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.
電動汽車巨頭特斯拉公司（納斯達克：TSLA）已取代福特汽車公司（紐交所：F）成爲摩根士丹利公司在美國汽車行業的“首選”。
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.
分析師評級：根據Benzinga Pro數據，大摩資源lof給特斯拉定下$310的目標價，對應股價上升34%，給福特定下$16的目標價，對應股價上升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.
事件經過：大摩資源lof在週一的筆記中指出，由於電動汽車需求下降，特斯拉正在削減汽車業務的成本，並將各種資源重新配置到其他業務領域。
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.
經紀商發現：經濟券商稱，由於新能源車計劃得到抑制，且隨着特斯拉車輛數量的增加，更多的汽車製造商將尋求從特斯拉那裏購買零排放汽車積分，在售後服務和維修所獲的利潤通常比銷售利潤更高，這將促進特斯拉服務收入的增長。
"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.
“我們預計特斯拉可能佔據市場上高達1/2的積分銷售額，這將支持特斯拉達到100%的利潤率，投資界目前可能還沒有意識到這一點。” 大摩資源lof的報告中寫道。
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.
大摩資源lof還認爲，由於嚴重的暴風雨和飛凡全球天氣現象，特斯拉的能源業務可能比其電動汽車業務更值錢。
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，特斯拉的能源產生和存儲收入以及服務和其他收入增長，儘管總汽車收入同比下降7%，但公司通過向滯後的汽車製造商出售監管積分創造了89000萬元的收入。
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.
經紀商擔憂：然而，經濟券商警告，市場可能對公司的全自動駕駛（FSD）駕駛輔助技術和機器人出租車的短期預期過高，電動汽車的需求可能繼續減少。
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.
根據大摩資源lof的稱，以非汽車化身的人工智能表現形式的商業機會可能比獨立的自動駕駛汽車更大，並且更容易得到快速採用。該經紀商還指出，其在中國這個第二大市場運營自主駕駛汽車是“極不可能”的，因爲具有明顯的國家安全敏感性。
"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.
“我們認爲，如果特斯拉（或任何其他美國公司）能夠解決的機器人車問題，我們認爲該公司高度可能不會被允許在中國提供此類技術。自我干擾AI的雙重目的帶有明顯的國家安全敏感性。”大摩資源lof表示。
Tesla is currently gearing up to unveil its dedicated robotaxi product on the 10th of October.
特斯拉目前正在爲於10月10日推出其專用出租車產品做準備。
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.
價格走勢：根據Benzinga Pro數據，週一特斯拉股價上漲5.6%，收於232.10美元，福特股價下跌1.6%，收於11.01美元。根據Benzinga Pro數據，特斯拉今年的股價下跌了6.6％，福特下跌了9.5％。