Why last: Still innovative, but narrative is under pressure. EV growth slowing, autonomy not here yet.
Tailwinds: Energy business, AI/D1 chip for FSD.
Risk: Valuation still rich for slowing growth, competition from BYD, legacy autos, China tensions.
Why last: Still innovative, but narrative is under pressure. EV growth slowing, autonomy not here yet.
Tailwinds: Energy business, AI/D1 chip for FSD.
Risk: Valuation still rich for slowing growth, competition from BYD, legacy autos, China tensions.
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