Barclays' Dan Levy on the road ahead for Tesla in 2026
December 23, 2025 • 4m 55s
Joe Kernen (Co-anchor)
00:00.270
tesla
shares
trading
close
to
a
record
high
yesterday
i
looked
got
to
four
ninety
eight
at
one
point
yesterday
but
the
closing
high
i
think
is
like
four
eighty
nine
and
change
we'd
almost
be
there
right
now
for
if
it's
it's
only
up
sixty
two
so
it's
very
volatile
though
but
Joe Kernen (Co-anchor)
00:17.390
basically
trading
in
an
all
time
high
dan
levy
is
barclays
senior
auto
analyst
as
it
cars
is
it
taxis
is
it
what
what
is
it
at
this
point
dan
maybe
the
the
the
concern
about
the
expiring
subsidies
or
government
tax
credits
held
the
stock
down
what's
causing
the
new
surge
Dan Levy (Senior Auto Analyst)
00:39.550
maybe
the
thank
thank
you
joe
and
andrew
maybe
the
better
overarching
view
is
it's
it's
narrative
that
that's
really
what
it
is
is
that
we
are
in
a
stock
that
has
been
at
this
point
purely
driven
by
narrative
fundamentals
at
this
point
are
seemingly
an
afterthought
the
car
Dan Levy (Senior Auto Analyst)
00:59.080
business
is
sort
of
a
little
bit
of
yesterday's
news
the
news
going
forward
really
is
about
the
path
forward
in
robotaxi
optimist
humanoid
robots
that's
really
what's
driving
the
stock
and
the
strength
here
and
why
you
have
a
stock
that's
trading
you
know
well
in
excess
of
two
Dan Levy (Senior Auto Analyst)
01:16.630
hundred
times
next
year
's
earnings
Joe Kernen (Co-anchor)
01:19.670
does
that
mean
that
you
think
it's
overvalued
or
does
the
narrative
just
reflect
what
elon
's
been
able
to
do
in
the
past
i
mean
it's
bad
to
bet
against
them
Dan Levy (Senior Auto Analyst)
01:31.830
well
and
and
and
i
think
that
that
really
is
the
the
view
for
for
a
lot
of
us
here
is
and
why
we
stick
with
with
equal
weight
rating
even
though
it
is
disconnected
we
are
fundamentally
sort
of
rooted
analysts
but
the
reality
is
is
we
are
in
a
market
that
is
placing
heavy
premium
Dan Levy (Senior Auto Analyst)
01:50.750
on
AI
narratives
elon
has
done
a
very
good
job
reflecting
that
they
are
a
beneficiary
of
AI
i
think
we
all
know
the
opportunity
of
the
tams
that
that
are
associated
with
robotaxi
autonomous
driving
humanoid
robots
sure
that
you
know
i
think
what
we
would
say
is
be
mindful
of
Dan Levy (Senior Auto Analyst)
02:10.030
sort
of
the
challenges
in
unlocking
those
tams
robotaxi
there
is
still
a
long
ways
to
go
to
scale
these
operations
and
humanoid
robots
is
still
really
proving
the
concept
that
they
have
but
the
reality
is
is
we're
mindful
of
the
market
dynamics
that
are
driving
the
strength
of
Dan Levy (Senior Auto Analyst)
02:25.430
the
stock
Joe Kernen (Co-anchor)
02:27.030
doge
who
dan
so
much
for
the
anti
the
stigma
from
you
know
being
friends
with
with
trump
or
or
advisers
to
trump
but
what
what
about
all
those
bumper
stickers
stickers
that
say
i
bought
my
tesla
before
elon
lost
his
mind
but
do
they
are
they
going
to
peel
those
off
what
what
Joe Kernen (Co-anchor)
02:44.950
what
about
that
Dan Levy (Senior Auto Analyst)
02:47.070
yeah
i
look
i
i
think
that
the
the
the
narrative
here
on
elon
sort
of
engagement
with
the
company
first
of
all
that
was
what
the
AGM
was
really
about
and
the
comp
package
was
really
about
was
making
sure
that
elon
musk
is
engaged
and
focused
on
the
future
of
tesla
so
i
think
Dan Levy (Senior Auto Analyst)
03:04.110
they
they
got
that
we
are
seeing
an
elon
musk
that
is
you
know
relatively
more
engaged
now
with
with
the
future
of
of
of
the
business
as
opposed
to
sort
of
political
endeavors
which
had
weighed
down
the
stock
before
and
again
you
know
i
think
for
for
for
this
as
far
as
the
stock
Dan Levy (Senior Auto Analyst)
03:20.790
is
focused
yes
they've
lost
market
share
you
see
that
in
the
numbers
you
know
the
the
stock
is
focused
on
their
the
prospects
and
autonomous
driving
and
humanoid
robots
right
Joe Kernen (Co-anchor)
03:31.030
now
i
mean
there
was
a
time
when
people
thought
even
though
liberals
love
you
know
climate
hysteria
and
everything
else
there
was
there
was
a
thought
that
they'd
never
buy
another
tesla
because
of
the
the
brand
damage
from
associating
elon
associating
with
the
bad
orange
man
Joe Kernen (Co-anchor)
03:47.790
that
that
has
not
come
to
pass
Dan Levy (Senior Auto Analyst)
03:50.390
yeah
well
and
and
listen
you
know
we
we've
seen
that
already
in
europe
right
like
sales
are
down
sales
for
for
november
just
came
out
they're
down
twelve
percent
and
it
continues
the
theme
we've
seen
Joe Kernen (Co-anchor)
04:00.550
of
european
sales
under
pressure
because
of
that
or
because
of
the
expiring
subsidies
or
because
of
brand
damage
or
or
or
what
Dan Levy (Senior Auto Analyst)
04:07.190
well
europe
has
been
more
a
story
of
of
brand
damage
the
US
we
saw
that
the
subsidies
expire
already
back
in
september
so
now
you're
seeing
some
hangover
effects
even
though
there
was
actually
some
decent
lease
pricing
that's
out
there
and
china
is
just
a
very
competitive
market
Dan Levy (Senior Auto Analyst)
04:23.950
so
i
think
there
are
a
number
of
factors
at
play
which
is
why
you're
going
to
see
sales
this
year
down
double
digits
right
we
haven't
seen
a
you
know
a
volume
decline
of
that
magnitude
for
for
tesla
i
think
the
key
part
here
is
really
resetting
the
bar
on
volume
and
for
them
in
Dan Levy (Senior Auto Analyst)
04:41.830
the
US
it's
about
now
showing
that
you
can
buy
a
vehicle
with
FSD
are
consumers
going
to
go
out
and
buy
new
vehicles
on
the
basis
of
FSD
being
you
know
the
killer
app
so
to
speak
in
vehicles
OK
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