Market DemandThe new Administration appears likely to remove the $7,500 Tax Credit offered to EVs, which will have a material impact in the industry's demand.
Production And GrowthTesla produced significantly fewer cars than their stated capacity, with a utilization rate of just 78.2%, raising questions about whether growth has peaked below 2 million cars sold per year.
Technology And SafetyThere is still meaningful progress needed for FSD to become a situationally eyes off product or a consumer autonomous vehicle, indicating that Tesla's technology is not yet fully mature.