Wells Fargo's Langan: "Tesla will disappoint investors despite better-than-expected Q2 deliveries"

• Wells Fargo analyst Colin Langan maintains an "underweight" rating on $Tesla(TSLA.US)$ stock.
• Even with strong Q2 deliveries, Langan thinks Tesla's bear case is still valid.
• Tesla deliveries have dropped a lot in markets like Germany and France.
• Adoption of Full Self-Driving (FSD) among Tesla owners is still low, with doubts about its widespread use.
• Langan questions Tesla's high valuation compared to earnings and its core business's future, especially with more competition from Chinese automakers.