Morgan Stanley analysts expressed disappointment at Tesla’s (NASDAQ:TSLA) highly anticipated “We, Robot” event, stressing that key details on fully autonomous driving (FSD) technology, ride-sharing economics and a go-to-market strategy for autonomous vehicles were missing.
Tesla shares fell more than 8% in early Friday trading, with many analysts noting the lack of details on the event.
Tesla showcased its anticipated “Cybercab” during the event, but Morgan Stanley noted that the presentation did not provide any significant new information. The research firm is one of the biggest Tesla bulls on Wall Street.
“We were overall disappointed with the content and details of the presentation,” analysts said in a note.
Ahead of the event, Morgan Stanley had expected key updates on Tesla’s FSD system, such as quantifiable improvements in miles driven without shutting down, but those details were missing.
The firm also expected insights into the go-to-market strategy for Tesla’s supervised and unsupervised ride-sharing services, including economic analysis and total addressable market (TAM) estimates.
“We were expecting at least some additional information on the ‘rate of change’ of the FSD system,” they explained.
In addition, Morgan Stanley said the event did not offer any meaningful discussion on Tesla’s partnership with xAI or potential updates on Tesla’s “Master Plan 4,” leaving analysts with the impression that the event did not significantly advance Tesla’s image as an AI company.
As a result, Morgan Stanley expects “TSLA will be under pressure following the event.” Despite this assessment, Morgan Stanley maintained an “Overweight” rating on Tesla shares.
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Reference;
Reuters (2024) Hundreds of Hilton hotel workers walk off the job in Seattle By Reuters, Investing.com. Investing.com. Available at: https://www.investing.com/news/stock-market-news/hundreds-of-hilton-hotel-workers-walk-off-the-job-in-seattle-3660737 (Accessed: 12 October 2024).
