Tesla(US:TSLA) 美股研究社·2026-02-09 10:46Core Viewpoint - Analysts express concerns about Tesla's valuation and the impact of Elon Musk's decisions on the company, despite recognizing its operational strengths and the potential of the electric vehicle market [1][3]. Group 1: Stock Performance - Since December 2024, Tesla's stock has shown virtually no growth, while the S&P 500 has increased by 16.6% during the same period [3]. - Tesla's stock has declined by 6% since January 2024, significantly underperforming the S&P 500, which only fell by 0.9% [3]. Group 2: Autonomous Driving and Robotaxi Ambitions - Analysts believe Tesla's promises regarding its Robotaxi ambitions are largely unrealistic, as the company lags behind industry leaders like Waymo [3][5]. - Tesla's autonomous driving technology remains at Level 2, while competitors have advanced to Level 4, indicating a significant technological gap [6]. Group 3: Robotics Business - Tesla's shift towards robotics, particularly the Optimus project, is viewed skeptically by analysts, who question its ability to generate substantial revenue to justify the current valuation [8][9]. - Despite the potential market for humanoid robots, analysts estimate that even with optimistic projections, the revenue generated from this segment will not be sufficient to support Tesla's high market valuation of $1.62 trillion [9]. Group 4: Future Revenue Streams - Analysts project that the subscription revenue from Tesla's Full Self-Driving (FSD) service will not significantly impact the company's valuation, even with an increase in subscribers [11]. - The anticipated revenue from the robotics and FSD segments is deemed insufficient to support Tesla's current market valuation, making it one of the highest-risk investments among companies with market caps over $100 billion [12].