1 Magnificent EV Stock Down 50% to Buy and Hold Forever

It's been a tough go for investors in Tesla (NASDAQ: TSLA) over the last couple of years. Since the stock hit an all-time high of $407 in 2021, it's been a grueling road down.

Yet despite this descent, there are several reasons Tesla remains not only the best electric vehicle (EV) stock for investors today but also the best company to gain exposure to the future of technological innovation. Here's why -- even though the stock is down more than 50% from its all-time highs -- it's worth buying and holding forever.

Since EVs constitute the majority of Tesla's business, it's essential to examine the company's prospects from the perspective of the current state of the automobile market. Unfortunately, this is why it has been struggling so much. With high interest rates dampening demand, several EV manufacturers -- not just Tesla -- have taken a hit. This culminated in the company experiencing its first year-over-year decline in deliveries since 2020.

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Source Fool.com