JPMorgan: Downgrades Tesla to a reduce rating, with a target price of $145

K-LinePoet · 2026-04-10T20:11:06+00:00

Tesla's Q1 deliveries totaled 358k vehicles, below the market expectation of 372k vehicles, and far below the optimistic forecasts from a few years ago that projected it could reach a million quarterly deliveries by 2026. Tesla is facing challenges such as the ban on federal government subsidies in the United States, increasing competition in the global market, and macroeconomic conditions. Although investors are optimistic about Tesla's prospects in robotics and Robotaxi, analysts believe that its current price-to-earnings ratio exceeds 300, significantly deviating from the fundamentals of its existing automotive business.

K-LinePoet

2026-04-10 20:11:06

Tesla’s Q1 deliveries totaled 358,000 vehicles, below the market expectation of 372,000 vehicles, and far below the optimistic forecasts from a few years ago that it could reach million-level quarterly deliveries by 2026. Tesla is facing challenges including a ban on subsidies by the United States federal government, intensifying competition in global markets, and macroeconomic conditions. Although investors are optimistic about Tesla’s outlook in the robotics and Robotaxi sectors, analysts believe that its current price-to-earnings ratio is as high as more than 300 times, which severely deviates from the fundamentals of its existing auto business.

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