Tesla (TSLA) is no longer a car company anymore, according to UBS, but the car business is underperforming. UBS analyst Joseph Spak has cut his estimate for first-quarter 2026 deliveries to 345,000 vehicles, down 18% from the 421,000 delivered in Q4 2025 and 7% below the Visible Alpha consensus of 371,000. The company's stock is already down 17% year to date. Spak's revised estimate represents only 2% year-over-year growth, a sharp deceleration for a company whose investors expect an AI-era transformation. The downward revision reflects weakness across Tesla’s three biggest markets. The firm maintains its sell rating and $352 price target on TSLA.