Overview
- JPMorgan kept its Underweight rating on Tesla and set a $145 December 2026 price target that implies about 60% downside, citing tougher competition, delivery declines, execution risk, and brand erosion.
- Tesla shares fell more than 5% after the company reported first‑quarter delivery numbers that missed Wall Street forecasts, leaving the stock down roughly 24% for the year.
- Production outpaced deliveries in Q1 by about 50,000 vehicles, 408,386 versus 358,023, which points to a record inventory build estimated near 164,000 cars.
- Energy storage deployments totaled 8.8 GWh in the quarter, which fell short of expectations and marked the first year‑over‑year decline since Q2 2022.
- Roughly 73% of Tesla’s revenue still comes from selling passenger cars, so weaker EV volumes and planned investment in autonomy and robotics put a spotlight on cash flow heading into the April 22 earnings report.