特斯拉-第七次年度实习生调查：特斯拉失宠Tesla Inc-7th Annual Intern Survey Tesla Out of Favor

Summary of Tesla Inc. 7th Annual Intern Survey Industry Overview - Company: Tesla Inc - Industry: Automotive and Shared Mobility - Survey Context: The survey reflects the preferences of approximately 530 Morgan Stanley North American summer interns regarding automotive brands and services Key Findings 1. Decline in Brand Preference: Only 5% of interns identified Tesla as their 'most desirable car brand', a significant drop from 11% the previous year and a continued decline from a peak of 30% in 2021 [2][3] 2. Competitor Rankings: Mercedes and BMW emerged as the top two preferred brands, with 22% and 16% of responses, respectively, compared to 19% and 16% last year [3] 3. Powertrain Preferences: Interns showed a strong preference for internal combustion engine (ICE) vehicles over electric vehicles (EVs) at a ratio of nearly 2 to 1, with 29% favoring pure ICE and 15% for EVs. Hybrids were the most preferred powertrain at 39% [4] 4. Robotaxi Service Preference: Over half of the interns preferred an Uber-developed or Alphabet/Waymo robotaxi service, with only 12% indicating they would choose a Tesla robotaxi, down from 31% last year [5] Investment Insights 1. Morgan Stanley's Rating: The firm maintains an Overweight rating on Tesla shares with a price target of $410, supported by the belief in Tesla's capabilities in physical AI, robotics, and energy storage, which are expected to drive growth beyond traditional EV sales [6] 2. Growth Potential: Tesla is positioned to leverage its data and manufacturing capabilities to expand into high-margin software and services, with expectations that services will account for 31% of total EBITDA by 2030 [32] 3. Market Capitalization: As of July 31, 2025, Tesla's market capitalization was approximately $1,084.8 billion, with a stock price of $308.27 [9] Financial Projections 1. Earnings Estimates: Projected EPS for fiscal years ending December 2024, 2025, 2026, and 2027 are $2.41, $1.37, $2.69, and $4.34, respectively [9] 2. Revenue Growth: Total revenue is expected to grow significantly, with estimates of $97.69 billion in 2024 and $141.22 billion by 2027 [38] Risks and Considerations 1. Competition: The report highlights the increasing competition from traditional OEMs, startups, and large tech firms, which could impact Tesla's market share and growth [43] 2. Execution Risks: Potential risks include challenges in ramping up production at multiple factories and market recognition of Tesla's service opportunities [43] Conclusion - The survey indicates a notable shift in consumer preferences away from Tesla, particularly among younger demographics, which could pose challenges for the brand's future desirability. However, Morgan Stanley's bullish outlook on Tesla's broader capabilities and growth potential in AI and services suggests a complex but potentially rewarding investment landscape.