Tesla stock was the worst-performing in Nasdaq-100 in Q1 2024 due to various challenges, but potential for recovery

From Nasdaq: 2024-04-09 11:00:00

Tesla (NASDAQ: TSLA) was the worst-performing stock in the Nasdaq-100 in the first quarter of 2024, with a 29.3% plunge. This was preceded by issues such as a decline in overall EV demand, interest rates and prices, lagging infrastructure, tax credit confusion, and manufacturing delays impacting Tesla’s growth strategies.

Despite these challenges, Tesla continues to generate profits, standing out from other EV makers struggling to break even. With a low P/E ratio and a history of profitability, the stock could be an attractive buy at its current valuation. Elon Musk’s announcement of a robotaxi launch in August adds another potential catalyst for its recovery.

Investors looking for long-term growth opportunities might find Tesla appealing, with the potential for self-driving technology to drive future gains. The stock has seen a significant drop in value since its peak in 2023, making it a more affordable entry point for those who believe in Tesla’s ability to navigate the challenges facing the EV market.



Read more at Nasdaq: Is It Time to Buy the Nasdaq’s Worst-Performing 2024 Stock?