TSLA - TESLA Q1 PREVIEW: WELLS FARGO SEES PROFIT DROP Wells Fargo expects Tesla's Q1 EPS at 0.34, below the 0.42 consensus, citing weak deliveries (~337K units) and low operating leverage. Auto gross margin (ex-credits) is seen falling to 12.8% from 13.6%. The firm cut its FY25 EPS forecast by 16%, citing an 11% drop in deliveries (vs. 7% prior). Demand for the refreshed Model Y appears soft, with inventory reportedly building. There’s also no update on the low-cost Model 2, and Cybertruck demand is fading. While pricing for Models 3/Y and S/X rose slightly, aggressive financing acts as a stealth discount, failing to boost demand. Analysts expect Tesla to pivot toward speculative projects like the Cybercab and Optimus, though experts remain skeptical.