GLJ Research LLC CEO and Tesla Inc. (NASDAQ:TSLA) bear Gordon Johnson on Wednesday slammed bulls for their high price targets based on the assumption that the Elon Musk-owned company is “more than a car company.”
What Happened: “2025E appears set to disappoint the Wall Street bulls taking up their price targets on the idea “$TSLA is not a car company” – i.e., despite the fact that ~88% of its revs came from selling cars in 4Q24,” Johnson said in a post on social media platform X.
While automotive revenue accounted for most of Tesla’s fourth-quarter revenue, it was only at 77%, lower than what Johnson claims in his post. The company reported a total revenue of $25.71 billion, of which automotive revenue accounted for $19.8 billion, or roughly 77%. The remaining revenue came from the company’s energy generation, storage, and service segments.
“$TSLA is a company valued for exponential growth that has not grown in its most profitable/important market (i.e., California, or 33% of $TSLA’s 2024 US sales of ~691K) five consecutive quarters,” Johnson said while adding that demand in ...