But investors who have paid $1,500 or more for Tesla shares are making four questionable assumptions about Tesla, its rivals, and macroeconomic conditions, Morgan Stanley said in a research note published on July 13.
"In our view, buying the stock at these levels one must believe: that US-China relations will remain copacetic on trade/IP long term, the legacy [automakers] will fail to produce a competitive EV product, the big tech platforms will either not try to develop compelling EV systems, not achieve success, or, if successful, use Tesla technology in its offering, that autonomous driving can produce substantial service revenue over the next three to five or five to 10 years," the bank said.
Morgan Stanley raised doubts about the prospect of those four scenarios playing out simultaneously, saying, "We remain concerned about Sino-US relations with respect to autos. We believe legacy players will spend $400 billion to $500 billion on EVs over the next five years. We expect big tech to enter transport as a significant competitive force in EVs. And we are extremely cautious on the pace of adoption of full autonomy as a percentage of miles traveled over the next decade .
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