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- Top-3 Growth Stocks: Tesla
Top-3 Growth Stocks: Tesla
Tesla is for the car manufacturing industry what Apple is for the technology sector. Both companies revolutionised their industries and made money the way other peers would only imagine. Tesla stocks have gained 2000% over the last three years but is 30% off their peaks. However, Tesla stocks are viewed with a much stronger perspectives than other carmakers. Ford and GM stocks have lost 50% of their peaks.
There are some significant reasons behind this as Tesla opened new gigafactories in Texas and Berlin while other carmakers suffered from supply chain disruptions. Tesla become profitable with $4.1 billion net profit in 2019 and $18.2 billion in the financial year that ended June 30, 2022.
The company’s growth is driven not only by the expansion of its production capacities but also by the introduction of new products like the new and improved 10.69 version of Full Self-Drive (FSD) introduced by Elon Musk in September. The revamped FSD was warmly welcomed by Tesla clients as FSD driving became smother due to the advanced system of distance control to surrounding vehicles and their trajectory calculation. This new version comes as an add-on option for $15,000. That would mean that for every 100,000 customers, an additional $1.5 billion in revenue is generated. FSD is currently installed on 160,000 Tesla cars and it has a great potential to expand to other vehicles produced by the company.
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