When it comes to Tesla Inc (NASDAQ:TSLA), investors have given the stock a higher multiple than traditional automotive companies. Investor and Ark Invest CEO Cathie Wood has argued for years the stock should trade more like a tech stock.
A Tesla analyst has come around to the same conclusion as Wood and asks investors if electric vehicle delivery numbers even matter going forward.
Tesla Analyst On Deliveries
Tesla reported record electric vehicle deliveries for the third quarter, helped by strong demand as the federal government EV tax credit came to an end in September.
Going forward, the company's electric vehicle delivery figures could be less important, according to one analyst.
Barclays analyst Dan Levy said that Tesla's fourth-quarter deliveries "likely won't matter for the stock" in a recent investor note, as reported by Teslarati.
Levy expects fourth-quarter deliveries to come in "soft."
The analyst has an Equal Weight rating on Tesla and price target of $350, which was raised from $275 back in October.
Levy called Tesla an "OG meme stock" back in September, which may have suggested that part of the company's valuation came from retail investors and less so from items like vehicle delivery numbers.
Tesla stock not relying on vehicle delivery figures could be good news for investors, with the company experiencing sales declines and weaker demand in places like China.
After seeing 2025 deliveries down an estimated 7%, Deepwater Management's Gene Munster predicts Tesla will report weak delivery figures in 2026. The investor predicts Tesla's 2026 deliveries will be flat to up 5% from 2025, versus a Street estimate of 16% year-over-year growth.
Read Also: SpaceX And Tesla Are Both Worth $1.5 Trillion — But Investors Favor One By A Mile
Musk Bets Future Valuation Isn't Tied To EV Sales
The latest investor note could put a greater emphasis on Tesla's own growth items like robotaxis, FSD and the Optimus Bot.
Tesla CEO Elon Musk has put less emphasis on electric vehicles when talking about the future, and instead placed the future of the company's growth in the hands of technology and AI advancements.
Musk has repeatedly said Tesla can reach a public valuation of $25 trillion in the future and assigned 80% of the company's value to the Optimus Bot.
Musk sees the company's future value coming from FSD and Optimus, calling these two items as the "biggest factors" going forward.
The note from Levy shows another example of an analyst putting more emphasis on Tesla's technology and less focus on EV deliveries. Analyst notes like these likely amplify calls for Tesla stock to trade at a premium and like a technology or AI stock and less so like an automotive company.
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