Jonathan MS Pearce

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Tesla is a $1.3 trillion company that sold fewer cars this year than last year. And fewer last year than the year before. That should tell you everything you need to know. 2 consecutive years of declining deliveries. Down 9% in 2025 to 1.63 million vehicles. The steepest annual drop in the company's history. And 2026 is starting even worse - US sales down 17% in January, Europe down 44% across major markets. France down 42%. Netherlands down 67%. Norway down 88%. BYD passed them as the global EV leader. In the UK, BYD outsold Tesla 2 to 1 last month. The brand is in FREEFALL. Brand Finance measured a 36% collapse in Tesla's brand value last year - down to $27.6 billion, less than half its 2023 peak. In California, their most important US market, share dropped from 11.6% to 9.9%. And the stock trades at 365 times trailing earnings. Let me say that differently: Tesla earned $3.8 billion last year. The market is valuing those earnings at $1.3 trillion. You are paying $365 for every dollar this company earns. The bull case has completely abandoned the car business. It's all robotaxis and Optimus robots now. They discontinued the Model S and Model X. They told investors on the last earnings call to stop focusing on vehicle deliveries and start thinking about "transportation as a service." So in other words: please ignore the business we actually have and value us on the business we MIGHT have someday. Trust me, every time management tells you to look over there instead of over here... LOOK OVER HERE. The car business is deteriorating. Margins are compressing. Competition from BYD, Volkswagen, and a dozen Chinese manufacturers is intensifying quarter by quarter. The $7,500 federal EV tax credit is gone, which effectively raised the price of every Tesla overnight. And instead of addressing any of that, they're doubling capex to $20 billion this year - almost entirely directed at AI and autonomous driving infrastructure. So you have a company with shrinking revenue, shrinking deliveries, a damaged brand, and intensifying competition pouring $20 billion into a technology that hasn't been proven at commercial scale. On 365 times earnings. Even if you give them the most generous robotaxi assumptions imaginable (full regulatory approval, nationwide deployment, dominant market share) you still can't justify this valuation. The present value of that optionality doesn't come close to $1.3 trillion when the core business is going backwards. I think this stock goes down 90% from here. Not because Tesla is worthless. They'll sell cars. The energy storage business has potential. But the equity is priced for a future that isn't coming on the timeline the market expects. A $37 stock. That's where the math takes you when you strip out the narrative and price what actually exists. I know that sounds extreme. But 45 years of doing this has taught me something: When you can see the seams on the fastball, you SWING. I can see the seams.

@SuellaBraverman And you actually want to be in government? This is so embarrassing. You are so embarrassing. Please don't come anywhere near Fareham again in your life.

Global warming?!? Just over a week to go until Easter and we need to get our big coats back out! I wouldn’t mind a bit more global warming to be honest, right now.

Absolutely insane that these mentally ill people want to form government. I am so done with this Trumpesque brand of schizophrenic British politicians. She should never be a cabinet minister ever again.

@faisalislam This could be used to attract high-energy-demand businesses to these areas, no?

Very interesting… it is frankly astonishing to see how much is paid NOT to generate energy, and is a verdict on the long term ability of the convoluted grid to keep up with changing patterns of supply and demand… as well as the cost of refusing pylons alongside refusal to put wind power close to demand…

Iran owns Trump with the latest Ai meme mocking his efforts at war @realDonaldTrump @WhiteHouse

Exclusive: A farmer in WA's Midwest is living off the grid powering his farm and lifestyle with the sun. Jeffrey Johnson is encouraging others living rurally to embrace renewable energy as the rest of the nation grapples with soaring fuel prices.

@Artemisfornow Wow - so much disinformation in one short post. Eg In Germany, a basic 800W kit (two panels, microinverter, cable) costs EUR 250-350 (roughly GBP 210-300). 56% Chinese energy is renewable. Chinese manufacturers use their own solar energy to manufacture PVs.

Ed’s new plan is plug in solar. Significant reductions is misinformation. Average kit costs £300-£600. It will take 3-7 years to pay back that cost in energy bill reduction. BUT … the plug in solar only has a 2 year warranty at best. All made in China using coal and oil 🤡

Includes this killer line on Robert Jenrick …

Trump says the US gave Ukraine $400 billion. It's more like $11 billion. Let me show you. Now, it's damn tough to make sense of Washington accounting, and surely there are nuances to adjust here. But I'm 100 percent confident my numbers are closer to the reality than what Trump says here. When he met with the Irish Taoiseach, Trump said that the US had given "$350 or $400 billion" to Ukraine. That's not true. Most of the congressionally-pledged Ukraine "aid" either has not been spent, went to buy new weapons for America, was sucked up by USAID globally, or is an arbitrary valuation of old weapons the US gave to Ukraine. The real cash to Ukraine is much much less. More like $11 billion. Suggestions and corrections are welcome on this complex but gravely consequential topic. See the second post for our infographic ⤵️

Imagine if in your weekly shop, you could pick up plug-in solar panels that help save on your energy bills? Well, in some parts of Europe you can do just that. We’re working with industry to bring plug-in solar to UK shops within months.

Remember that post-Brexit deal Johnson rushed to sign with Australia and which even the guy who signed it, Eustice, admitted was "not actually a very good deal" selling out UK farmers ? After 8yrs the EU just signed its own much bigger deal. Only people unhappy ? Australian farmers who don't get nearly as much access to EU markets as they wanted, contrary to the above. UK farmers would have had the same protection in the EU Brexit, never knowingly in the UK's interests

Nigel Farage took £585,000 from GB News. His MPs declared another £770,000. Four billionaires have spent £170 million building the media machine putting Reform in your living room every night. Today the Guardian exposed them and what they expect in return. This is a political project funded from the top. #ReformUK #NigelFarage #GBNews

The war aim is now re-opening a strait that would not have been closed were it not for the war itself.

Dear Twitter followers: my friend and colleague @panyiszabolcs is under attack by Viktor Orban’s camp for exposing how Hungary’s foreign minister conspires with Sergei Lavrov to promote pro-Russian politics not just in Hungary but other countries in Europe. Szabolcs brings receipts in the form of transcribed phone calls (see below). This comes at a pivotal time, with Hungary facing a national election in less than two weeks and Orban trailing far behind @magyarpeterMP. Support Szabolc’s journalism here: buymeacoffee.com/szabolcspanyi/…

“I’m glad the president put ICE in airports. That’ll drive the Democrats crazy.” Republican House Oversight chair @RepJamesComer makes it clear Republicans *govern* entirely out of spite (From @atrupar)

The most brutal 40-second summary of Trump's disastrous Iran war. James O'Brien completely dismantles the incoherent, contradictory lies being fed to the public about nuclear capabilities, regime change, and the Strait of Hormuz. Absolute humiliation.

🚨BREAKING: FIRST PHOTOS OF TRUMP’S CALL WITH IRAN

These are the election ballots that the Hungarian diaspora are receiving now.

EXCLUSIVE: 15 of Reform's Scots candidates exposed as members of racist conspiracy group thescottishsun.co.uk/news/16070763/…