong Sell: Expect the company to underperform the S&amp;P 500 on a total shareholder return basis, with higher than usual confidence</p><p>The typical time-horizon for my views is multiple quarters to more than a year. It is not set in stone. However, I will share updates on my changes in stance in a pinned comment to this article and may also publish a new article discussing the reasons for the change in view.</p></body></html>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla Stock: Why I Remain A Buyer</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla Stock: Why I Remain A Buyer\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-05 16:16 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4732731-tesla-stock-why-i-remain-a-buyer><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Tesla, Inc.'s automotive sales are resilient vs. amidst a challenging backdrop in the industry. The rollout of affordable models in H1 FY25 are a key volumes catalyst.Margin performance is at local ...</p>\n\n<a href=\"https://seekingalpha.com/article/4732731-tesla-stock-why-i-remain-a-buyer\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","LU1435385759.SGD":"Natixis Loomis Sayles US Growth Equity RA SGD-H","LU2213496289.HKD":"ALLIANZ INCOME AND GROWTH \"AT\" (HKD) ACC","LU0082616367.USD":"摩根大通美国科技A（dist）","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","LU0964807845.USD":"ALLIANZ INCOME & GROWTH \"A\" (USD) INC","IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) ACC","LU0823411888.USD":"法巴消费创新基金 Cap","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","BK4550":"红杉资本持仓","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","LU1839511570.USD":"WELLS FARGO GLOBAL FACTOR ENHANCED EQUITY \"I\" (USD) ACC","LU0820562030.AUD":"ALLIANZ INCOME AND GROWTH \"AMH2\" (AUDHDG) H2 INC","BK4588":"碎股","LU0234572021.USD":"高盛美国核心股票组合Acc","BK4534":"瑞士信贷持仓","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","LU2063271972.USD":"富兰克林创新领域基金","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) INC","BK4551":"寇图资本持仓","LU0823414478.USD":"法巴经典能源转换基金","LU1145028129.USD":"ALLIANZ INCOME AND GROWTH \"AQ\" (USD) INC","SG9999015952.SGD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (SGD) ACC","SG9999015986.USD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","LU0466842654.USD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"A\" (USD) ACC","LU0097036916.USD":"贝莱德美国增长A2 USD","LU2326559502.SGD":"Natixis Loomis Sayles US Growth Equity P/A SGD-H","LU2087621335.USD":"ALLSPRING GLOBAL FACTOR ENHANCED EQUITY \"A\" (USD) ACC","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","BK4585":"ETF&股票定投概念","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","BK4511":"特斯拉概念","BK4581":"高盛持仓","TSLA":"特斯拉","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","BK4548":"巴美列捷福持仓","BK4574":"无人驾驶","LU1548497426.USD":"安联环球人工智能AT Acc","LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H","LU2602419157.SGD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"AC\" (SGD) ACC","LU2756315318.SGD":"ALLIANZ INCOME AND GROWTH \"AMG\" (SGDHDG) INC A","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","BK4592":"伊斯兰概念","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU1429558221.USD":"Natixis Loomis Sayles US Growth Equity RA USD"},"source_url":"https://seekingalpha.com/article/4732731-tesla-stock-why-i-remain-a-buyer","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2481535034","content_text":"Tesla, Inc.'s automotive sales are resilient vs. amidst a challenging backdrop in the industry. The rollout of affordable models in H1 FY25 are a key volumes catalyst.Margin performance is at local highs but is likely to revert a bit, driven by fluctuations in the nature of energy business projects and lower average selling price pressures.Valuations are at a premium, driven by full self-drive and Optimus expectations. I believe this is acceptable, contingent on the timelines of robotaxis and FSD rollout being intact in FY25.The relative technicals vs. the S&P 500 point bullish after a false breakout down. The ratio prices are basing and forming a support, indicating readiness to move up over the coming months ahead.Prepaid expenses have been creeping up over the past few quarters, eroding cash flow conversion. This is something I am monitoring; a common oversight is for investors to focus on margin movements but ignore erosion in working capital intensity.Performance AssessmentI've had a strong bullish view on Tesla, Inc. (NASDAQ:TSLA) since my last update in late September 2024. This investment is yet to yield major returns as it has lagged the S&P 500 (SPY, SPX, IVV, VOO) slightly so far:Performance since Author's Last Article on Tesla (Seeking Alpha, Author's Last Article on Tesla)I still hold Tesla in my portfolio since I remain bullish on the stock:ThesisSince my last update on the stock, Tesla has had a full self-drive (“FSD”) and Optimus update on October 10, which broadly disappointed the market due to a perceived lack of specific data on monetization of the robotaxi vision. The stock fell 11% after this event. However, the Q3 FY24 earnings release was received more positively as the stock rallied up to 28% in 3 days after that.Automotive deliveries and sales are resilient amid a challenging backdropMargin performance is likely to revert a bitValuations are at a premium driven by FSD and Optimus expectationsTechnicals point bullish after a false breakout downPrepaid expenses creep up are a working capital monitorable.Automotive deliveries and sales are resilient amid a challenging backdropI had previously anticipated rate cuts to boost demand. This seems to still be in-play:a helpful macro trend is, if there's a decline in the interest rates, thishas a massive effect on the automotive demand. For the vast majority of people, the demand is driven by the monthly payment. Can they afford monthly payment? So I think most likely, we'll see a continued decline in interest rates, which helps with the affordability of vehicles.- CEO Elon Musk in the Q3 FY24 earnings call.Tesla's total deliveries grew 6.4% YoY, outperforming the broader industry, which has seen YoY declines:Tesla Stock: Why I Remain A BuyerOver the next 6 months, the introduction of affordable Tesla models ($30,000 and below price points) in H1 FY25 is expected to boost automotive sales growth again by 20-30%:Automotive revenue YoY (Company Filings, Author's Analysis)Hence, my assessment is that Tesla is holding well in sales performance so far, with further upside catalysts ahead in the next half-year.Margin performance is likely to revert a bitTesla saw a meaningful +180bps jump in gross margins in the latest quarter:Gross profit margin (Company Filings, Author's Analysis)This is driven by gross profit margin uptick in both automotive (80.6% of gross profit mix) and energy business lines:Automotive vs Energy Business Gross Margins (Company Filings, Author's Analysis)However, management commentary suggests that the current gross profit margin levels may revert down a bit:Energy margins in Q3 were a record at more than 30%. This is a function of mix of projects being deployed in the quarter. Note that there will be fluctuation in margins as we manage through deployments and our inventory.- CFO Vaibhav Taneja in the Q3 FY24 earnings call, Author's bolded highlight.On the automotive side, Tesla's average vehicle sales price has been ticking down, driven primarily by financing incentives:Average vehicle sales price (Company Filings, Author's Analysis)This is one of the factors expected to weigh down on margins in Q4 FY24. Thus, I anticipate the gross profit margin profile in Q4 and beyond to revert toward the 19.0% levels. I am still baking in some improvement as the company has been making structural progress on lowering the cost per vehicle.Valuations are at a premium driven by FSD and Optimus expectationsTesla stock currently trades at a 1-yr fwd P/E of 80.6x, which corresponds to a 32% premium to the recent median 1-yr fwd P/E of 61.1x:1-yr fwd PE and MCAP (Capital IQ, Author's Analysis)I posit that bullish expectations on FSD and Optimus growth vectors are the key determinants of the premium valuation. On FSD, the bullishness seems to be driven by expectations of full autonomy for the existing vehicle fleet in 2025:There's no need to wait for a robotaxi or a Cybercab to experience full autonomy. We expect to achieve that next year with our existing vehicle line.- CEO Elon Musk in the Q3 FY24 earnings call.On the Optimus humanoid, Musk noted a massive improvement in movement dexterity and expressed confidence in scalability to high-volume production.Now, I think it is prudent for any investor to downgrade the timelines of the Tesla CEO's comments, as Musk has a notorious reputation of pushing timelines. Still, I believe a modest relative valuation premium is acceptable at this stage. A key monitorable for it remaining so it would be approvals for the roll-out of ride-hailing services in Texas and California next year.Technicals point bullish after a false breakout downIf this is your first time reading a Hunting Alpha article using Technical Analysis, you may want to read this post, which explains how and why I read the charts the way I do. All my charts reflect total shareholder return as they are adjusted for dividends/distributions.Relative Read of TSLA vs. SPX500TSLA vs SPX500 Technical Analysis (TradingView, Author's Analysis)TSLA stock relative to the S&P500 has posted a false breakout below a strong up-thrust. The ratio prices have stabilized, basing and forming a new support level. I anticipate further expansion toward the upside over the coming months.Prepaid expenses creep up is a working capital monitorableOne thing that has caught my eye is a steady creep up in prepaid expenses and other current assets as a % of revenue:Prepaid expenses and other current assets as % of revenue (Company Filings, Author's Analysis)From prior levels, this is leading to a 200bps detraction in the cash flow conversion profile of the company. I could not find a specific explanation for these movements. However, it is something I am monitoring for further erosion. I believe a common investing oversight is to focus on margin erosion but miss cash flow conversion erosion effects.Takeaway & PositioningTesla's automotive sales performance seems to be holding up well relative to the broader industry. My earlier thesis about demand drivers from increased affordability remains intact. Furthermore, the introduction of affordable models in H1 FY25 is a key volume catalyst.Margins performance has hit a local high in Q3 FY24. However, this is likely to revert down a bit, driven by fluctuations in the energy business and low average selling price headwinds in the automotive business.Valuations are at a 32% premium to 1-yr fwd PE levels. I believe this is acceptable so long as the FY25 timelines of robotaxis and ride-hailing services roll-out in Texas and California remain intact.Technically, vs. the S&P 500, TSLA is basing after a false breakout to the downside. I anticipate it to outperform the broader market over the coming months.How to interpret Hunting Alpha's ratings:Strong Buy: Expect the company to outperform the S&P 500 on a total shareholder return basis, with higher than usual confidence. I also have a net long position in the security in my personal portfolio.Buy: Expect the company to outperform the S&P 500 on a total shareholder return basisNeutral/hold: Expect the company to perform in-line with the S&P 500 on a total shareholder return basisSell: Expect the company to underperform the S&P 500 on a total shareholder return basisStrong Sell: Expect the company to underperform the S&P 500 on a total shareholder return basis, with higher than usual confidenceThe typical time-horizon for my views is multiple quarters to more than a year. It is not set in stone. However, I will share updates on my changes in stance in a pinned comment to this article and may also publish a new article discussing the reasons for the change in view.","news_type":1},"isVote":1,"tweetType":1,"viewCount":47,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":366650376208584,"gmtCreate":1730522665995,"gmtModify":1730522671359,"author":{"id":"4151941377592162","authorId":"4151941377592162","name":"zelia","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4151941377592162","authorIdStr":"4151941377592162"},"themes":[],"htmlText":"Stop repeating this article. Try harder to talk down on Tesla. How many times u wan to repeat this article here???","listText":"Stop repeating this article. Try harder to talk down on Tesla. How many times u wan to repeat this article here???","text":"Stop repeating this article. Try harder to talk down on Tesla. How many times u wan to repeat this article here???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/366650376208584","repostId":"2480001074","repostType":2,"repost":{"id":"2480001074","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1730512800,"share":"https://ttm.financial/m/news/2480001074?lang=&edition=fundamental","pubTime":"2024-11-02 10:00","market":"us","language":"en","title":"Don’t Let Tesla’s Big Moves Fool You. Where the Chart Says the Stock Is Heading Next","url":"https://stock-news.laohu8.com/highlight/detail?id=2480001074","media":"Dow Jones","summary":"Tesla stock fell on Friday, failing to take shares to akey leveltraders were looking for.Coming into Friday trading, Tesla stock was down about 7% for the week, leaving share up about 1% year to date.","content":"<html><head></head><body><p style=\"text-align: start;\">Tesla stock fell on Friday, failing to take shares to akey leveltraders were looking for.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/6490391a04aec93f1d543e9c4834327f\" alt=\"Coming into Friday trading, Tesla stock was down about 7% for the week, leaving share up about 1% year to date.\" title=\"Coming into Friday trading, Tesla stock was down about 7% for the week, leaving share up about 1% year to date.\" tg-width=\"958\" tg-height=\"631\"/><span>Coming into Friday trading, Tesla stock was down about 7% for the week, leaving share up about 1% year to date.</span></p><p style=\"text-align: start;\">Shares of the electric vehicle maker fell 0.3% to $248.98 while the S&amp;P 500 and Dow Jones Industrial Average rose 0.4% and 0.7%, respectively.</p><p>The stock finished roughly $16, or 6%, away from $265, a level where it has run into resistance for months.</p><p>Resistance is a term used by technical stock market analysts that describes where investors have sold stock to take profits. It’s like an invisible ceiling for a share price.</p><p>Technical analysts don’t make fundamental calls on Tesla or other shares. They look at stock charts to get a sense of where a stock could go over the short and medium term.</p><p>Tesla shares broke through that resistance, closing at $269.19 this past Friday following better-than-expected third-quarter earnings. It was a sign that shares could be breaking through the ceiling.</p><p style=\"text-align: start;\">But one close above $265 isn’t a trend and it’s a better sign if a stock can keep closing above key levels.</p><p style=\"text-align: start;\">“A breakout would require two weekly…closes above that level to be confirmed [and] decisive,” says Fairlead Strategies founder and technical analyst Katie Stockton.</p><p style=\"text-align: start;\">Confirmation didn’t happen. Tesla shares closed Thursday below $250, dropping 3%. The market deserved some of the blame. The S&amp;P 500 dropped 1.9%, reacting badly to inflation data and earnings from Microsoft. Shares of the tech giant fell 6.1%</p><p style=\"text-align: start;\">A failed breakout likely leaves Tesla stock trading in a range. The opposite of resistance is support. The $243 level is now “possible support,” adds Stockton. Below that, investors will be looking at 50-day and 200-day moving averages of about $$233 and $202, respectively.</p><p style=\"text-align: start;\">It would have taken some heavy lifting to get shares north of $265. They needed a roughly 5% gain on Friday. Tesla stock has gained more than 5% in a day 227 times over its history as a publicly traded company, according to FactSet. That’s about 0.6% of the time.</p><p style=\"text-align: start;\">It looks as if investors decided to take profits on Tesla stock, again, around $265. Earnings didn’t change that.</p><p style=\"text-align: start;\">Through Friday trading, Tesla stock was up about 50 cents, or 0.2%, year to date. It’s a small move, but the path to flat has been wild. Shares were up about 80% from a 52-week intraday low reached in April. Shares were down about 10% from a 52-week intraday high reached after Tesla’s third-quarter earnings report.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Don’t Let Tesla’s Big Moves Fool You. Where the Chart Says the Stock Is Heading Next</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDon’t Let Tesla’s Big Moves Fool You. Where the Chart Says the Stock Is Heading Next\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2024-11-02 10:00</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p style=\"text-align: start;\">Tesla stock fell on Friday, failing to take shares to akey leveltraders were looking for.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/6490391a04aec93f1d543e9c4834327f\" alt=\"Coming into Friday trading, Tesla stock was down about 7% for the week, leaving share up about 1% year to date.\" title=\"Coming into Friday trading, Tesla stock was down about 7% for the week, leaving share up about 1% year to date.\" tg-width=\"958\" tg-height=\"631\"/><span>Coming into Friday trading, Tesla stock was down about 7% for the week, leaving share up about 1% year to date.</span></p><p style=\"text-align: start;\">Shares of the electric vehicle maker fell 0.3% to $248.98 while the S&amp;P 500 and Dow Jones Industrial Average rose 0.4% and 0.7%, respectively.</p><p>The stock finished roughly $16, or 6%, away from $265, a level where it has run into resistance for months.</p><p>Resistance is a term used by technical stock market analysts that describes where investors have sold stock to take profits. It’s like an invisible ceiling for a share price.</p><p>Technical analysts don’t make fundamental calls on Tesla or other shares. They look at stock charts to get a sense of where a stock could go over the short and medium term.</p><p>Tesla shares broke through that resistance, closing at $269.19 this past Friday following better-than-expected third-quarter earnings. It was a sign that shares could be breaking through the ceiling.</p><p style=\"text-align: start;\">But one close above $265 isn’t a trend and it’s a better sign if a stock can keep closing above key levels.</p><p style=\"text-align: start;\">“A breakout would require two weekly…closes above that level to be confirmed [and] decisive,” says Fairlead Strategies founder and technical analyst Katie Stockton.</p><p style=\"text-align: start;\">Confirmation didn’t happen. Tesla shares closed Thursday below $250, dropping 3%. The market deserved some of the blame. The S&amp;P 500 dropped 1.9%, reacting badly to inflation data and earnings from Microsoft. Shares of the tech giant fell 6.1%</p><p style=\"text-align: start;\">A failed breakout likely leaves Tesla stock trading in a range. The opposite of resistance is support. The $243 level is now “possible support,” adds Stockton. Below that, investors will be looking at 50-day and 200-day moving averages of about $$233 and $202, respectively.</p><p style=\"text-align: start;\">It would have taken some heavy lifting to get shares north of $265. They needed a roughly 5% gain on Friday. Tesla stock has gained more than 5% in a day 227 times over its history as a publicly traded company, according to FactSet. That’s about 0.6% of the time.</p><p style=\"text-align: start;\">It looks as if investors decided to take profits on Tesla stock, again, around $265. Earnings didn’t change that.</p><p style=\"text-align: start;\">Through Friday trading, Tesla stock was up about 50 cents, or 0.2%, year to date. It’s a small move, but the path to flat has been wild. Shares were up about 80% from a 52-week intraday low reached in April. Shares were down about 10% from a 52-week intraday high reached after Tesla’s third-quarter earnings report.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU1435385759.SGD":"Natixis Loomis Sayles US Growth Equity RA SGD-H","BK4527":"明星科技股","LU1839511570.USD":"WELLS FARGO GLOBAL FACTOR ENHANCED EQUITY \"I\" (USD) ACC","LU2213496289.HKD":"ALLIANZ INCOME AND GROWTH \"AT\" (HKD) ACC","LU0056508442.USD":"贝莱德世界科技基金A2","LU0964807845.USD":"ALLIANZ INCOME & GROWTH \"A\" (USD) INC","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","BK4550":"红杉资本持仓","BK4588":"碎股","IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) ACC","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","BK4551":"寇图资本持仓","LU0820562030.AUD":"ALLIANZ INCOME AND GROWTH \"AMH2\" (AUDHDG) H2 INC","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","LU2063271972.USD":"富兰克林创新领域基金","BK4581":"高盛持仓","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","SG9999015986.USD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","BK4099":"汽车制造商","LU1145028129.USD":"ALLIANZ INCOME AND GROWTH \"AQ\" (USD) INC","LU0466842654.USD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"A\" (USD) ACC","SG9999015978.USD":"利安颠覆性创新基金A","LU0097036916.USD":"贝莱德美国增长A2 USD","LU0823414478.USD":"法巴经典能源转换基金","LU2326559502.SGD":"Natixis Loomis Sayles US Growth Equity P/A SGD-H","LU2087621335.USD":"ALLSPRING GLOBAL FACTOR ENHANCED EQUITY \"A\" (USD) ACC","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","LU2023250330.USD":"ALLIANZ INCOME AND GROWTH \"AMG\" (USD) INC","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","LU1861215975.USD":"贝莱德新一代科技基金 A2","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","LU1548497426.USD":"安联环球人工智能AT Acc","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H","LU1861558580.USD":"日兴方舟颠覆性创新基金B","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","TSLA":"特斯拉","BK4592":"伊斯兰概念","TSLL":"Direxion Daily TSLA Bull 2X Shares","LU2756315318.SGD":"ALLIANZ INCOME AND GROWTH \"AMG\" (SGDHDG) INC A","LU1861559042.SGD":"日兴方舟颠覆性创新基金B SGD","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","BK4533":"AQR资本管理(全球第二大对冲基金)","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","SG9999015952.SGD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (SGD) ACC","LU0823411888.USD":"法巴消费创新基金 Cap"},"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2480001074","content_text":"Tesla stock fell on Friday, failing to take shares to akey leveltraders were looking for.Coming into Friday trading, Tesla stock was down about 7% for the week, leaving share up about 1% year to date.Shares of the electric vehicle maker fell 0.3% to $248.98 while the S&P 500 and Dow Jones Industrial Average rose 0.4% and 0.7%, respectively.The stock finished roughly $16, or 6%, away from $265, a level where it has run into resistance for months.Resistance is a term used by technical stock market analysts that describes where investors have sold stock to take profits. It’s like an invisible ceiling for a share price.Technical analysts don’t make fundamental calls on Tesla or other shares. They look at stock charts to get a sense of where a stock could go over the short and medium term.Tesla shares broke through that resistance, closing at $269.19 this past Friday following better-than-expected third-quarter earnings. It was a sign that shares could be breaking through the ceiling.But one close above $265 isn’t a trend and it’s a better sign if a stock can keep closing above key levels.“A breakout would require two weekly…closes above that level to be confirmed [and] decisive,” says Fairlead Strategies founder and technical analyst Katie Stockton.Confirmation didn’t happen. Tesla shares closed Thursday below $250, dropping 3%. The market deserved some of the blame. The S&P 500 dropped 1.9%, reacting badly to inflation data and earnings from Microsoft. Shares of the tech giant fell 6.1%A failed breakout likely leaves Tesla stock trading in a range. The opposite of resistance is support. The $243 level is now “possible support,” adds Stockton. Below that, investors will be looking at 50-day and 200-day moving averages of about $$233 and $202, respectively.It would have taken some heavy lifting to get shares north of $265. They needed a roughly 5% gain on Friday. Tesla stock has gained more than 5% in a day 227 times over its history as a publicly traded company, according to FactSet. That’s about 0.6% of the time.It looks as if investors decided to take profits on Tesla stock, again, around $265. Earnings didn’t change that.Through Friday trading, Tesla stock was up about 50 cents, or 0.2%, year to date. It’s a small move, but the path to flat has been wild. Shares were up about 80% from a 52-week intraday low reached in April. Shares were down about 10% from a 52-week intraday high reached after Tesla’s third-quarter earnings report.","news_type":1},"isVote":1,"tweetType":1,"viewCount":26,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":363935518339072,"gmtCreate":1729861684170,"gmtModify":1729861688093,"author":{"id":"4151941377592162","authorId":"4151941377592162","name":"zelia","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4151941377592162","authorIdStr":"4151941377592162"},"themes":[],"htmlText":"Another hater, the writer....saying all the neg remarks....sour grapes....whahhha","listText":"Another hater, the writer....saying all the neg remarks....sour grapes....whahhha","text":"Another hater, the writer....saying all the neg remarks....sour grapes....whahhha","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/363935518339072","repostId":"1117781131","repostType":2,"repost":{"id":"1117781131","kind":"news","pubTimestamp":1729860300,"share":"https://ttm.financial/m/news/1117781131?lang=&edition=fundamental","pubTime":"2024-10-25 20:45","market":"us","language":"en","title":"Tesla Stock is Hot Again, But Can TSLA Reach $310 in 2025?","url":"https://stock-news.laohu8.com/highlight/detail?id=1117781131","media":"Barchart","summary":"Tesla has long been a powerhouse in the electric vehicles  industry. Over the years, the company has expanded into energy storage, robotics, and artificial intelligence .Tesla has significantly underperformed the \"Magnificent Seven\" group this year due to declining margins and deliveries. Even after racking up its biggest daily gain since 2013 today, Tesla is up less than 5% year to date, trailing the S&P 500 Index's 21.8% gain.Tesla stock surged over 21% by the closing bell today due to improve","content":"<html><head></head><body><p>Tesla has long been a powerhouse in the electric vehicles (EV) industry. Over the years, the company has expanded into energy storage, robotics, and artificial intelligence (AI). </p><p style=\"text-align: start;\">Tesla has significantly underperformed the &#34;Magnificent Seven&#34; group this year due to declining margins and deliveries. Even after racking up its biggest daily gain since 2013 today, Tesla is up less than 5% year to date, trailing the S&amp;P 500 Index&#39;s 21.8% gain.</p><p style=\"text-align: start;\">Tesla stock surged over 21% by the closing bell today due to improved third-quarter results, showing the company&#39;s resilience in the face of challenging market conditions. Despite the stock&#39;s underperformance this year, Tesla has outpaced its average target price of $205.02. Could another strong quarter propel its stock up another 19% to its high price target of $310? Let&#39;s find out.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/bbd5899ae6a7b6ca0945ecfd4685dfc2\" tg-width=\"1730\" tg-height=\"1174\"/></p><h3 id=\"id_792735522\" style=\"text-align: start;\">Tesla&#39;s Financials Might Be Improving </h3><p style=\"text-align: start;\">Following a string of disappointing quarters, Tesla&#39;s third-quarter results sparked some investor excitement. </p><p style=\"text-align: start;\">Beyond cars, Tesla’s energy division, including solar panels and energy storage systems like the Powerwall and Megapack, has gained traction. However, Tesla&#39;s primary business is automotives. Globally, Tesla delivered 462,890 vehicles in the third quarter, up 6.4% from 435,059 in the year-ago quarter. Deliveries also rose from 443,956 in the second quarter of 2024. </p><p style=\"text-align: start;\">Tesla missed the consensus revenue estimate in the third quarter by $304.2 million, but beat the earnings estimate by $0.12 per share. Total revenue in the third quarter rose by 8% to $25.1 billion, while adjusted earnings per share grew 9% to $0.72 per share.</p><p style=\"text-align: start;\">The company’s gross margin, which had been significantly impacted by price cuts, stood at 19.8%, the highest level this year.</p><p style=\"text-align: start;\">While Tesla&#39;s overall revenue increased, the automotive segment, which is its main business, increased only 2% year on year. The energy business is performing well, with revenue from energy generation and storage services increasing by 52% in the quarter. Its third segment, services and other revenue, increased by 29% year on year.</p><p style=\"text-align: start;\">Tesla&#39;s free cash flow position improved in the third quarter to $2.7 billion, bringing its total cash position to $33.6 billion.</p><p style=\"text-align: start;\">The EV market is highly competitive. On the Q3 earnings call, CEO Elon Musk emphasized that, in a very challenging automotive environment where most EV businesses are unprofitable, Tesla is proud to be profitable. </p><p style=\"text-align: start;\">Tesla unveiled the much-anticipated two-seat robotaxi known as the &#34;Cybercab&#34; on Oct. 10, following a lengthy wait and numerous delays. Musk highlighted that the AI-powered vehicles lack steering wheels and pedals. The company intends to begin production in 2026, and these Cybercabs will cost less than $30,000.</p><p style=\"text-align: start;\">Musk’s best guess is that around 2 million units of Cybercabs will be launched annually. Tesla also intends to release affordable models (the name of which was not disclosed) in the first half of next year. He anticipates 20% to 30% vehicle growth in 2025 unless there are any &#34;negative external events.&#34;</p><p style=\"text-align: start;\">Analysts that cover Tesla expect revenue to increase by 3.4% in 2024, with a 24% dip in earnings. However, in 2025, revenue and earnings are expected to increase by 16.3% and 35%, respectively.</p><h3 id=\"id_1755230509\" style=\"text-align: start;\">What Does Wall Street Say About Tesla Stock?</h3><p style=\"text-align: start;\">In Musk’s words, “Tesla will become the most valuable company in the world and probably by a long shot.” </p><p style=\"text-align: start;\">While Musk is highly optimistic, the lack of specifics about the company&#39;s future has caused some analysts to be wary of the stock. For instance, analyst William Stein from Truist Financial maintained his “hold” rating for the stock, while increasing the price target from $236 to $238. Stein believes, “The lack of detailed announcements on new models, improvements in Full Self-Driving (FSD), and the Optimus project has raised concerns about the company’s future growth trajectory.” </p><p style=\"text-align: start;\">Jefferies analyst Philippe Houchois also took a cautious stance with a “hold” rating and a price target of $195. </p><p style=\"text-align: start;\">Among analysts, Tesla is an overall “hold.” Out of the 37 analysts covering TSLA, nine have a “strong buy” recommendation, two say it’s a “moderate buy,” 18 rate it a &#34;hold,” and eight say it’s a “strong sell.”</p><p style=\"text-align: start;\">Despite Tesla’s roller coaster ride this year, the stock has surpassed its average price target of $205.02. Its Street-high estimate of $310 suggests the stock could potentially rally by another 19% from here in the next 12 months.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/fee7a17a4efd1b19ba24357d24c574c0\" tg-width=\"1282\" tg-height=\"1128\"/></p><p style=\"text-align: start;\">At 68 times forward 2025 earnings estimates, Tesla stock remains overvalued, not only compared to its Mag 7 peers but also to its five-year historical earnings multiple of 31.2x. </p><h3 id=\"id_107740322\" style=\"text-align: start;\">The Bottom Line on Tesla Stock</h3><p style=\"text-align: start;\">With improving financials, Tesla stock could easily reach its high price of $310 by 2025. However, long-term investors may need to be more cautious. </p><p style=\"text-align: start;\">Amid growing competition and economic uncertainty, Tesla’s stock valuation remains a topic of debate among investors. That said, the company remains at a crossroads of multiple disruptive industries — EVs, renewable energy, and AI. Tesla&#39;s stock will likely remain in the spotlight for years to come as the company pursues aggressive growth. For those willing to embrace the volatility, Tesla offers the potential for significant long-term rewards.</p></body></html>","source":"barchart_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla Stock is Hot Again, But Can TSLA Reach $310 in 2025?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla Stock is Hot Again, But Can TSLA Reach $310 in 2025?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-10-25 20:45 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barchart.com/story/news/29211251/tesla-stock-is-hot-again-but-can-tsla-reach-310-in-2025><strong>Barchart</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Tesla has long been a powerhouse in the electric vehicles (EV) industry. Over the years, the company has expanded into energy storage, robotics, and artificial intelligence (AI). Tesla has ...</p>\n\n<a href=\"https://www.barchart.com/story/news/29211251/tesla-stock-is-hot-again-but-can-tsla-reach-310-in-2025\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.barchart.com/story/news/29211251/tesla-stock-is-hot-again-but-can-tsla-reach-310-in-2025","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1117781131","content_text":"Tesla has long been a powerhouse in the electric vehicles (EV) industry. Over the years, the company has expanded into energy storage, robotics, and artificial intelligence (AI). Tesla has significantly underperformed the \"Magnificent Seven\" group this year due to declining margins and deliveries. Even after racking up its biggest daily gain since 2013 today, Tesla is up less than 5% year to date, trailing the S&P 500 Index's 21.8% gain.Tesla stock surged over 21% by the closing bell today due to improved third-quarter results, showing the company's resilience in the face of challenging market conditions. Despite the stock's underperformance this year, Tesla has outpaced its average target price of $205.02. Could another strong quarter propel its stock up another 19% to its high price target of $310? Let's find out.Tesla's Financials Might Be Improving Following a string of disappointing quarters, Tesla's third-quarter results sparked some investor excitement. Beyond cars, Tesla’s energy division, including solar panels and energy storage systems like the Powerwall and Megapack, has gained traction. However, Tesla's primary business is automotives. Globally, Tesla delivered 462,890 vehicles in the third quarter, up 6.4% from 435,059 in the year-ago quarter. Deliveries also rose from 443,956 in the second quarter of 2024. Tesla missed the consensus revenue estimate in the third quarter by $304.2 million, but beat the earnings estimate by $0.12 per share. Total revenue in the third quarter rose by 8% to $25.1 billion, while adjusted earnings per share grew 9% to $0.72 per share.The company’s gross margin, which had been significantly impacted by price cuts, stood at 19.8%, the highest level this year.While Tesla's overall revenue increased, the automotive segment, which is its main business, increased only 2% year on year. The energy business is performing well, with revenue from energy generation and storage services increasing by 52% in the quarter. Its third segment, services and other revenue, increased by 29% year on year.Tesla's free cash flow position improved in the third quarter to $2.7 billion, bringing its total cash position to $33.6 billion.The EV market is highly competitive. On the Q3 earnings call, CEO Elon Musk emphasized that, in a very challenging automotive environment where most EV businesses are unprofitable, Tesla is proud to be profitable. Tesla unveiled the much-anticipated two-seat robotaxi known as the \"Cybercab\" on Oct. 10, following a lengthy wait and numerous delays. Musk highlighted that the AI-powered vehicles lack steering wheels and pedals. The company intends to begin production in 2026, and these Cybercabs will cost less than $30,000.Musk’s best guess is that around 2 million units of Cybercabs will be launched annually. Tesla also intends to release affordable models (the name of which was not disclosed) in the first half of next year. He anticipates 20% to 30% vehicle growth in 2025 unless there are any \"negative external events.\"Analysts that cover Tesla expect revenue to increase by 3.4% in 2024, with a 24% dip in earnings. However, in 2025, revenue and earnings are expected to increase by 16.3% and 35%, respectively.What Does Wall Street Say About Tesla Stock?In Musk’s words, “Tesla will become the most valuable company in the world and probably by a long shot.” While Musk is highly optimistic, the lack of specifics about the company's future has caused some analysts to be wary of the stock. For instance, analyst William Stein from Truist Financial maintained his “hold” rating for the stock, while increasing the price target from $236 to $238. Stein believes, “The lack of detailed announcements on new models, improvements in Full Self-Driving (FSD), and the Optimus project has raised concerns about the company’s future growth trajectory.” Jefferies analyst Philippe Houchois also took a cautious stance with a “hold” rating and a price target of $195. Among analysts, Tesla is an overall “hold.” Out of the 37 analysts covering TSLA, nine have a “strong buy” recommendation, two say it’s a “moderate buy,” 18 rate it a \"hold,” and eight say it’s a “strong sell.”Despite Tesla’s roller coaster ride this year, the stock has surpassed its average price target of $205.02. Its Street-high estimate of $310 suggests the stock could potentially rally by another 19% from here in the next 12 months.At 68 times forward 2025 earnings estimates, Tesla stock remains overvalued, not only compared to its Mag 7 peers but also to its five-year historical earnings multiple of 31.2x. The Bottom Line on Tesla StockWith improving financials, Tesla stock could easily reach its high price of $310 by 2025. However, long-term investors may need to be more cautious. Amid growing competition and economic uncertainty, Tesla’s stock valuation remains a topic of debate among investors. That said, the company remains at a crossroads of multiple disruptive industries — EVs, renewable energy, and AI. Tesla's stock will likely remain in the spotlight for years to come as the company pursues aggressive growth. For those willing to embrace the volatility, Tesla offers the potential for significant long-term rewards.","news_type":1},"isVote":1,"tweetType":1,"viewCount":140,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":380452974104936,"gmtCreate":1733912015837,"gmtModify":1733912019796,"author":{"id":"4151941377592162","authorId":"4151941377592162","name":"zelia","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4151941377592162","authorIdStr":"4151941377592162"},"themes":[],"htmlText":"Mr Short, we know u missed the boat. Pls don't sour grape. We feel u","listText":"Mr Short, we know u missed the boat. Pls don't sour grape. We feel u","text":"Mr Short, we know u missed the boat. Pls don't sour grape. We feel u","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/380452974104936","repostId":"1162240781","repostType":2,"repost":{"id":"1162240781","kind":"news","pubTimestamp":1733896165,"share":"https://ttm.financial/m/news/1162240781?lang=&edition=fundamental","pubTime":"2024-12-11 13:49","market":"us","language":"en","title":"After Tuesday's Close Above $400, How Overbought is Tesla Stock?","url":"https://stock-news.laohu8.com/highlight/detail?id=1162240781","media":"Barchart","summary":"Electric vehicle (EV) giant $Tesla(TSLA)$ has been one of the biggest post-election stock winners, with the shares up 59.5% from their Nov. 5 closing price. Once a significant year-to-date underperfor","content":"<html><head></head><body><p>Electric vehicle (EV) giant <a href=\"https://laohu8.com/S/TSLA\">Tesla</a> has been one of the biggest post-election stock winners, with the shares up 59.5% from their Nov. 5 closing price. Once a significant year-to-date underperformer, TSLA stock is now up 61.4% as we approach the final weeks of 2024.</p><p style=\"text-align: start;\">Tesla&#39;s stock is currently at three-year highs, and closed Tuesday’s session above the round $400 level for the first time since Nov. 5, 2021. <strong>The stock&#39;s 14-day Relative Strength Index (RSI) is now at 76.04, well into overbought territory</strong>, which implies a pullback is possible in the short term. </p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/be13e76ad2588bb9e3f4e7129d1072a4\" alt=\"www.barchart.com\" title=\"www.barchart.com\" tg-width=\"1337\" tg-height=\"1072\"/><span>www.barchart.com</span></p><p style=\"text-align: start;\">In the monthly December options series, which expires next Friday after the close, <strong>TSLA options traders have the key $400 level in their sights</strong>. This strike price is home to heavy open interest of 58,437 contracts - plus, speculators have stacked up another 41,227 contracts at the weekly December 13 400-strike call option, which traded volume in excess of 98,000 contracts today.</p><p style=\"text-align: start;\">The surge in TSLA stock during the final stretch of this year has been largely driven by market optimism surrounding advancements in autonomous driving technology, as well as potential regulatory support from the incoming administration. The company&#39;s market capitalization now stands at approximately $1.25 trillion, with some bulls predicting a $2 trillion valuation on the horizon for 2025.</p><p style=\"text-align: start;\">Analysts have raised their price targets in response, but the consensus rating of “Hold” reflects lingering caution, largely due to the stock&#39;s high valuation metrics. TSLA’s forward adjusted price/earnings (P/E) ratio is a steep 157.06 - which is a premium not only compared to industry averages, but also to Tesla’s own notoriously rich earnings multiples, which have averaged 114.13 over the past five years.</p><p style=\"text-align: start;\">Overall, Tesla remains a strong contender in the EV market, but investors should be extremely cautious at these price levels, when the possibility of a correction or profit-taking is higher than usual.</p></body></html>","source":"barchart_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>After Tuesday's Close Above $400, How Overbought is Tesla Stock?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAfter Tuesday's Close Above $400, How Overbought is Tesla Stock?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-12-11 13:49 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barchart.com/story/news/29991193/after-todays-close-above-400-how-overbought-is-tesla-stock><strong>Barchart</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Electric vehicle (EV) giant Tesla has been one of the biggest post-election stock winners, with the shares up 59.5% from their Nov. 5 closing price. Once a significant year-to-date underperformer, ...</p>\n\n<a href=\"https://www.barchart.com/story/news/29991193/after-todays-close-above-400-how-overbought-is-tesla-stock\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.barchart.com/story/news/29991193/after-todays-close-above-400-how-overbought-is-tesla-stock","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1162240781","content_text":"Electric vehicle (EV) giant Tesla has been one of the biggest post-election stock winners, with the shares up 59.5% from their Nov. 5 closing price. Once a significant year-to-date underperformer, TSLA stock is now up 61.4% as we approach the final weeks of 2024.Tesla's stock is currently at three-year highs, and closed Tuesday’s session above the round $400 level for the first time since Nov. 5, 2021. The stock's 14-day Relative Strength Index (RSI) is now at 76.04, well into overbought territory, which implies a pullback is possible in the short term. www.barchart.comIn the monthly December options series, which expires next Friday after the close, TSLA options traders have the key $400 level in their sights. This strike price is home to heavy open interest of 58,437 contracts - plus, speculators have stacked up another 41,227 contracts at the weekly December 13 400-strike call option, which traded volume in excess of 98,000 contracts today.The surge in TSLA stock during the final stretch of this year has been largely driven by market optimism surrounding advancements in autonomous driving technology, as well as potential regulatory support from the incoming administration. The company's market capitalization now stands at approximately $1.25 trillion, with some bulls predicting a $2 trillion valuation on the horizon for 2025.Analysts have raised their price targets in response, but the consensus rating of “Hold” reflects lingering caution, largely due to the stock's high valuation metrics. TSLA’s forward adjusted price/earnings (P/E) ratio is a steep 157.06 - which is a premium not only compared to industry averages, but also to Tesla’s own notoriously rich earnings multiples, which have averaged 114.13 over the past five years.Overall, Tesla remains a strong contender in the EV market, but investors should be extremely cautious at these price levels, when the possibility of a correction or profit-taking is higher than usual.","news_type":1},"isVote":1,"tweetType":1,"viewCount":86,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":376542130557288,"gmtCreate":1732971987137,"gmtModify":1732971991322,"author":{"id":"4151941377592162","authorId":"4151941377592162","name":"zelia","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4151941377592162","authorIdStr":"4151941377592162"},"themes":[],"htmlText":"Another sour grape who missed the boat","listText":"Another sour grape who missed the boat","text":"Another sour grape who missed the boat","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/376542130557288","repostId":"2487522010","repostType":2,"repost":{"id":"2487522010","kind":"highlight","pubTimestamp":1733122800,"share":"https://ttm.financial/m/news/2487522010?lang=&edition=fundamental","pubTime":"2024-12-02 15:00","market":"us","language":"en","title":"Up 38%, Is Tesla Stock a Buy?","url":"https://stock-news.laohu8.com/highlight/detail?id=2487522010","media":"Motley Fool","summary":"Tesla's stock has soared after Trump's presidential election victory.Can the automaker's operational performance keep up with its stratospheric valuation?","content":"<html><head></head><body><ul style=\"\"><li><p>Tesla&#39;s stock has soared after Trump&#39;s presidential election victory.</p></li><li><p>Can the automaker&#39;s operational performance keep up with its stratospheric valuation?</p></li></ul><p>With shares up 38% since Nov. 5, <strong>Tesla</strong> has been a huge beneficiary of Trump&#39;s presidential election victory. CEO Elon Musk played a key role in the campaign, and many investors believe his company stands to benefit from the new economic and regulatory framework.</p><p>That said, Tesla&#39;s situation isn&#39;t all peaches and cream. Let&#39;s discuss some pros and cons of investing in the stock.</p><h2 id=\"id_346472798\">Core automotive operations have matured</h2><p>While Tesla benefited tremendously from being an early mover to the electric vehicle (EV) opportunity, its edge in brand recognition and technology seems to be stalling. Third-quarter revenue grew by a measly 2% year over year to $20 billion -- a far cry from the 74% growth the company posted in the corresponding quarter three years ago.</p><p>To be fair, Tesla is a victim of its own success. The company&#39;s Model Y is the best-selling car on the planet, beating out established mass-market rivals like the <strong>Toyota</strong> Corolla or Rav4. The company&#39;s sheer scale will make it challenging to generate continued growth because most people who want a Tesla vehicle probably already have one.</p><p>The good news is that Tesla is still an exceptionally well-managed, lean business capable of maintaining its margins. Despite the flat revenue, the company increased its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) by 24% to $4.7 billion. While the automotive business no longer looks like a key growth driver, it can serve as a stable cash cow as management pivots to other opportunities.</p><h2 id=\"id_1368929650\">What does Trump&#39;s reelection mean for Tesla?</h2><p>Elon Musk stumped for the Trump campaign and donated at least $132 million to the effort through his super PAC, America PAC. However, while Trump&#39;s victory has led to a surge in Tesla stock, it is unclear how the new administration&#39;s policies will impact the company&#39;s top and bottom lines.</p><p>According to Reuters, Trump&#39;s transition team aims to end the Biden-era tax credit for EVs. This $7,500 subsidy makes electric cars more affordable relative to their gas-consuming peers, likely helping their sales.</p><p>Trump has also promised to cut back on outsourced manufacturing, which could run contrary to Tesla&#39;s ambition to build a new factory in Mexico.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/6d5caeb25b9a84a7060c68661ddd427f\" alt=\"Image source: Getty Images.\" title=\"Image source: Getty Images.\" tg-width=\"700\" tg-height=\"393\"/><span>Image source: Getty Images.</span></p><p>All that said, Musk still seems confident in America&#39;s Trump-led future. And while the loss of subsidies could hurt demand for Tesla cars, Musk&#39;s company may be better able to compete in a more competitive environment because of its economies of scale and manufacturing expertise. The Trump administration could also ease some regulations around Tesla&#39;s other growth opportunities like self-driving cars, robotics, and artificial intelligence. These businesses could become increasingly important for Tesla as its EV growth continues to slow down.</p><h2 id=\"id_3834664770\">The valuation seems far too optimistic</h2><p>All in all, Tesla seems to be in a pretty neutral situation: not particularly good or bad. Core automotive growth has slowed dramatically, but margins and profitability remain strong. And while nonautomotive opportunities (like self-driving cars) could become key growth drivers, it could take years or even decades for that story to play out.</p><p>Trump&#39;s election victory also doesn&#39;t seem likely to significantly impact Tesla&#39;s near-term prospects. So, the recent rally seems overdone.</p><p>With a forward price-to-earnings (P/E) multiple of 103, Tesla&#39;s valuation looks very out of line with the company&#39;s fundamentals. And while it is still a fantastic company, it isn&#39;t a buy at this price. Investors should wait for a better entry point before considering a position in the stock.</p></body></html>","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Up 38%, Is Tesla Stock a Buy?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUp 38%, Is Tesla Stock a Buy?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-12-02 15:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2024/11/30/up-38-is-tesla-stock-a-buy/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Tesla's stock has soared after Trump's presidential election victory.Can the automaker's operational performance keep up with its stratospheric valuation?With shares up 38% since Nov. 5, Tesla has ...</p>\n\n<a href=\"https://www.fool.com/investing/2024/11/30/up-38-is-tesla-stock-a-buy/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU2602419157.SGD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"AC\" (SGD) ACC","BK4548":"巴美列捷福持仓","BK4598":"佩洛西持仓","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","BK4516":"特朗普概念","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU1429558221.USD":"Natixis Loomis Sayles US Growth Equity RA USD","LU1839511570.USD":"WELLS FARGO GLOBAL FACTOR ENHANCED EQUITY \"I\" (USD) ACC","BK4585":"ETF&股票定投概念","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD","LU0082616367.USD":"摩根大通美国科技A（dist）","LU2213496289.HKD":"ALLIANZ INCOME AND GROWTH \"AT\" (HKD) ACC","BK4555":"新能源车","BK4533":"AQR资本管理(全球第二大对冲基金)","LU0056508442.USD":"贝莱德世界科技基金A2","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","LU0964807845.USD":"ALLIANZ INCOME & GROWTH \"A\" (USD) INC","IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) ACC","TSLA":"特斯拉","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","LU0820562030.AUD":"ALLIANZ INCOME AND GROWTH \"AMH2\" (AUDHDG) H2 INC","LU2063271972.USD":"富兰克林创新领域基金","LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) INC","BK4588":"碎股","BK4550":"红杉资本持仓","SG9999015986.USD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","LU0823414478.USD":"法巴经典能源转换基金","LU0466842654.USD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"A\" (USD) ACC","BK4551":"寇图资本持仓","SG9999015978.USD":"利安颠覆性创新基金A","LU2023250330.USD":"ALLIANZ INCOME AND GROWTH \"AMG\" (USD) INC","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","LU0097036916.USD":"贝莱德美国增长A2 USD","LU2326559502.SGD":"Natixis Loomis Sayles US Growth Equity P/A SGD-H","LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","LU1861215975.USD":"贝莱德新一代科技基金 A2","LU1861558580.USD":"日兴方舟颠覆性创新基金B","TSLL":"Direxion Daily TSLA Bull 2X Shares","LU1548497426.USD":"安联环球人工智能AT Acc","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS"},"source_url":"https://www.fool.com/investing/2024/11/30/up-38-is-tesla-stock-a-buy/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2487522010","content_text":"Tesla's stock has soared after Trump's presidential election victory.Can the automaker's operational performance keep up with its stratospheric valuation?With shares up 38% since Nov. 5, Tesla has been a huge beneficiary of Trump's presidential election victory. CEO Elon Musk played a key role in the campaign, and many investors believe his company stands to benefit from the new economic and regulatory framework.That said, Tesla's situation isn't all peaches and cream. Let's discuss some pros and cons of investing in the stock.Core automotive operations have maturedWhile Tesla benefited tremendously from being an early mover to the electric vehicle (EV) opportunity, its edge in brand recognition and technology seems to be stalling. Third-quarter revenue grew by a measly 2% year over year to $20 billion -- a far cry from the 74% growth the company posted in the corresponding quarter three years ago.To be fair, Tesla is a victim of its own success. The company's Model Y is the best-selling car on the planet, beating out established mass-market rivals like the Toyota Corolla or Rav4. The company's sheer scale will make it challenging to generate continued growth because most people who want a Tesla vehicle probably already have one.The good news is that Tesla is still an exceptionally well-managed, lean business capable of maintaining its margins. Despite the flat revenue, the company increased its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) by 24% to $4.7 billion. While the automotive business no longer looks like a key growth driver, it can serve as a stable cash cow as management pivots to other opportunities.What does Trump's reelection mean for Tesla?Elon Musk stumped for the Trump campaign and donated at least $132 million to the effort through his super PAC, America PAC. However, while Trump's victory has led to a surge in Tesla stock, it is unclear how the new administration's policies will impact the company's top and bottom lines.According to Reuters, Trump's transition team aims to end the Biden-era tax credit for EVs. This $7,500 subsidy makes electric cars more affordable relative to their gas-consuming peers, likely helping their sales.Trump has also promised to cut back on outsourced manufacturing, which could run contrary to Tesla's ambition to build a new factory in Mexico.Image source: Getty Images.All that said, Musk still seems confident in America's Trump-led future. And while the loss of subsidies could hurt demand for Tesla cars, Musk's company may be better able to compete in a more competitive environment because of its economies of scale and manufacturing expertise. The Trump administration could also ease some regulations around Tesla's other growth opportunities like self-driving cars, robotics, and artificial intelligence. These businesses could become increasingly important for Tesla as its EV growth continues to slow down.The valuation seems far too optimisticAll in all, Tesla seems to be in a pretty neutral situation: not particularly good or bad. Core automotive growth has slowed dramatically, but margins and profitability remain strong. And while nonautomotive opportunities (like self-driving cars) could become key growth drivers, it could take years or even decades for that story to play out.Trump's election victory also doesn't seem likely to significantly impact Tesla's near-term prospects. So, the recent rally seems overdone.With a forward price-to-earnings (P/E) multiple of 103, Tesla's valuation looks very out of line with the company's fundamentals. And while it is still a fantastic company, it isn't a buy at this price. Investors should wait for a better entry point before considering a position in the stock.","news_type":1},"isVote":1,"tweetType":1,"viewCount":127,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}