JPMorgan significantly reduced its target price for Tesla to $120.

Several Wall Street institutions, including JPMorgan, have lowered their target prices and sales expectations for Tesla, casting a gloomy outlook for its future development. JPMorgan has lowered its target price to $120 and believes that Tesla's first-quarter delivery volume may be its worst in three years. The main reasons for the pessimistic outlook include skepticism in the market about Tesla's upcoming "affordable model," which is believed to be just a downgraded version of Model Y rather than a new product line, exacerbating concerns about the future growth of Tesla's sales. The latest version of Tesla's FSD autonomous driving technology has failed to meet expectations, with owners still needing to intervene frequently, failing to achieve the expected effect. Elon Musk's "more controversial government role" and his frequent involvement in politics have caused discontent in Europe, negatively affecting Tesla, especially in the European market. Evercore ISI has also lowered its target price for Tesla to $235, expressing concerns about the innovation of new models and the effectiveness of FSD. Other institutions such as UBS and Baird have also lowered their delivery expectations for Tesla.