My Top Electric Car Stock to Buy and Hold Forever

Tesla (NASDAQ: TSLA) stock has been an incredible investment over the last three years. Its share price has climbed 1,390% since March 2019, easily outperforming the S&P 500. But more recently, high inflation and the prospect of rising interest rates have conspired to sink growth stocks, and Tesla's stock price has fallen 33% from its high.

Even so, the company still has a market cap of $850 billion -- meaning it's worth as much as the next 13 automakers combined. The stock trades at 17.2 times sales, a pricey valuation compared to more established businesses like Ford Motor Company and General Motors, which both trade around 0.5 times sales. But I still think Tesla is a smart buy.

Here's why.

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Source Fool.com