Tesla call had ‘almost no discussion’ of core auto business, says Morgan Stanley

Morgan Stanley analyst Adam Jonas notes that around 80% of Tesla’s (TSLA) revenue is still automotive, but the discussion during the prepared remarks and Q&A was “almost entirely around autonomy, AI and robotics” with “almost no discussion of the core auto business.” The firm, which notes that its FY25 non-GAAP diluted EPS forecast decreased to $2.70 from $2.75 previously and its FY26 EPS decreased to $3.50 from $3.51 previously, also notes that Tesla’s CEO said he expects to have a customer-facing unsupervised rideshare as a “paid service” by this June. Morgan Stanley has an Overweight rating and $430 price target on Tesla shares.