Jefferies analysts argue that while Elon Musk remains the face of Tesla (NASDAQ:TSLA), the company's scale, cost flexibility, and long-term roadmap are increasingly defining its valuation—and may cushion it against leadership-driven volatility.

1. Resilient Margins Amid Revenue Declines

Despite a 21% YoY drop in Q1 revenue, Tesla achieved near-30% operating leverage on core auto gross margins—underscoring its ability to flex costs in a downturn.

• Gigafactory efficiency: Streamlined design-to-manufacture processes

• Localized production: “Re-shoring” U.S. manufacturing helps control input costs

• Supply-chain optimization: Vertical integration of battery modules and packs

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2. Robotaxi: From Pilot to Profit Driver

Tesla confirmed its June Robotaxi launch in Austin, with Jefferies modeling multiple fleet-scale scenarios:

Crucially, Jefferies notes robotaxi revenue won't materialize meaningfully until mid-2026, giving Tesla time to refine its Full Self-Driving (FSD) stack.

3. Sum-of-the-Parts Valuation & Beyond Cars

Using a sum-of-the-parts framework, Jefferies assigns:

• $560B for core auto and robotaxi

• Additional optionality for stationary storage and humanoid robotics

To model Tesla's intrinsic value based on projected cash flows, the Advanced DCF API offers a plug-and-play platform, allowing you to stress-test revenue growth, margin expansion, and terminal multiples under varying assumptions.

4. Leadership Risk vs. Corporate Momentum

While governance concerns and Musk's public persona can inject short-term swings, Jefferies emphasizes:

• Manufacturing moat: Process efficiency is hard to replicate at scale

• Product ecosystem: Synergy between vehicles, energy storage and AI improves stickiness

• Balance-sheet strength: Healthy cash flows support aggressive R&D without overleveraging

Ultimately, Tesla's operating fundamentals and strategic investments are poised to outgrow any single personality—cementing its place as a global AI-driven mobility and energy leader.