Tesla Replaces Ford As Morgan Stanley's 'Top Pick' As Brokerage Sees Potential In EV Giant's Energy And Service Segments
Tesla Replaces Ford As Morgan Stanley's 'Top Pick' As Brokerage Sees Potential In EV Giant's Energy And Service Segments
EV giant Tesla Inc (NASDAQ:TSLA) has replaced Ford Motor Co (NYSE:F) as Morgan Stanley's "Top pick" in the U.S. auto industry.
电动汽车巨头特斯拉公司（纳斯达克：TSLA）已取代福特汽车公司（纽交所：F）成为摩根士丹利公司在美国汽车行业的“首选”。
Analyst Ratings: Morgan Stanley has a price target of $310 for Tesla and $16 for Ford. This is an upside of nearly 34% from Tesla's closing price on Monday, and nearly 45% for Ford, according to Benzinga Pro data.
分析师评级：根据Benzinga Pro数据，大摩资源lof给特斯拉定下$310的目标价，对应股价上升34%，给福特定下$16的目标价，对应股价上升45%。
What Happened: Morgan Stanley said in a note on Monday that Tesla is cutting costs in the auto segment and also redeploying resources to other business segments as EV demand falls.
事件经过：大摩资源lof在周一的笔记中指出，由于电动汽车需求下降，特斯拉正在削减汽车业务的成本，并将各种资源重新配置到其他业务领域。
Tesla will have more automakers looking to buy zero-emission vehicle credits from it as legacy players pull back on their EV plans and service revenue should grow as Tesla's car population increases, the brokerage noted, while adding that margins derived from after sales and service are typically far higher than sale margins.
经纪商发现：经济券商称，由于新能源车计划得到抑制，且随着特斯拉车辆数量的增加，更多的汽车制造商将寻求从特斯拉那里购买零排放汽车积分，在售后服务和维修所获的利润通常比销售利润更高，这将促进特斯拉服务收入的增长。
"We estimate Tesla may account for as much as 1/2 the credit sales in the market, supporting a 100% margin business for Tesla that may not be anticipated by the investment community at this time," the note reads.
“我们预计特斯拉可能占据市场上高达1/2的积分销售额，这将支持特斯拉达到100%的利润率，投资界目前可能还没有意识到这一点。” 大摩资源lof的报告中写道。
Morgan Stanley also sees potential for Tesla's Energy business to be worth more than the electric vehicle business, particularly owing to severe storms and unusual global weather phenomena.
大摩资源lof还认为，由于严重的暴风雨和飞凡全球天气现象，特斯拉的能源业务可能比其电动汽车业务更值钱。
In the second quarter, Tesla marked a growth in energy generation and storage revenue as well as services and other revenue even as total automotive revenue fell 7% year-on-year. The company also made a revenue of $890 million by selling regulatory credit to other automakers who lagged on their emission requirements.
在第二季度，特斯拉的能源产生和存储收入以及服务和其他收入增长，尽管总汽车收入同比下降7%，但公司通过向滞后的汽车制造商出售监管积分创造了89000万元的收入。
Brokerage Concerns: The brokerage, however, warned that the near-term expectations around the company's full self-driving (FSD) driver assistance technology and robotaxi may be too high and that EV demand may continue to dwindle.
经纪商担忧：然而，经济券商警告，市场可能对公司的全自动驾驶（FSD）驾驶辅助技术和机器人出租车的短期预期过高，电动汽车的需求可能继续减少。
As per Morgan Stanley, the commercial opportunity of non-auto expressions of embodied artificial intelligence is likely far larger and faster adopted than that of autonomous cars. It is also 'highly unlikely' that the company would be allowed to operate autonomous vehicles in China, its second-largest market, the brokerage noted.
根据大摩资源lof的称，以非汽车化身的人工智能表现形式的商业机会可能比独立的自动驾驶汽车更大，并且更容易得到快速采用。该经纪商还指出，其在中国这个第二大市场运营自主驾驶汽车是“极不可能”的，因为具有明显的国家安全敏感性。
"In our opinion, if Tesla (or any other US company) were to 'solve' the robotaxi problem, we believe it would be highly unlikely that the company would be allowed to offer such technology within the PRC. The dual purpose element of embodied AI carries obvious national security sensitivities," the brokerage said.
“我们认为，如果特斯拉（或任何其他美国公司）能够解决的机器人车问题，我们认为该公司高度可能不会被允许在中国提供此类技术。自我干扰AI的双重目的带有明显的国家安全敏感性。”大摩资源lof表示。
Tesla is currently gearing up to unveil its dedicated robotaxi product on the 10th of October.
特斯拉目前正在为于10月10日推出其专用出租车产品做准备。
Price Action: Tesla shares closed up 5.6% on Monday at $232.10 and Ford shares closed down 1.6% at $11.01. While Tesla stock is down 6.6% year-to-date, Ford is down 9.5%, according to data from Benzinga Pro.
价格走势：根据Benzinga Pro数据，周一特斯拉股价上涨5.6%，收于232.10美元，福特股价下跌1.6%，收于11.01美元。根据Benzinga Pro数据，特斯拉今年的股价下跌了6.6％，福特下跌了9.5％。