In line with other market trends, TSLA fell more than 58% as tech stocks took a beating across the board.
Dear readers, the cold winds of winter are finally upon us and as the holiday season begins, it is important to look ahead. In today’s episode of the Coinspeaker Advent Calendar, we look at Tesla Inc (NASDAQ: TSLA ), one of the most popular electric automakers in the world today. Is Tesla stock a good buy for 2023? How much will the stock grow over the next 12 months? What are the fundamentals and growth potential of this company? Let’s explore these and many more in this article.
Tesla in the EV world and its successors for development
Today, most advanced economies are pushing for sustainability in climate change-related initiatives. Among the many ways to achieve this agenda, switching to electric vehicles is a very time-consuming option, and many car manufacturing outfits are pushing this frontier.
Among the lot, Tesla has emerged as the biggest player by far globally, measured by the number of electric vehicles delivered per quarter. According to data from EV-Volumes.com, Tesla is the top EV manufacturer in terms of total battery electric vehicles (BEVs) sold in the first half of 2022, reaching 550,000.
Being at the forefront of the EV sector at this time is a testament to the massive investment in EV research and development, which is poised to be fully implemented in the next decade.
The demand for BEVs manufactured by Tesla is growing as the company is considered the most desirable option in terms of performance and durability. Even as the competition grows, Tesla continues to innovate and is constantly reinventing its operations by geographically spreading production locations to key regions.
Starting with the Gigafactory in Shanghai to serve China, the largest EV market after the United States, the Berlin factory to serve customers in the United Kingdom and the European Economic Area (EEA) shows that Tesla is preparing to meet future needs.
In addition to the base model to reach more people in different regions, Tesla is moving towards fully self-driving (FSD) technology, a technology it has been innovating for a while. The company’s model allows the FSD application to be used not only on its own vehicle, but also with other competitors, resulting in higher revenue in the long run.
So Tesla was asked to do it in 2023
Much has been said about Tesla’s role in the EV world today, as well as its innovative strides to beat its top competitors.
In line with other market trends, TSLA fell more than 58% as tech stocks took a beating across the board. Charting average Tesla price forecasts over the next 12 months, the 5 major investment firms shared their price targets as shown below.
- RBC Capital – $225
- Goldman Sachs – $235
- Deutsche Bank – $355
- Morgan Stanley – $330
- Citigroup – $176
That Deutsche Bank and Morgan Stanley are bullish on stocks can be explained by other reasons given earlier. However, Citi’s bearish forecast stems from negative trends with CEO Elon Musk, who believes that consistent sales and a focus on Twitter won’t allow him to manage the company properly in the near term.
However, as readers of this Advent Calendar Series, we believe you should have enough information to begin your own research if you decide to invest in stocks.
Stay tuned for another exciting episode tomorrow!
Benjamin Godfrey is a blockchain enthusiast and journalist who enjoys writing about the real-life applications of blockchain technology and innovations to encourage general acceptance and integration of the emerging technology. His interest in educating people about cryptocurrencies drives his contributions to popular blockchain-based media and sites. Benjamin Godfrey is a sports and farming enthusiast.