GLJ Research on Tesla (TSLA): 'Cybercab launch thesis rests entirely on technology that is currently failing in the field'

GLJ Research analyst Gordon Johnson reiterated a Sell rating and $25.28 price target on Tesla (NASDAQ: TSLA).

The analyst comments "This update incorporates three new data layers since our June 5th, 2025 initial Austin note: (1) NHTSA-sourced crash rate analysis confirming Tesla’s supervised robotaxi fleet crashes 4x more frequently than a human driver by Tesla’s own benchmarks; (2) third-party fleet tracking data showing active Austin unsupervised fleet contraction from 8 to effectively 1 operational vehicle since rolling out Jan. 22nd, 2026; and (3) an accelerating executive exodus that has now stripped Tesla of its VP of Finance, Cybercab program manager, OTA/Robotaxi infrastructure director, VP of North American sales, and Senior FSD technical program manager – all in the past 6 weeks. Taken together, these data points constitute the most concrete real-world evidence to date that Tesla’s FSD Unsupervised program is not performing at a level consistent with safe, scalable commercial deployment. Stated more clearly, the data show that the Cybercab launch thesis rests entirely on technology that is currently failing in the field."

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Shares of Tesla closed at $407.82 yesterday.

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