Tesla Inc. is no longer a red-hot growth stock. CEO Elon Musk has said as much. But even by that new standard, the grim sales prediction from a key Tesla analyst is still shocking.
But even by that new standard — with growth forecasts on Wall Street sinking rapidly — the grim sales prediction from a key Tesla analyst last week was still shocking. There’ll be zero growth in sales volumes for the electric-vehicle maker this year, Wells Fargo’s Colin Langan said. And in 2025, it’ll be worse yet: Volumes will drop.
“Right now, the market is voting and telling us that it believes Tesla does not currently deserve that high valuation,” Adam Sarhan, founder and CEO of 50 Park Investments, said in an interview. “For now, the sellers are in control and the market needs a bullish catalyst to get excited about.” The troubles for Tesla and EVs more broadly started emerging in mid-October, when Musk’s company first warned about a slowdown in demand. But sentiment worsened further in early January after Tesla said its growth will be “notably lower” this year. Other automakers, EV suppliers and even rental-car companies joined in with similarly cautious comments.
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