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Since Truss's market capitalization surpassed that of Toyota with rapid growth, it has attracted a lot of attention in the industry, and the share price has been hovering around $1000. However, in view of this, some institutional analysts began to be bearish on Tesla, believing that compared with other technology companies, Tesla is also an automobile company, so it is impossible to ignore certain risks.

According to Morgan Stanley analyst Adam Jonas in the latest research report, special feel that Tesla's current market value has been seriously overvalued, will inevitably face certain risks in the future, the proposal is also "reduction", and even the stock price will plummet 26.6% in the next three months to warn investors.

The main reason is that at present, too many investors regard Tesla as a technology company, but ignore that Tesla is actually an automobile company, and its difficulties and risks are still more possible than some technology companies. Tesla's business model or implementation risks are much more complex than those of giants such as Apple and Microsoft.

Institutions predict that Tesla's annual output will reach 2 million or more in the next 10 years, but it will not be enough to reach a market value of 1000 US dollars. According to the stock price of 1000 US dollars, Tesla needs to reach 4 million vehicles, but such sales are expected to be 2023. So according to the current Tesla stock price should be around 650 yuan.

According to Tesla's 2019 data, its production and delivery exceeded 360000 vehicles in 2019, a new high, with year-on-year growth of more than 40%, achieving the annual delivery target of 360000 to 400000 vehicles. According to Tesla's previous target, production and sales volume will reach 500000 by 2020. Toyota, once the most valuable car by market capitalization, has annual production and sales of more than 10 million, with a cumulative sales of 10.74 million vehicles in 2019, with Tesla accounting for only about 3%.

In addition, in a research report two weeks ago, Adam Jonas was already worried about Tesla's demand and pricing. On the one hand, affected by the epidemic, Tesla's operation recovery and market demand have been affected to a certain extent, so that sales may decline; on the other hand, the research report does not expect Tesla to reduce the prices of models in China and the United States, so profits will also be affected to a certain extent.

Although Tesla has some growth in the Chinese market, Morgan Stanley predicts that Tesla's delivery in China will begin to decline after reaching a peak of nearly 500000 vehicles by 2027. And as more and more auto giants enter the new energy market, Tesla will face greater challenges.

Of course, there are investors who continue to be bullish on Tesla's market capitalization, because Tesla, who has not yet made an annual profit, has made profits for three consecutive quarters, and analysts believe that 2020 will be his first profitable year. Bulls are optimistic about the company and the industry as a whole, saying that Tesla has begun to make a profit and that new energy vehicles also have broad prospects for development.

In view of Tesla's skyrocketing market capitalization, Chen Hong, chairman of SAIC Group, also thought: "Tesla is not a car company in the traditional sense, but more like a technology enterprise." Therefore, for Tesla's market capitalization, it is more of a reflection of the traditional car companies' changes in the future era.

According to Tesla's current sales volume, achieving last year's delivery target is mainly due to the substantial increase in Model 3 production. Last year, Model 3 produced 302276 vehicles and delivered 300600 to consumers, accounting for 82.8% of Tesla's annual production and 81.9% of delivery.

Tesla originally expected that with the delivery of the more cost-effective Model Y, sales would be better, but now there are frequent "major defects", such as loose seat belts, unsecured rear seats, and so on, which may have an impact on Model Y sales. So as to affect its sales this year.

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