3 Reasons Why Tesla Stock Is Up 82% in 2023
Tesla stock has soared in 2023 and is up 92% YTD. Here are several reasons why TSLA shares are going up so fast.
Tesla Q4 2022 Earnings Sent The Stock Soaring
Tesla reported a strong Q4 2022 with several important milestones including record annual revenue of $81 billion, 1.3 million vehicles delivered in 2022, $12.5 billion in annual net income, and industry leading 17% operating margins.
Tesla CEO Elon Musk indicated that the company couldn’t keep up with demand.
That was the beginning of the current epic Tesla stock run we are witnessing right now.
Tesla Model Y Gained Full Access to IRS $7,500 EV Tax Credit
The IRS updated its limits on the $7,500 tax credit this year and now both the Tesla Model 3 and Model Y are eligible for the tax incentive. In the past, the Tesla Model Y was classifed as a “sedan” by the IRS but now is considered an SUV.
This good news allowed Tesla to raise the price on its Model Y by $1,000 and generate more revenue from the vehicle. US EV tax credits will help drive demand for Tesla vehicles and could help generate more revenue in the future.
Elon Musk Hinted at More Details on AI during Master Plan 3 at Investor Day
Tesla CEO Elon Musk tweeted about Tesla’s upcoming investor day on March 1st.
He will not only talk about scaling Tesla’s production but reveal how Tesla is working on AI to move the company forward.
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AI stocks are soaring in 2023 and many investors are looking for any company with exposure to artificial intelligence thanks to the success of OpenAI’s ChatGPT, which was co-funded by Elon Musk.
2023 Looks Like a Good Year for Tesla Shareholders After a Rough 2022
It’s nice to see TSLA shares doing well this year after a tough 2022. March 1st is a key date for Tesla stock so I loaded up on 3/3 $350 calls to play the momentum. As they say, “buy the rumor and sell the news”.
I will sell my call options at the end of February 2023 and hold onto my long TSLA shares.
If you’re new to investing, please check out my articles on best EV stocks and how to invest in stocks.
