Tesla has lost nearly a third of its value this year but Morgan Stanley thinks that's unfair given the value of some pieces of the company.
company that investors do not value properly, most notably its self-driving technology unit.
Jonas' optimism comes as the stock slowly rebounds following its steady fall this year. Tesla shares dropped as far as $179 a share at the beginning of June, shortly after Jonas held a conference call with investors where. " Jonas said Tesla seems more "like a distressed credit and restructuring story" but warned that a big technology company like Amazon or Apple is not going to come to the rescue.
These are all areas Jonas said have "potential commercial value beyond the manufacturing of Tesla vehicles." He believes the company's "Autonomy" unit is one of the most undervalued pieces, saying that that "many investors to whom we speak do not explicitly include Tesla's Autonomy business in their valuation of the company." Jonas estimates that, on its own, the self-driving business is worth $8.5 billion.
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