Morgan Stanley analysts say Tesla is still a car company and AI will have limited impact on it

Recently, the craze for artificial intelligence has triggered a sharp rise in technology stocks, and investors are hoping that Tesla's stock price will benefit from this. However, one analyst who has long been bullish on Tesla poured cold water on this.

Morgan Stanley analyst Adam Jonas pointed out in a research report released on Thursday that although it is easy to use clichés to talk about Tesla’s artificial intelligence strategy, in the future Within 12 months, supply and demand conditions in the electric vehicle industry will dominate Tesla's share price. Jonas has had a "buy" rating on Tesla stock since November 2020.

He wrote in the research report: "Tesla has a large addressable market, so there are many things to consider. However, we believe that Tesla is ultimately a car company. ”

While Tesla shares have risen during the weeks of the tech rally, their gains have been far less than those of companies such as Nvidia, C3.ai and Marvell. Jonas also pointed out that although Tesla is developing some general artificial intelligence technologies, such as self-driving software and Optimus robots, self-driving and generative artificial intelligence are two completely different technologies.

Tesla’s stock price has performed significantly this year, with an increase of more than 69%, much higher than the 32% of the Nasdaq 100 Index, and even higher than the 64% of the New York Stock Exchange FANG Index. %. However, it should be noted that the rise in Tesla's stock price is a rebound after falling 65% last year, and 2022 has been one of the worst years for Tesla's stock price.

To sum up, Jonas believes that the trend of Tesla’s stock price will be mainly affected by the supply and demand situation of the electric vehicle industry, rather than Tesla’s development as an artificial intelligence company. Although Tesla has made progress in the field of artificial intelligence, its core business is still car manufacturing. Investors should pay attention to overall trends in the electric vehicle industry to better assess Tesla's prospects.

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