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After losing 65% of its value in 2022, this has turned out to be a good year for Tesla (TSLA) investors, as the stock has more than doubled in 2023. Tesla’s year-to-date price action looks remarkable when viewed in the context of the bloodbath in startup electric vehicle (EV) companies and dismal returns from legacy automakers.
Meanwhile, despite the stellar rally in 2023, Tesla stock is still trading below its 2021 record highs, when its market cap surpassed $1.2 trillion. That year, the Elon Musk-run company became the first automaker (a classification that Tesla bulls disagree with) to have a market cap above $1 trillion. Tesla is still the world’s most highly valued automaker, with a market cap of over $809 billion. For context, that's over 2.5x the market cap of Toyota Motors (TM) – the world’s largest automaker by global vehicle sales.
