We initiated coverage on Tesla. Our head of Research shares some of his findings in the report.
Tesla sold just under 1M vehicles last year, which was 9% of the largest auto manufacturer (Toyota/TSE: 7203), 14% of global Electric Vehicle (EV) sales, and 1.4% of global vehicle sales. Yet, Tesla is the largest auto manufacturer by MCAP ($1T) – almost 3x Toyota’s MCAP ($239B). In this report, we investigate one of the most burning questions on the street – “Is Tesla’s $1T valuation justified?”
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Disclaimers and Disclosures
Fundamental Research Corp. (“FRC”) does not have any investment banking business with the companies mentioned in this video. FRC was not paid by the companies mentioned. FRC and its employees do not own shares of some of the companies mentioned in this video at the time that this was posted either directly or indirectly. FRC takes steps to ensure independence including setting fees in advance and utilizing analysts who must abide by CFA Institute Code of Ethics and Standards of Professional Conduct. Forward-looking statements regarding the companies and/or stock’s performance inherently involve risks and uncertainties that could cause actual results to differ from such forward-looking statements. Past performance is not indicative of future performance. Talk to your advisor before investing. This video is for information purposes only.