Tesla analyst day effective in showcasing expanding tech lead, says Oppenheimer

Oppenheimer says that while some investors may see a lack of incremental guidance of short- and medium-term targets, it believes Tesla’s analyst day was an effective event in showcasing the company’s management depth, accelerated learnings cycles, organization efficiency, and what appears to us to be an expanding technology lead. Specifically, Oppenheimer views Tesla’s integrated design, engineering, and manufacturing teams as core to driving cost efficiencies via process improvements but also enabling nimble response to supply chain and markets dynamics. With the company targeting 20M annual vehicle sales and selling into the 24TWh stationary storage opportunity, the firm believes the company is addressing multi-trillion-dollar markets with advantaged technology as it continues to drive both cost and performance improvements in advance of peers. Oppenheimer has a Perform rating on the shares.