Tesla (NASDAQ: TSLA) is the global leader in electric vehicle (EV) production and sales. Not only have its cars set the technological standard for the industry, but so have the manufacturing processes inside its gigafactories.

As a result, the company makes EVs at a higher gross profit margin than any of its competitors. But amid the difficult economic climate, Tesla has slashed prices across its fleet to spur demand, which sent its margins lower in the first quarter of 2023.

Tesla stock reacted negatively to financial results released on April 19, and it closed the month with a 15% loss. Along with the sell-off in the broader technology sector last year, the stock is now down 60% from its all-time high. Here's why that's a long-term opportunity.

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Source Fool.com