Tesla (NASDAQ: TSLA) has long been a magnet for investor attention on the stock market, and that has historically played toward the company's advantage.

The brand and the stock, arguably have a cult-like following by devotees, many of whom are big fans of CEO Elon Musk as well. Tesla's avid customer base and its history of innovation and bucking long odds have also helped the company earn an unusually high earnings multiple for an automaker.

Tesla finished 2023 with a price-to-earnings ratio of 80 and a market cap of nearly $800 billion. The stock jumped 102% in 2023, but that performance was more due to excitement over artificial intelligence (AI) rather than the performance of the business itself, which featured slowing revenue growth and declining profits as the company cut prices on its vehicles to gain market share in an increasingly competitive electric-vehicle (EV) environment.

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Source Fool.com