While Tesla (NASDAQ:TSLA) has generated game-changing wealth for long-term shareholders, it has trailed the broader markets by a wide margin in the last two years. Tesla stock has returned a whopping 10,790% to investors since its IPO in July 2010. However, shares of the world’s leading electric vehicle manufacturer are currently down 57% from all-time highs, and now could be a good time to buy the dip.
I am bullish on Tesla due to its strong market positioning, widening portfolio of vehicles, and the worldwide transition toward battery-powered vehicles. Let’s dive deeper.
Why Has Tesla Stock Soared Recently?
Tesla stock is up over 24% since it reported Q1 results last week. In Q1 of 2024, Tesla reported revenue of $21.3 billion and adjusted earnings of $0.45 per share. Comparatively, Wall Street expected revenue of $22.2 billion and earnings of $0.49 per share. Despite the revenue and earnings miss, Tesla stock surged over 12% in…
