February 10, 2023

Tesla stock doubles from its 2023 low as momentum builds

Tesla Model 3 Performance — y_carfan

Tesla (NASDAQ:TSLA) trades back over $200 and has now seen its share price double from the intra-day low recorded early in 2023.

The electric vehicle stock has lapped some of its rivals with the big 98% jump in share price from the end of 2022 comparing favorably to Rivian Automotive (RIVN) +18%, Fisker (FSR) +17%, Lucid (LCID) +83%, Workhorse Group (WKHS) +30%, Nikola (NKLA) +14%, Canoo (GOEV) -17%, and Polestar Automotive (PSNY) +12%.

A few EV stocks are out ahead of Tesla this year, including Faraday Future (FFIE) +163%, Arrival (ARVL) +105%, and GreenPower Motor (GP) +102%.

What is next for Tesla? The EV juggernaut is now three weeks away from holding its 2023 Investor Day event on March 1 with some analysts calling it a potential catalyst to increase investor confidence. The electric vehicle giant has previewed that investors will be able to see the company’s most advanced production line as well as hear discussion on long term expansion plans, generation 3 platform, capital allocation and other subjects with the leadership team. For his part, CEO Elon Musk said the Master Plan 3 to be revealed at the event at the Austin Gigafactory will be details on the path to a fully sustainable energy future for the planet Earth. After that, the Tesla (TSLA) Q1 deliveries report in early April will be watched closely.

Seeking Alpha contributors are out this week with new breakdowns on Tesla (TSLA). The mix includes Austin Craig diving into whether the company will need to make a lithium play and Nick Cox discussing some the hidden gems investors may be missing on the EV stock.

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