Although Tesla faced some stock plunges last year, the company still holds the number one electric vehicle (EV) spot and has made serious progress since its beginning.
- Tesla began its first vehicle production in 2009 and is the number one EV automaker, with almost 3 million cars sold around the globe.
- Tesla stock hit a massive stock plunge last year, dropping 65%, and is still on the low side today, sitting around $111.70 compared to $407 in November of 2021.
- Regardless of its plummeting stock Tesla is still the number one EV automaker, and analysts predict the stock will rise dramatically in the next five years.
Why it’s News
Tesla is considered a trailblazer in the EV market as it was the first company to bring EVs to the mainstream.
Tesla has had a big drop in stock prices, sitting around $111.70 today compared to $407 in November of 2021.
The company has made astounding growth in its years on the market. The company initially went public in 2010 with a stock price of $17 per share, rising to over $400 a share in 2021.
The company is valued at over $300 billion and sells hundreds of thousands of Tesla yearly, making it the number one EV company in the market.
Many analysts predict the company will have extreme growth over the next five years regardless of its stock drops. ARK CEO and chief investment officer Cathie Wood predicts the stock could potentially reach $1,500 in the next five years.
Wood says the stock price will rise as Tesla continues to lower prices, make more cars, and continue towards autonomous vehicles.
As EVs continue to grow in popularity, more automakers are racing to compete with Tesla and create the next best EV, including Ford, who is at the number two spot for EV sales.
Tesla continues to have competition and will have to continue to improve to keep its spot at the top.