Electric vehicle (EV) stocks had a rough 2023. Most stocks, that is. One that continued to provide strong returns to shareholders was (NASDAQ: TSLA). There are several reasons why Tesla stock doubled in 2023 even as its profit margins dropped.
One reason was that fears of growing competition didn't badly impact Tesla's volume growth. Another was its global diversity. But investors might now wonder whether locking in those gains makes sense, or if it's still time to buy more shares of the EV leader.
Tesla stock didn't double in 2023 because of its financial performance. Through the first nine months of the year, Tesla's profits actually dropped by 20% compared to 2022.
Source Fool.com