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Jefferies downgrades Tesla, says it doesnt believe electric carmaker can dominate auto industry – CNBC

Tesla CEO Elon Musk gestures as he arrives to go to the development website of the long run US electric automotive big Tesla, on September 03, 2020 in Gruenheide close to Berlin.

Odd Andersen | AFP | Getty Photos

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Jefferies on Thursday night downgraded shares of Tesla to carry from purchase, saying it’s skeptical that the Elon Musk-led firm can someday rule the auto industry.

“We do not believe that Tesla can dominate the industry given the latter’s measurement, construction and politics,” Jefferies analyst Philippe Houchois mentioned in a notice to shoppers on Thursday. “Nonetheless, the a number of challenges to the industry enterprise mannequin guarantee a sturdy aggressive edge, with a ‘messianic’ model reaching far past autos, from battery provide to grid storage and autonomous driving.”

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