Stock in electric vehicle (EV) icon Tesla Inc (NASDAQ: TSLA) has had an astonishing start to 2023, recovering much of its 2022 losses within six weeks.
It tumbled 65% last year as soaring inflation drove interest rates higher and celebrity CEO (read: Technoking) Elon Musk staged a dramatic US$44 billion takeover of Twitter.
Tesla stock last traded at US$207.32.
Thatâs a far cry from its final close of 2021 â US$352.26 â but a whopping 68% higher than it ended 2022 â US$123.81.
So, whatâs been bolstering the tech giantâs share price so far this year? Letâs take a look.
Why has Tesla stock soared into the new year?
The first six weeks of 2023 havenât been entirely easy for those invested in Tesla stock. Though, itâs ultimately been a fruitful year so far.
The company started the year out on arguably the wrong foot, announcing it had delivered a potentially eye-popping 1.3 million EVs in 2022. But, despite marking a new record, that figure fell short of Muskâs previous pledge to increase deliveries by 50% annually.
Musk also faced a legal challenge in recent weeks, with a group of Tesla shareholders taking the billionaire to court on allegations he misled investors by tweeting that he was taking the company private in 2018. A jury cleared Musk of any wrongdoing, the Guardian reports.
But it wasn’t the win that’s seemingly sent Tesla stock rocketing in 2023. It’s leapt nearly 44% since the company dropped its quarterly results on 25 January.
Tesla posted US$1.19 of adjusted earnings per share (EPS) for the three months ended December, beating average analyst expectations of US$1.13, The Motley Fool reports. Meanwhile, its revenue for the quarter leapt 37% year-on-year to US$24.3 billion.
That saw its full-year unaudited adjusted EPS come in at US$4.07 while its revenue soared 51% to around US$81.5 billion. Its profits also nearly doubled to reach US$12.6 billion.
Not to mention, investors are likely looking forward to Tesla’s next earnings release after it announced it’s cutting 20% from the cost of its Model 3 and Model Y in the United States and Europe last month, my Fool colleague Mitch reports.
The post Boom! Why has Tesla stock rocketed 68% so far in 2023? appeared first on The Motley Fool Australia.
Should you invest $1,000 in Tesla right now?
Before you consider Tesla, you’ll want to hear this.
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See The 5 Stocks
*Returns as of February 1 2023
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More reading
- ‘Lifetime lows’: Expert reckons these shares are ‘screaming buys’ right now
- If I’d bought $5,000 of Tesla stock 3 years ago, what would my investment be worth now?
- Aussie investors are buying Tesla shares in droves. Should you?
- Should I buy Tesla stock for 2023 or not?
Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Tesla. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
from The Motley Fool Australia https://ift.tt/ZJtGfab
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