UPDATE: Morgan Stanley Reiterates Overweight Rating, Removes PT on Tesla Motors as Best Bet for EVs

In a report published Wednesday, Morgan Stanley analyst Adam Jonas reiterated an Overweight rating on

, but removed the $320.00 price target. In the report, Morgan Stanley noted, “Tesla aside, the auto industry's push into EVs has fallen far short of expectations. Just a few years ago, forecasts for global EV penetration were as high as 5 or 10% by 2020. From today's perspective, we think penetration in the 1% range would be respectable. Fiat-Chrysler CEO Sergio Marchionne recently said he loses $14,000 on every Fiat 500e, adding “I hope you don't buy it.” Chevrolet Volt sales are down 7% YTD despite attractive leases. The Ford Focus EV accounted for 0.07% of Ford's 1Q US volume. Other OEMs including Renault-Nissan, PSA and Toyota have de-emphasized or significantly scaled-back their EV sales targets.” Tesla Motors closed on Tuesday at $211.56.