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.

Equity Bottom-Up

<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!

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.

Thematic (Sector/Industry)

<ul>
<li>US public EV charging stations reached 83,519 as of July 31, 2026 (up 4.1% versus end-FY25), with total EVSE ports at 258,754, up 6.9% from end-2025 and 1.4% month-over-month</li>
<li>Active DC Fast ports rose 1.8% month-on-month to 74,343, reversing June's dip; California leads with 24.5% of DC Fast ports, while Tesla commands 50.6% of the US DC Fast base </li>
<li>NREL sees a need for 1.0 million Level 2 chargers and 182,000 DC Fast points by 2030, at current growth rates, the US is likely to fall short.</li>
</ul>


US public EV charging stations reached 83,519 as of July 31, 2026 (up 4.1% versus end-FY25), with total EVSE ports at 258,754, up 6.9% from end-2025 and 1.4% month-over-month
Active DC Fast ports rose 1.8% month-on-month to 74,343, reversing June's dip; California leads with 24.5% of DC Fast ports, while Tesla commands 50.6% of the US DC Fast base 
NREL sees a need for 1.0 million Level 2 chargers and 182,000 DC Fast points by 2030, at current growth rates, the US is likely to fall short.


US EV Charging Infrastructure Tracker – July 2026: Momentum Builds, But the 2030 Gap Persists

<ul>
<li>Divergence is the story: Global EV sales hit 9.6M units in H1 2026 (+7% YoY), but Europe accelerated (+27%), China normalized (−14%), and North America retreated (−20%) on policy shifts.</li>
<li>Value sits in the chain, not volume: China holds 80%+ of cell output. CATL out-earns its four largest rivals combined. Favour battery materials, charging infrastructure, and cost-advantaged localizing OEMs.</li>
<li>Profitability is the binding constraint: BYD overtook Tesla on 2025 volume, but Chinese price competition compressed sector margins.</li>
</ul>


Divergence is the story: Global EV sales hit 9.6M units in H1 2026 (+7% YoY), but Europe accelerated (+27%), China normalized (−14%), and North America retreated (−20%) on policy shifts.
Value sits in the chain, not volume: China holds 80%+ of cell output. CATL out-earns its four largest rivals combined. Favour battery materials, charging infrastructure, and cost-advantaged localizing OEMs.
Profitability is the binding constraint: BYD overtook Tesla on 2025 volume, but Chinese price competition compressed sector margins.


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.

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Tesla (TSLA US)

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

US EV Charging Infrastructure Tracker – July 2026: Momentum Builds, But the 2030 Gap Persists

US public EV charging stations continue to grow, but NREL warns of potential shortfall in needed infrastructure by 2030. California leads in DC...

GSBR Research

Global EV Monitor - August 2026

Global EV sales grew in H1 2026, with Europe leading the charge, China holding cell output dominance, and profitability remaining a challenge due...

GSBR Research

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

US EV Charging Infrastructure Tracker – July 2026: Momentum Builds, But the 2030 Gap Persists

​US public EV charging stations continue to grow, but NREL warns of potential shortfall in needed infrastructure by 2030. California leads in DC...

GSBR Research

Global EV Monitor - August 2026

​Global EV sales grew in H1 2026, with Europe leading the charge, China holding cell output dominance, and profitability remaining a challenge due...

GSBR Research

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...

US public EV charging stations continue to grow, but NREL warns of potential shortfall in needed infrastructure by 2030. California leads in DC...

Global EV sales grew in H1 2026, with Europe leading the charge, China holding cell output dominance, and profitability remaining a challenge due...