Tesla(US:TSLA) Benzinga·2026-01-14 05:42Core Viewpoint - Investor Gary Black questions Tesla Inc.'s valuation due to a decline in EV sales, suggesting that a forward P/E ratio of over 200x is not justifiable under these circumstances [1][2]. Group 1: Valuation Concerns - Black emphasizes that Tesla's valuation "doesn't make mathematical sense," particularly since over 72% of the company's profits come from EV sales, which are currently declining [3]. - He notes that both near-term 2026 and long-term 2030 adjusted EPS estimates for Tesla are also on a downward trend [3]. Group 2: Shift in Business Focus - Tesla's Master Plan IV indicates a strategic shift from its core EV business towards autonomous driving and robotics, with CEO Elon Musk predicting that the Optimus humanoid robot could represent 80% of Tesla's future value [4]. Group 3: Sales Performance - Despite Tesla's Model Y SUV being the best-selling EV in the U.S. market in 2025 with over 350,528 units sold, the company's cumulative sales fell to approximately 589,000 units, reflecting a 7% decline [5]. Group 4: Marketing Strategy - Black urges Tesla to enhance its marketing efforts, particularly as the take rate for its Full Self-Driving (FSD) technology is around 15%, warning that insufficient marketing could hinder Tesla's competitiveness in the Robotaxi and autonomous driving sectors [6]. Group 5: Market Performance - Tesla's stock experienced a slight decline, closing at $447.20, down 0.39%, and further dropping to $446.85 in after-hours trading [7].