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鉴于特斯拉在销量方面仍面临困境，专家预计，随着下一季度数据出炉，其过去 12 个月的自由现金流将进一步下滑。受税收抵免到期前的购车潮推动，本季度本应是特斯拉的 “爆发季”，但实际表现并未达预期。核心观点风险提示目前面临的最大风险是特斯拉在技术上取得突破性进展。结论特斯拉是一家估值严重过高的公司。

Tesla's artificial intelligence valuation is beginning to get unlocked, with China set to be a source of strength for the firm, Wedbush said in a note Thursday."The march to an AI driven valuation for TSLA over the next 6-9 months has now begun," the report said.Full Self-Driving technology and autonomous penetration of its installed base and the acceleration of the Cybercab project in the US will be the "golden goose" for Tesla, the note added.Tesla could reach a $2 trillion valuation early 2026 in a bull case scenario and $3 trillion by the end of 2026 as full scale volume production begins, it said.The report also said the China story is starting to improve "markedly" for Tesla, which should provide a tailwind into 2026.Wedbush kept its outperform rating and $600 price target.Price: 437.51, Change: +1.97, Percent Change: +0.45