Why this analyst is bearish on Tesla, despite the stock hitting an all-time high

Ford's EV Strategy and Financial Implications - Ford is taking a $195 billion charge to write down EV investments [1] - $8 billion of the $195 billion charge is related to EVs [2] - The market views this as positive for Ford, as they have a balanced approach between EV, hybrid, and internal combustion engine vehicles [3][4] - Analysts maintain a hold rating on Ford with a 12-month price target of $15, implying some upside [5] - Analysts prefer GM due to a more favorable risk-reward profile and market share gains [6] Tesla's Robo Taxi and Stock Performance - Tesla is testing robo taxis in Austin without safety monitors [7][15][16] - Analysts view this as an incremental step with significant liability associated with full self-driving [7][8] - Tesla's stock has rallied significantly since April, driven more by sentiment than fundamentals [8][12] - Analysts have a sell rating on Tesla, citing a high valuation of over 175 times their 2027 EPS estimate, which is below consensus [9][10] - Tesla's domestic sales are expected to show a significant drop in Q4 due to the end of US EV tax credits [11] - Analysts acknowledge Tesla's potential in AI, robotics, energy storage, and autonomous driving, but see a disconnect between near-term earnings and stock price [13][14] - Analysts expect an accelerated robo taxi launch across the US with volume production of the cyber cab starting in April/May [17] - Tesla is hitting milestones in its robo taxi development, including removing the safety driver [21]