Elon Musk's electric vehicle (EV) company had a phenomenal year. Despite volatility, (NASDAQ: TSLA) stock doubled investors' money in 2023 as it surged 101.7%, according to data provided by S&P Global Market Intelligence.

It wasn't an easy year to begin with, though. Competition was already on the rise when soaring inflation and interest rates began to hit demand. Tesla made a bold move: It slashed prices of its cars multiple times, and steeply, over several months.

The move triggered a price war in the industry and hit Tesla's margins, leading many to question CEO Elon Musk's rationale. Musk, however, was willing to forego margins in the short term for higher volumes and insisted that Tesla is committed to delivering over the long term. It was a calculated move, as Tesla exited the year with strong growth in deliveries despite all the hiccups. In between a much-awaited launch of its Cybertruck helped boost investor sentiment in Tesla stock. Expectations from Tesla are already running high for 2024.

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Source Fool.com