TSLA - UBS ANALYST JOSEPH SPAK REITERATED A SELL RATING AND 225.00 PRICE TARGET ON TESLA 🔸 Caution: Expect negative 2025 revisions. 🔸 1Q25 deliveries: 336.7k (-32% q/q, -13% y/y), missing consensus (377.6k) by 11% and buy-side estimates (~355-360k) by ~6%. 🔸 Production: 362.6k (-21% q/q, -16% y/y), impacted by Model Y changeover. 🔸 Inventory proxy: 124k units (~28 days on hand), up from 15 last quarter. 🔸 2025 outlook: Consensus at 1.85M (+4% y/y), UBS at 1.7M (-5% y/y). 🔸 Challenges: TSLA needs ~8% y/y growth for 1.85M target; even 1.6M requires 2Q-4Q25 deliveries to rise 25% vs. 1Q25.