Tesla shares are “boring” as the market delves into the electric car company’s performance and treats it more like a traditional automaker, according to the investment research firm.

  • Tesla stock is “getting boring,” Bespoke Investment Group said after the electric car maker’s update.
  • Wall Street’s expectations for Tesla are more like those of a traditional automaker than an innovator.
  • Bespoke found the highest correlation between Tesla stocks and other automakers since 2016.

“Tesla is getting bored.”

Such was the determination of the Bespoke Investment Group on Thursday, as Wall Street analysts took a closer look at the mechanics of Tesla’s $10 trillion plan to promote global sustainability while boosting electric vehicle sales.

Tesla shares fell 8% to a one-month low on Thursday as investors appeared to be frustrated by the lack of details from CEO Elon Musk about new EV models.

Instead, the company’s “Master Plan Part 3” presentation on Wednesday showed that the plant is coming to Mexico and that Tesla is working to halve production costs to sell 20 million electric vehicles a year by 2030.

“As investors and analysts focus on more specific metrics and timelines, expectations from TSLA are being pushed to behave more like a traditional [original equipment manufacturer] and looks less like a destroyer,” wrote Bespoke.

“On average, the year-to-date rolling correlation of daily percentage changes for TSLA versus other major OEMs such as Ford, General Motors, Stellantis and Toyota has risen to its highest level since at least 2016,” it said in a statement.

“In other words, the market is treating TSLA more and more like just another automaker.”

Despite the recent sell-off, Tesla shares are still up more than 50% this year, while GM is up 16% and Ford is up 6%.

Ken Mahoney, CEO of Mahoney Asset Management, said in a note Thursday that retail investors owned about 41% of Tesla as of December, while Musk owned 14%, or 446 million shares.

“Musk is a wild character; largely because of him, stocks are very volatile,” he said, pointing to a 60% drop in prices last year, in part because Musk sold shares in the electric car maker to finance a takeover of Twitter.

On the Tesla update: “Some key takeaways in general are these. [Tesla is] in our opinion, is still in a phase of rapid growth,” Mahoney said.

Average moving correlation for the year between Tesla, Ford, GM, Stellantis and Toyota. Individual investment group

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