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Increasing competition and share losses have Bernstein doubting Tesla (TSLA)
February 9, 2023 7:52 AM ESTBernstein reiterated an Underperform rating and $150.00 price target on Tesla (NASDAQ: TSLA) as electric vehicle makers report 2022 numbers.
2022 was another year strong year for EV growth. Battery EVs grew ~70% from 3.8M to 6.5M, on top of a strong comp of ~110% in 2021. Amid an overall decline in the auto market, BEVs now account for 8.3% of total light vehicle volumes.
Despite unit growth of 40%, Tesla's BEV share actually declined from 25% in 2021 to 20% in 2022, and down ~800 bps from its peak of 28% in 2020.... More
