WSJ reported TSLA may consider a sale of their China business; Musk denies

研报英文原文证据摘录

WSJ reported TSLA may consider a sale of their China business; Musk denies

Global Research

31 July 2026ab

First Read

EquitiesTesla, Inc.

WSJ reported TSLA may consider a sale of their United States

China business; Musk denies Automobile Manufacturers

12-month rating Neutral *

12m price target US$385.00

What's new? Last night, the WSJ reported that TSLA was weighing a separation of

their China business in preparation for a potential combination with SpaceX. The article

cited a source stating "Tesla advisers have discussed possible options for a separation, Price (30 Jul 2026) US$308.85

including a spinoff, sale or closure." Elon Musk has since come out and denied the RIC: TSLA.O BBG: TSLA US

report stating "This has never even come up in a discussion ever. Absurdly fake news.

People should assume news is fake until proven otherwise." The thinking behind a Trading data and key metrics

potential sale of the China business is that many investors we have spoken to view 52-wk range US$489.88-298.32

TSLA's China business as a roadblock to a potential combination with SpaceX given Market cap. US$1,093b

SpaceX is a major US defense contractor. Thus, TSLA's China operations including their Shares o/s 3,540m (COM)

Shanghai Gigafactory could raise geopolitical conflicts. We note that while ~18% of Free float 86%

2026 YTD sales are in China, the Shanghai Gigafactory is responsible for a larger Avg. daily volume ('000) 47,672

percentage of EV production (we estimate ~51% of 2025 production) as the company Avg. daily value (m) US$18,927.8

uses China as an export hub. That said, there is likely some excess capacity (and the Common s/h equity (12/26E) US$89.1b

potential to increase capacity) at US and Europe facilities. P/BV (12/26E) 11.0x

Net debt to EBITDA (12/26E) NM