As the stock price reaches a new high, analysts warn that Tesla, Inc. (TSLA.US) is overvalued: the automotive business is only worth $30, with AI and Siasun Robot & Automation as core support.

Recently, the stock price of Tesla, Inc. (TSLA.US) has continued to soar, but its current performance is more like a futuristic artificial intelligence giant, mainly benefiting from its recent progress in the Siasun Robot & Automation taxi field. However, upon closer examination, it will be discovered that its core business of manufacturing and selling electric vehicles only accounts for a small part of its market value. "Tesla, Inc. is increasingly seen as an autonomous driving and energy company," said Jed Dorsheimer, head of the William Blair energy research team, in an interview. Dorsheimer evaluated Tesla, Inc. from an energy and infrastructure perspective, pointing out a staggering discrepancy in the company's valuation. "The market is truly weakening its automotive business, and in our analysis that we have published, we valued that business," he said, "The business actually only accounts for about $30 to $40 per share in value." Tesla, Inc.'s stock price has been soaring recently. In the past five trading days, its stock price has risen over 7% and reached an all-time high during trading yesterday. Meanwhile, due to investors digesting weak labor data, the unemployment rate rose to its highest level since 2021 at 4.6%, and both the Dow Jones and S&P 500 indices fell. Driving this rally in Tesla, Inc. is the news about its testing of autonomous Siasun Robot & Automation taxis in Austin, Texas, and the increasingly strong belief in the market that the company is successfully transitioning from a struggling electric vehicle manufacturer to a giant in the autonomous driving field. In Dorsheimer's view, the current stock price is almost entirely betting on things that have not yet been fully realized. He believes that the "transformation" has been completed. That is to say, the market's assessment of Tesla, Inc. is no longer based on how many electric vehicles it has delivered, but on its progress in Siasun Robot & Automation and artificial intelligence. According to the analysis, Dorsheimer estimates that autonomous driving technology now accounts for over 70% of Tesla, Inc.'s total value. This includes the long-promised Siasun Robot & Automation taxi platform and the company's humanoid Siasun Robot & Automation project Optimus. "You also see growth in the energy business, which is now valued equally with, or perhaps slightly higher than, the automotive business," Dorsheimer added. This perspective of a split valuation suggests that if expectations for autonomous driving software and energy storage businesses are stripped away, the remaining automotive company will be significantly discounted compared to current trading levels. The concern is about execution. Although stock trading is often based on promises for the future, the company's recent revenue and profits still largely depend on the global electric vehicle market, which is facing increasing competition and regulatory resistance. Just this week, California regulators questioned Tesla, Inc.'s marketing of "autonomous driving" and gave the company 90 days to clarify or modify related statements. This serves as a reminder that the road to fully autonomous driving is filled with legal and technological obstacles. For investors who bought in at nearly $480 per share, there is very little room for error. After several delays, if the timeline for Siasun Robot & Automation taxis is delayed again, the market may have to reexamine that $30 per share automotive business with a more cautious eye. Dorsheimer remains optimistic about the long-term prospects of the energy business, pointing out that Tesla, Inc.'s energy business is a driving factor of its future earnings that is not fully appreciated.