Tesla broke out above $367 earlier this month and has already run around $395. But fundamentals don’t match this rally:
• Global EV sales growth slowed to +15% YoY in August, weakest since early 2024.
• China EV sales up only +6%, Tesla’s China deliveries actually down ~10% YoY.
• U.S. market share fell to ~38%, lowest in 8 years.
• Forward P/E is stretched at ~140× 2026 earnings.
Yes, AI, robotaxi, and energy are the future story. But for now, the auto business is cooling fast. To me this looks more like a short-term pop than the start of a new run.
Short-term bearish~~~
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