Tesla leading ‘race to the bottom’ in EV costs, says Morgan Stanley

Following Tesla’s investor day, Morgan Stanley said that EVs are "far too expensive today" and that Tesla’s "audacious efforts on vertical integration are about to pay off," arguing that the company "gave a number of drivers" for a 50% cost reduction for its next-gen platform. The firm, which "seriously questions how the competition can keep up" with Tesla leading the "race to the bottom" in EV costs, keeps an Overweight rating and $220 price target on Tesla shares.