Tesla’s base business yet to show improvement, says Needham

Needham analyst Chris Pierce keeps a Hold rating on Tesla with no price target after the company’s Q1 results and commentary. The analyst still sees a “company where the base business has yet to show improvement” and is arguably getting worse given more vehicle price cuts that were announced just this week, with the firm also noting that Tesla’s growth drivers have a “high degree of uncertainty”. The potential FSD revenues represent Tesla’s most near term shot on goal, but the company is likely fighting an uphill battle to drive consumer adoption, Needham tells investors in a research note.