TECH - No Threat From Traditional Autos But Tesla Should Be Concerned About Chinese Rivals And This FAANG Giant: Munster | Benzinga
With Chinese smartphone giant Xiaomi Corporation‘s (OTC:XIACY) entry into the electric vehicle arena, Gene Munster of Deepwater Asset Management issued a cautious note for EV frontrunner Tesla, Inc. (NASDAQ:TSLA).
Investor optimism towards Tesla persists despite increased competition, driven by a focus on the mid-and long-term outlook, Munster observed. He commented, “I think the market is looking one to two years down the road.” Tesla’s stock remains one of the top performers in the S&P 500 this year, despite a less dynamic second half.
”China is a light year away from an investor’s mind,” Munster said. “This potentially explains Tesla’s outperformance.”
He added that Deepwater’s 2024 tech predictions include Tesla maintaining its U.S. market share, contrary to market expectations of a significant drop.
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