Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Leading Provider of Equity and Investment Research

GSBR Research

We are an independent equity research provider focused on covering global markets. The aim of the research is to provide an unbiased view of the fundamentals of the company.

Equity Bottom-Up

<ul>
<li>Tesla is evolving from an EV manufacturer into an AI-led platform, with autonomy, FSD subscriptions, and Robotaxi likely to shape longer-term earnings profile.</li>
<li>FY2025 energy generation and storage segment revenue rose 27% YoY to $12.8bn, while FSD subscriptions reached ~1.1m, supporting recurring revenue and reinforcing Tesla’s platform economics.</li>
<li>Shares trade at a premium to auto peers, reflecting expectations that autonomy, Robotaxi, AI infrastructure, and robotics will become meaningful contributors to long-term earnings.</li>
</ul>


Tesla is evolving from an EV manufacturer into an AI-led platform, with autonomy, FSD subscriptions, and Robotaxi likely to shape longer-term earnings profile.
FY2025 energy generation and storage segment revenue rose 27% YoY to $12.8bn, while FSD subscriptions reached ~1.1m, supporting recurring revenue and reinforcing Tesla’s platform economics.
Shares trade at a premium to auto peers, reflecting expectations that autonomy, Robotaxi, AI infrastructure, and robotics will become meaningful contributors to long-term earnings.


Tesla (Nasdaq: TSLA): Expanding Beyond Automotive Into a Platform-Led Growth Model

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Tesla's latest quarterly results reveal a blend of strategic shifts, significant investments, and performance metrics that provide a comprehensive view of its current trajectory.</li><li>Elon Musk emphasized the company's vision, one that foretells a future driven by robotics and AI, and outlined Tesla’s strategic investments in these areas.</li><li>Notably, the focus on transitioning Tesla's mission towards an era of 'amazing abundance' through technological advancements paints a picture of ambition but also embeds a level of speculative risk associated with such foresighted commitments.</li></ul>

Tesla's latest quarterly results reveal a blend of strategic shifts, significant investments, and performance metrics that provide a comprehensive view of its current trajectory.Elon Musk emphasized the company's vision, one that foretells a future driven by robotics and AI, and outlined Tesla’s strategic investments in these areas.Notably, the focus on transitioning Tesla's mission towards an era of 'amazing abundance' through technological advancements paints a picture of ambition but also embeds a level of speculative risk associated with such foresighted commitments.

Tesla: From Cars to Robots—Is the Market Underestimating the Scale of This Transition?

<ul><li>Tesla just reported a bruising end to 2025.</li><li>Fourth-quarter deliveries came in at 418,227 units—down 16% from the same period last year and shy of Wall Street’s 426,000 estimate.</li><li>For the full year, deliveries fell 8.6% to 1.64 million vehicles.</li></ul>

Tesla just reported a bruising end to 2025.Fourth-quarter deliveries came in at 418,227 units—down 16% from the same period last year and shy of Wall Street’s 426,000 estimate.For the full year, deliveries fell 8.6% to 1.64 million vehicles.

Tesla Misses Q4 Delivery Targets as BYD Surges—What It Means for 2026!

Pan-Asia Tactical Market Calls (Quant-Driven), MRM Research

Nico Rosti

Pan-Asia Tactical Market Calls (Quant-Driven)

MRM Research

Quantitative Research

Equity Derivatives

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tesla-inc" target="_blank" data-smartkarma-citation="entities:20279:1" rel="noopener">Tesla (TSLA US)</a> annual sales have fallen for the second year in a row, -9% 2025. China's <a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a> has now taken the top global EV sales spot.</li>
<li>We recently proposed <a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a> LONG in <a href="https://www.smartkarma.com/insights/byd-1211-hk-tactical-outlook-is-this-a-good-time-to-go-long-possibly-yes" target="_blank" rel="noopener">this</a> insight - the BUY signal is still valid but you could place a relative value trade: SHORT BYD / LONG TSLA.</li>
<li>Here is the rationale for the trade: BYD, as explained in our recent insight, may pullback after a brief rally that could last only another week, while TSLA is oversold. </li>
</ul>



Tesla (TSLA US) annual sales have fallen for the second year in a row, -9% 2025. China's BYD (1211 HK) has now taken the top global EV sales spot.
We recently proposed BYD (1211 HK) LONG in this insight - the BUY signal is still valid but you could place a relative value trade: SHORT BYD / LONG TSLA.
Here is the rationale for the trade: BYD, as explained in our recent insight, may pullback after a brief rally that could last only another week, while TSLA is oversold. 


TSLA Outlook After -9% Annual Sales Decline: Relative-Value Trade Opportunity Vs. BYD

<ul><li>Tesla’s latest earnings and strategic updates present a revealing picture of a company navigating an increasingly complex path.</li><li>The electric vehicle and clean energy giant is caught between near-term financial pressure and long-term ambitions rooted in AI, autonomy, and robotics.</li><li>While recent quarterly results missed Wall Street’s expectations—adjusted earnings came in at 40 cents per share and revenue dropped 12% year-over-year to $22.5 billion—investor focus has shifted beyond EV sales.</li></ul>

Tesla’s latest earnings and strategic updates present a revealing picture of a company navigating an increasingly complex path.The electric vehicle and clean energy giant is caught between near-term financial pressure and long-term ambitions rooted in AI, autonomy, and robotics.While recent quarterly results missed Wall Street’s expectations—adjusted earnings came in at 40 cents per share and revenue dropped 12% year-over-year to $22.5 billion—investor focus has shifted beyond EV sales.

Tesla Stock Collapse: The AI Trade That Backfired!

United States

Tesla Inc. operates as a multinational automotive and clean energy company. The Company designs and manufactures electric vehicles, battery energy storage from home to grid-scale, solar panels and solar roof tiles, and related products and services. Tesla owns its sales and service network and sells electric power train components to other automobile manufacturers.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Tesla (TSLA US)

Tesla (Nasdaq: TSLA): Expanding Beyond Automotive Into a Platform-Led Growth Model

Tesla is shifting towards an AI-led platform with autonomy and FSD subscriptions driving future earnings, leading to a premium valuation.

GSBR Research

Tesla: From Cars to Robots—Is the Market Underestimating the Scale of This Transition?

Tesla's latest quarterly results reveal a blend of strategic shifts, significant investments, and performance metrics that provide a comprehensive...

Baptista Research

Tesla Misses Q4 Delivery Targets as BYD Surges—What It Means for 2026!

Tesla just reported a bruising end to 2025. Fourth-quarter deliveries came in at 418,227 units—down 16% from the same period last year and shy of...

Baptista Research

TSLA Outlook After -9% Annual Sales Decline: Relative-Value Trade Opportunity Vs. BYD

Tesla's annual sales dropped 9% this year and China's BYD is now leading in global EV sales. It may seem counter-intuitive but we found a short...

Nico Rosti

Tesla Stock Collapse: The AI Trade That Backfired!

Tesla’s latest earnings and strategic updates present a revealing picture of a company navigating an increasingly complex path. The electric...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Tesla (Nasdaq: TSLA): Expanding Beyond Automotive Into a Platform-Led Growth Model

​Tesla is shifting towards an AI-led platform with autonomy and FSD subscriptions driving future earnings, leading to a premium valuation.

GSBR Research

Tesla: From Cars to Robots—Is the Market Underestimating the Scale of This Transition?

Tesla's latest quarterly results reveal a blend of strategic shifts, significant investments, and performance metrics that provide a comprehensive...

Baptista Research

Tesla Misses Q4 Delivery Targets as BYD Surges—What It Means for 2026!

Tesla just reported a bruising end to 2025. Fourth-quarter deliveries came in at 418,227 units—down 16% from the same period last year and shy of...

Baptista Research

TSLA Outlook After -9% Annual Sales Decline: Relative-Value Trade Opportunity Vs. BYD

​Tesla's annual sales dropped 9% this year and China's BYD is now leading in global EV sales. It may seem counter-intuitive but we found a short...

Nico Rosti

Tesla Stock Collapse: The AI Trade That Backfired!

Tesla’s latest earnings and strategic updates present a revealing picture of a company navigating an increasingly complex path. The electric...

Baptista Research

Tesla is shifting towards an AI-led platform with autonomy and FSD subscriptions driving future earnings, leading to a premium valuation.

Tesla's annual sales dropped 9% this year and China's BYD is now leading in global EV sales. It may seem counter-intuitive but we found a short...