Oppenheimer says that with Tesla’s (TSLA) CEO Elon Musk and President Trump publicly falling out, the political calculus on renewables and EV support has shifted modestly, which could result in extended timing on renewables safe-harbor provisions as Congressional leaders assess mid-term risk post Trump/Musk split. The firm sees the potential for better than feared language in the Senate budget bill driving near-term upside for solar names. At the same time, the difficult work at Tesla is just beginning as the company starts to repair brand damage while executing on its Physical AI strategy. Oppenheimer continues to see challenges in Tesla’s autonomy platform given its reliance on photon counting cameras and expects investors to be less forgiving of product delays given Musk’s adjusted political standing. The firm has a Perform rating on the shares.
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