Baird analyst Ben Kallo forecasts Tesla will deliver 392,900 vehicles in Q2 and
1.68m vehicles in 2026. He says a Tesla–SpaceX merger is "very likely" and could
occur within 12–18 months, describing the combination as the "ultimate
direction" and "clear and compelling" with scale benefits for both companies.
Kallo reiterates an Outperform rating on Tesla and a $522 price target.
