Tesla is preparing to report its Q2 2025 earnings, and while Wedbush remains optimistic, concerns exist about future challenges. Lead analyst Dan Ives highlights a potential headwind from losing EV tax credits and emphasizes the importance of guidance in the upcoming conference call. Despite challenges, Tesla is anticipated to see a rebound in deliveries, particularly due to improvements in China and new catalysts like the Model Y refresh. Ives believes that Tesla's autonomy strategy could be worth $1 trillion as expansion efforts continue.
"Clearly, losing the EV tax credits with the recent Beltway Bill will be a headwind to Tesla and competitors in the EV landscape looking ahead, and this cash cow will become less of the story (and FCF) in 2026."
"Importantly, we anticipate deliveries globally to rebound in 2H led by some improvement on the key China front with the Model Y refresh a catalyst."
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