Rival automakers pouncing on booming demand for electric vehicles pose the biggest challenge for Tesla over the next two years just as Elon Musk appears distracted thanks to his high-profile ventures, from social media and space travel to artificial intelligence.
Out of 630 global MLIV Pulse contributors, 54% flagged the heightened risk of industry competition while 26% picked the behavior and decisions of its mercurial chief as a key concern for Tesla shareholders.
Their warning comes in the wake of a seemingly improbable 128% Tesla rally this year, fueled by renewed investor appetite for the tech megacaps and Musk’s prediction that the era of fully autonomous vehicles is nigh. With competitors stepping up their game, Tesla’s famously expensive shares — trading at 75 times forward earnings — leave little room for error.“Competition is the most important risk factor for Tesla longer term, and even mediocre execution for the crop of around 100 new EVs coming to market this year will put pressure on Tesla,” said Craig Irwin, analyst at Roth Capital Partners. “The current lead over competition is very real, but we need to understand how this shrinks.
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