3 Reasons Tesla Stock Can Keep Soaring
Tesla (NASDAQ: TSLA) investors have had much to smile about in 2023. Shares of the electric vehicle (EV) company are up by a whopping 83% year to date despite rising competition as more automakers join the fast-growing opportunity. Let's discuss why the company's competitive advantages can help it continue outperforming over the long term.
Analysts at Bloomberg project that more than half of all vehicles sold in the U.S. by 2030 will be electric, thanks in part to government support for the industry and improving battery and charging technologies. And despite the rising competition, Tesla still looks like the best way for investors to bet on this transformational opportunity.
While automakers like Ford, General Motors, and Toyota enjoy substantial brand recognition and distribution networks from their internal combustion engine (ICE) businesses, they will cannibalize their existing lineups with electrified alternatives, leading to lower net growth.
Source Fool.com
