Analysts from Morgan Stanley suggested that Tesla should be seen as much as a tech company as it is an electric vehicle manufacturer.
Tesla's stock price increased 10% on Monday following a Morgan Stanley upgrade in which it was suggested the company should be seen as a tech firm, with the potential to make $500 billion long-term through its Dojo supercomputer project. This computer would be used to improve AI machine learning and computer vision, and also to allow Tesla to develop features and generate recurring revenue from services like self-driving systems, vehicle charging services, maintenance, software upgrades, and content. In addition to the Morgan Stanley note, Deutsche Bank wrote a separate bullish report on Tesla, while recognizing risks from factory closures, inventory discounts, and limited cost savings in the quarter. These issues, along with price cuts for EVs and the company's FSD driver assistance system, had caused Tesla's share price to decline, but the Morgan Stanley report on Monday allowed the stock to surge back up to $272 mid-day.
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