This year has generally been challenging for the electric vehicle (EV) market, with multiple companies in the industry, like Lucid (NASDAQ: LCID) and Nio (NYSE: NIO), struggling to meet their delivery targets and seeing their stock prices plummet. Even the larger players like Elon Musk’s Tesla (NASDAQ: TSLA) had their fair share of troubles, being forced to resort to measures such as price cutting.
In fact, the final months of 2023 apparently proved particularly troublesome for Tesla as, in the span of just a few weeks, the company was forced to initiate a recall of 2 million vehicles to correct issues with the autopilot software and announced that the deliveries of its Cybertruck are not likely to go entirely as planned due to battery production issues.
Despite the challenges, Tesla managed to navigate the year successfully, seeing its delivery figures and share price grow significantly. The company also made some technological breakthroughs that will enable its Berlin Gigafactory to start producing a €25,000 ($27,000) model and is in talks with the government of India that could enable it to access a nearly untapped market with more than 1 billion potential customers.
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Given Tesla’s 2023 growth and the fact that its stock started the year at lows not seen in several years, many investors wonder how much of an opportunity they’ve missed by not buying on January 1.
How much would $1,000 invested in TSLA be worth?
Throughout the year, TSLA underwent significant growth and has risen in value by a total of 137.38% year-to-date (YTD) – from the price of $108 per share at the start of the year to $256.61 at the latest close on Tuesday, December 26.
This strong growth means that $1,000 invested in TSLA at the start of 2023 would now be worth an impressive $2,373.82.
Additionally, while Tesla’s stock grew significantly this year, many analysts forecast that 2024 will also prove a strong year, with Wedbush expert Dan Ives recently raising the price target for the company from $310 to $310.
Should the bullish estimate prove correct, a $1,000 investment in TSLA shares now could be worth approximately $1,363.94 in a year – or if you already invested at the start of 2023, the $2,373.82 could turn into as much as $3,237.74.
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Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
