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2026-10-05 17:54:09 HSBC Global Investment Research issued a research report stating that Tesla, Inc. (TSLA.US) delivered 487,000 vehicles in 3Q26, 7% above market expectations and around 5% higher than both company consensus and the broker's estimates, though down 2% YoY. Against the backdrop of front-loaded consumption driven by the end of IRA tax incentives, the performance was still considered solid. However, energy storage deployments totaled only 13.7 gigawatt-hours, 19% below market expectations and 24% below the broker's forecast, extending the trend of repeated misses since the start of the year. Deployments in the first three quarters rose only 11% YoY. The broker said the stronger-than-expected overall vehicle deliveries in 3Q and weaker-than-expected energy storage deployments imply revenue about 3.8% above current market expectations based on estimated revenue per unit. The broker raised its 2026 vehicle sales forecast by 2%, but lowered its EBIT forecast by 6% because assumed gross margin for energy storage is higher than that for vehicles, at about 27% and 18% respectively. The broker believes Tesla's valuation still depends on the success of concepts that have yet to generate revenue. In the near term, it lacks confidence in the Robotaxi technology roadmap, while over the longer term it is concerned that the target market size for Robotaxi and humanoid robots may not be as large as management and the market expect. The broker maintained a 'Reduce' rating and raised the TP from USD125 to USD157, mainly due to valuation multiple adjustments among peers, while increasing the relative premium versus peers to a level closer to the five-year historical average. (ad/da)~ AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. | |