Morgan Stanley analyst Adam Jonas notes that U.S. electric vehicle sales “appear to have stabilized” at about a 7.5% share of the total market, European EV penetration has also decelerated this year and that “numerous media outlets” have reported on rising EV inventory levels among legacy car companies. Given this context, all “despite a rather stale Tesla product lineup and before substantial new capacity comes on stream by Tesla,” legacy auto EV strategies may be forced to face a “recalibration” even sooner than the firm expected, according to Jonas. The firm, which believes Western legacy OEM platform sharing with China-based partners “would make sense,” has an Equal Weight rating and $250 price target on Tesla shares.
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