Tesla has seen its stock surge by 150% since April 2024, bringing it to its highest levels since 2022 and positioning it less than 20% away from a record high. This impressive performance is attributed to factors including CEO Elon Musk's relationship with President-elect Trump and the company's strong fundamentals.
have been having a phenomenal second half of 2024. The electric vehicle stock is up an impressive 150% since April, putting it at its highest levels since 2022. Now, with shares less than 20% away from a record high, it’s easy to see why so many investors are feeling bullish, especially when you consider how little it would take for a tech giant like Tesla to close that gap.
However, it’s starting to look like those challenges are now in the rearview mirror. The company smashed expectations for EPS with its latest earnings report in October while delivering a record revenue print. The turnaround potential is attractive heading into 2025, especially with a new administration likely to create favorable conditions for domestic manufacturing and renewable energy industries.
This shift has opened up new demand channels for Tesla, bolstering its credibility and long-term growth potential. That said, Tesla has a history of its stock running ahead of fundamentals, and the broader market environment is undeniably supportive. TheHeading into the final few weeks of the year, there’s much more to like about Tesla than to dislike. Their fundamental performance has shown signs of trending back up, their CEO has a very warm relationship with the incoming president, and the broader macro setup is supportive of a growth stock like Tesla.
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