Tesla Stock in 2023: A Look at the Wild Trading Year and What’s Next
Investing in Tesla (TSLA) has always been an adventure, but 2023 has been especially exciting. As the first quarter of the year comes to a close, investors are eagerly awaiting the delivery numbers from the electric vehicle (EV) leader. The stakes are higher than ever, given that Tesla shares have surged by a remarkable 54% since the start of the year. This makes 2023 the best start to a year for Tesla stock ever, outpacing even 2014, when shares gained more than 41% from the start of the year through late March.
The recent surge in Tesla’s share price has been accompanied by some notable comments from the company’s CEO, Elon Musk. In particular, Musk has taken aim at legendary investor Warren Buffett, suggesting that he missed out on a huge opportunity by not investing in Tesla when he had the chance. Musk tweeted that Buffett should have invested in Tesla at a $200M market cap, highlighting the missed potential that has led Musk to amass a massive net worth of his own.
Of course, Buffett was an early investor in Tesla’s Chinese competitor, BYD, and still owns a significant stake in the company. Nonetheless, Musk’s comments speak to the growing rivalry between Tesla and other players in the EV space.
Despite this competition, analysts remain bullish on Tesla’s prospects. Wedbush Securities analyst Dan Ives, for instance, maintains an Outperform outlook on Tesla and a $225 price target. Ives believes that Tesla is well-positioned in the Chinese market, with demand outstripping supply so far in 2023. While a recession could be looming, Tesla’s price points and market share shifts suggest that the company is well-positioned for continued success.
All of this makes the upcoming delivery data from Tesla all the more important. While Chinese companies such as BYD, Nio, and Xpeng remain formidable competitors, analysts are optimistic about Tesla’s ability to maintain its edge in the EV space. As 2023 continues to be a wild ride for Tesla investors, all eyes will be on the company’s ability to deliver on its promises and maintain its position as a leader in the industry.
