Tesla (TSLA) Shares Up 69% to Become Best-Performing S&P 500 Stock in 2023

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Tesla shares are up nearly 69% since the start of the year. This growth made it the best-performing S&P 500 stock in 2023.

Only two months have passed since the beginning of the year, but Tesla shares are actively recovering from last year's decline. According to the results for January and February, Tesla is the most profitable S&P 500 stock since the beginning of the year. TSLA is up 68.6% over the last two months and more than doubled from its 52-week low, per YCharts.

Although Tesla stock registered a price decline in 2022, the company's long-term investors are prepared for this volatility. They evaluate Tesla not in terms of its stock price, but in terms of its performance, and it is impressive.

The Texas-based manufacturer is disrupting the auto industry so much that almost every major legacy automaker has now announced a plan to release electric vehicles or is already actively producing them. While the entire industry is suffering from declining revenues due to high production costs, Tesla continues to earn high revenues thanks to cost reductions due to its own innovations. The company has also maintained very strong revenue and earnings growth. Tesla is one of the few automakers with a net cash position that also generates large amounts of free cash flow and increases profits thanks to its high margins.

Telsa has a strong roadmap, and its cleantech commitment continues to pay off. The company's goal is to sell 20 million vehicles a year by 2030, which is very ambitious. However, Tesla is widely known for achieving its goals.

© 2023, Eva Fox | Tesmanian. All rights reserved.

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This article is for informational purposes only. You should not construe any such information or other material as an investment, financial, or other advice. Nothing contained in this article constitutes a solicitation, recommendation, endorsement, or offer by Eva Fox, Tesmanian, or any third party service provider to buy or sell any securities or other financial instruments in this or in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction.

Eva Fox holds zero shares of Tesla, Inc., and currently (at the time of this article's publishing) holds zero options or securities in Tesla Inc. and/or its affiliates.