J.P. Morgan: Downgrades Tesla, Target Price $145.

Tesla's Q1 delivery volume was 358,000 vehicles, lower than the market's expected 372,000 vehicles, and much lower than the optimistic expectations several years ago that it would reach a million quarterly deliveries by 2026. Tesla is facing challenges such as the ban on federal government subsidies in the United States, increased global market competition, and the macroeconomic environment. Although investors are optimistic about Tesla's prospects in the fields of robotics and Robotaxi, analysts believe that its current P/E ratio is over 300 times, significantly deviating from its existing fundamentals in the automotive business.