Tesla (NASDAQ:TSLA) took a steep dive on the heels of the company’s Q4 and FY 2023 earnings call, dropping over 9% as of writing. With the company stating that volume growth would be tempered this year due to its focus on the next-generation platform and executives being quite vague about its guidance for 2024, analysts, including some TSLA bulls, are not happy.
Tesla actually had a record 2023, with vehicle sales growing nearly 40% year-over-year in 2023 to over 1.8 million units worldwide. Wall Street currently expects Tesla to post about 2.1 to 2.2 million vehicle sales for 2024, which would translate to a growth of about 20%. This number seems conservative and attainable enough, but Tesla simply maintained that its volume growth would be substantially lower than 2023’s ~40%.
Wedbush analyst Dan Ives shared his sentiments about Tesla’s earnings call, in a post on X. Ives described the call, which provided some high-level long-term views on the company, as another “train wreck” conference call. Following the earnings call, Ives adjusted his price target for Tesla from $350 to $315 per share, though he also noted that Wedbush remains bullish on the company.
Great to join @bsurveillance discussing another train wreck conf call in our view from Tesla and Musk lacking margin outlook and firm guidance for 24. Remain bullish for long term EV/AI vision but near term headwinds @lisaabramowicz1 @FerroTV @annmarie @BloombergTV https://t.co/E40CMG2Mg0— Dan Ives (@DivesTech) January 25, 2024
“We were dead wrong expecting Musk and team to step up like adults in the room on the call and give a strategic and financial overview of the ongoing price cuts, margin structure, and fluctuating demand. Instead, we got a high-level Tesla long-term view with another train wreck conference call,” Ives noted.
RBC analyst Tom Narayan also maintained his “Buy” rating on Tesla, though he lowered his price target from $300 to $297 per share. “We leave our delivery estimates unchanged after the vague guide, but lower our car gross margin expectations on less robust cost down opportunity,” he noted in a report. Narayan also pointed out that Tesla’s next-generation vehicle platform is still “many quarters away” from impacting the company’s numbers.
New $TSLA report from Adam Jonas: 5 thoughts post earnings call
“We reiterate our OW $TSLA rating ($345 price target) which offers over 80% upside from current levels which we believe is compelling in proportion to the investment level within our US auto coverage.” pic.twitter.com/TdZ2cLavdc— Sawyer Merritt (@SawyerMerritt) January 25, 2024
Morgan Stanley’s Adam Jonas, for his part, pointed out that Tesla almost did not provide any guidance during the call. He also observed that there were no “AI rabbits” pulled out of Tesla’s hat during the call, which was highlighted by Musk’s conservative comments about Dojo. Despite this, Morgan Stanley opted to maintain its “Overweight” rating and $345 price target on Tesla, with a bear case PT of $100 and a bull case PT of $500 per share.
While the sentiments surrounding Tesla’s Q4 and FY 2023 earnings call seem generally negative, some analysts opted to take a more optimistic stance on the company. Canaccord lowered its price target for Tesla from $267 to $234 per share, though the firm also noted that it is time for investors to be patient about the company. The firm noted that it remains bullish about Tesla’s long-term prospects.
NEWS: Canaccord Genuity has lowered its $TSLA price target to $234 (from $267), maintains a BUY rating.
They put out a good note:
“It’s time to be patient. The next-generation vehicle, FSD upgrades, margin improvement, and Optimus will likely bring an acceleration in revenue…— Sawyer Merritt (@SawyerMerritt) January 25, 2024
“It’s time to be patient. The next-generation vehicle, FSD upgrades, margin improvement, and Optimus will likely bring an acceleration in revenue growth. But not this year — 2024 will be subdued; probably a trough, but still relatively slow (we model ~18% y\y revenue growth). Growth curves are seldom smooth, and Tesla is no different.
“We are still quite bullish on Tesla’s long-term growth prospects. We think EVs will replace ICE vehicles despite recent countervailing narratives. We see vehicle autonomy as one of the highest value-creating technologies to be deployed. Ever. And Tesla, with its razor/ razorblade approach, is a leader in this real-world AI. We think Tesla is Apple on steroids as it focuses on manufacturing and a higher level of vertical integration. Tesla is THE sustainability behemoth, in our opinion,” the firm noted.
The critical metric, auto gross margins ex credits, came in at 17%, compared to the Street at 17.3%. I was expecting 16.7%.
While this missed the Street, it marks the end of four consecutive quarters of margin decline, up from 16.3% in the Sep-23.
Over this is a positive.— Gene Munster (@munster_gene) January 24, 2024
Longtime Tesla bull Gene Munster of Deepwater Asset Management also pointed out that Tesla’s auto gross margins for the past quarter ended a streak of dropping margins. “The critical metric, auto gross margins ex credits, came in at 17%, compared to the Street at 17.3%. I was expecting 16.7%. While this missed the Street, it marks the end of four consecutive quarters of margin decline, up from 16.3% in the Sep-23. Over, this is a positive,” Munster wrote on X.
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The Tesla Cybercab got a huge nod of support from a Texas Department of Transportation official, who said the all-electric ride-hailing vehicle is “a tangible example of how quickly our transportation system is evolving.”
The Cybercab was present at the Texas Department of Transportation’s Texas Innovation Invitational, an event held each year that allows innovative companies to showcase advancements in transportation.
Tesla Cybercab specs revealed: range, curb weight, range ratings, and more
Marc Williams, the Texas Department of Transportation’s Executive Director, sat in a Cybercab and shared his thoughts in an extensive post on LinkedIn.
Williams’s comments show how Tesla, with its Cybercab, is leading the charge of passenger travel and how it’s changing so rapidly. He notes the absence of traditional driving controls as a telltale sign that the Cybercab is a catalyst for major automotive change, taking controls from drivers and turning them into full-time passengers.
“Observing this vehicle firsthand–from its design and butterfly doors to the cargo trunk configuration–provides a tangible example of how quickly our transportation system is evolving. Sitting inside the cabin, the complete absence of traditional driver controls underscores a significant shift in mobility and vehicle design. No steering wheel, no accelerator, no brake. Only a single touchscreen monitor.”
Tesla has had a great relationship with the State of Texas, especially with its Robotaxi ambitions. Currently, Texas has Tesla Robotaxi operating in multiple cities: Dallas, Austin, San Antonio, and Houston. The company’s main manufacturing plant is also located just outside Austin, and Tesla moved its headquarters to the state several years ago.
Texas DOT Executive Director Marc Williams experienced the production version of @Tesla CyberCab firsthand earlier today at the 2026 Texas Innovation Invitational #CyberCab #FSD @SawyerMerritt @TeslaNewswire pic.twitter.com/izoGOWaGz6
— Ash_Alpha (@durai_ashwin08) June 17, 2026
The Cybercab is a purpose-built, fully autonomous, two-passenger Robotaxi vehicle designed specifically for ride-hailing services. Tesla has said for years it would be built without a steering wheel or pedals present, although there is still quite a bit of debate among the community regarding that potential.
Earlier this week, we received official word that the EPA had provided the Cybercab with a Certificate of Conformity, giving Tesla permission to enter the vehicle into the chain of public commerce. It is officially ready for roads.
The big question for Tesla remains: Can it solve self-driving before the steering-wheel-less Cybercab officially enters production?
Elon Musk
The Boring Company just doubled its tunneling power in Nashville
The Boring Company’s Prufrock MB2 is commissioned and ready to mine beneath Nashville’s streets.
The Boring Company’s second tunnel boring machine, Prufrock MB2, is officially ready to dig in Nashville. The company confirmed the news on X, posting: “Prufrock-MB2 is ready to mine in Nashville! MB2 commissioning is complete, including the brief 11 rpm rotation shown here. Will MB2 catch up to MB1, who had quite the head start? And Prufrock-MB3 ships in August!”
MB2 arrives with meaningful improvements over its predecessor. Lessons learned from the launch and operation of MB1 have already been applied to MB2 to improve efficiency and prepare the machine for launch.
Traditional tunnel boring machines operate in a stop-and-go cycle, digging roughly five feet, halt, erect precast concrete segments to line the tunnel wall, then resume. That repeated interruption is one of the main reasons conventional tunneling is slow and expensive. Prufrock is designed to install the tunnel liner simultaneously with mining, eliminating the need to stop every five feet. The machine also skips the need for excavated launch pits. Prufrock arrives on a truck, tilts down, and launches into the ground within 24 hours. And when the tunnel is complete, it emerges from the ground and drives to its next launch site on a trailer, eliminating the need for expensive cranes or pit excavation. The machine is also fully electric and runs with zero people in the tunnel during normal operations, controlled remotely from a surface operations center.
Prufrock-MB2 is ready to mine in Nashville! MB2 commissioning is complete, including the brief 11 rpm rotation shown here.
Will MB2 catch up to MB1, who had quite the head start?
And Prufrock-MB3 ships in August! pic.twitter.com/TTrMql2aRg
— The Boring Company (@boringcompany) June 17, 2026
It won’t be long before we hear of another major update on The Boring Company’s Music City Loop project – a planned underground transit network beneath Nashville that would move passengers in electric vehicles through a series of tunnels at highway speeds, and bypassing surface traffic entirely. Nashville was selected in part because of its strong rock conditions that suits the Prufrock machines well, and relatively less regulatory hurdles.
Progress has been steady on multiple fronts. All 37 permits and approvals required ahead of tunneling have been obtained, out of 45 total. Key wins include a fully executed TDOT tunnel permit authorizing 25 miles of tunnel, unanimous airport authority approval for a Nashville International Airport station, and the city’s first residential station agreement serving downtown tower residents.
With MB1 already tunneling, MB2 now commissioned, and MB3 shipping in August, Nashville is becoming something of a live proving ground for scaled tunnel boring. The broader ambition is not limited to one city. The Boring Company’s stated goal is to make underground transportation a practical alternative to surface roads across major metro areas. Nashville is one of many cities, including a successful Las Vegas tunnel system, where that idea is being put to the test at real speed.
Tesla has launched a direct campaign targeting its customers in New Jersey, sending emails that warn of pending legislation that could effectively block true driverless technology in the state.
The email focuses on Senate Bill S.1677 and Assembly Bill A.3968, measures intended to create a three-year autonomous vehicle pilot program but laden with requirements that Tesla argues make unsupervised Robotaxis impossible.
Tesla is sending out this email to New Jersey Tesla owners, warning them that NJ could block autonomous vehicles, and to take action.
“Proposed legislation moving through Trenton right now would impose restrictions so severe that true driverless deployment would remain illegal.… pic.twitter.com/2bmY646AUL
— Sawyer Merritt (@SawyerMerritt) June 16, 2026
According to the email, the bills impose “restrictions so severe that true driverless deployment would remain illegal.” Specific hurdles include mandates for human safety drivers during operations, multimillion-dollar insurance minimums, reportedly $5 million, and thresholds like 100,000 miles of demonstrated safe autonomous driving before any driverless approval.
Tesla contends these are arbitrary barriers that ignore real-world performance data and favor entrenched competitors over innovative technologies like its Full Self-Driving (FSD) system.
The push comes as Tesla has started expanding Robotaxi operations in states like Texas, where unsupervised vehicles are already providing rides in several cities. New Jersey, by contrast, risks falling behind. The company highlights in the email communication that more than 94 percent of serious crashes result from human error, meaning impairment, distraction, or fatigue. These are all problems that Robotaxis eliminate entirely.
In 2025, New Jersey recorded 582 traffic deaths, underscoring the human cost of delayed adoption.
Tesla’s outreach stresses the transformative potential of robotaxis. For families, they could offer safer school runs without drowsy or distracted drivers. For seniors and people with disabilities, robotaxis promise independence and reliable mobility.
In areas with limited public transit, they could deliver affordable, on-demand transportation, reducing congestion, emissions, and overall transportation costs. Economically, the company warns that restrictive rules could cost New Jersey jobs, innovation investment, and billions in potential growth as autonomous ride-hailing scales elsewhere.
Supporters of the legislation, including Sen. Andrew Zwicker, describe the pilot as a cautious framework with strong safety oversight, including incident reporting, expert task forces, and restrictions in sensitive zones like school areas. They view it as balancing innovation with public protection.
Tesla and pro-AV advocates counter that the bill lacks technology neutrality, creates insurmountable entry barriers for commercial deployment, and prioritizes process over outcomes — effectively functioning as a de facto ban on services like Robotaxi.
This latest clash echoes Tesla’s past battles in New Jersey over direct vehicle sales. The email directs owners to Tesla’s advocacy platform, where they can send customized messages to legislators calling for amendments: outcome-based safety standards, open competition, and clear pathways for fully driverless commercial operations.
As hearings approach, Tesla’s campaign frames the issue as a choice between protecting the status quo and embracing life-saving progress. With robotaxi technology already proving itself in permissive states, New Jersey owners are being asked to ensure their state doesn’t lock out the future of transportation.
Tesla Cybercab gets huge nod of support from Texas DOT official
The Boring Company just doubled its tunneling power in Nashville
