Top Analyst Just Compared Tesla to Apple In 2008 (Apple Is Up 3,873% Since)
Tesla, having recently surpassed a $900 billion valuation, is up more than 140% for the year.
2023 has been an explosive year for Tesla so far. The EV company was cemented as the clear leader in the field as legacy and new automakers alike flocked to Tesla's banner, inking deals with the company to get access to its Supercharger network.
Tesla also, amid excitement for its coming Cybertruck and a recent all-time high record in vehicle sales, is up more than 140% so far for the year. The company recently burst beyond a $900 billion market cap, as its stock approaches the highs it experienced in 2022.
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And, with Tesla set to report second-quarter earnings after the bell July 19, Wedbush's Dan Ives thinks that this is just the beginning for the EV maker.
"Tesla right now, it's their world everyone else is paying rent," Ives told CNBC. "Relative to scale, relative to what we see on batteries. This is what I view as Apple 2008, 2009, relative to the broader Tesla story."
(AAPL) - Get Free Report, which is currently the largest company in the world with a valuation in excess of $3 trillion, launched the first iPhone in 2007, ushering in the age of the smartphone and mobile computing. In 2007, Apple sold 1.34 million of the strange, brick-shaped touch-screen phones that have since become a daily necessity. The next year, that number was 11.63 million, a number that, by 2015, had jumped to 231.22 million.
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The company was trading at around $5 a share in 2008, with a market cap of around $76 billion. Now, 15 years later, Apple is trading at more than $190 per share, with a market cap of $3.037 trillion, an increase of 3,873%.
(TSLA) - Get Free Report was trading for under $20 until the end of 2019. The company jumped up in value throughout 2020, eventually climbing to a peak of $407 per share in 2021. Tesla's stock fell hard in 2022, though, crumbling more than 65% into the beginning of 2023, when it began to shoot back up.
Tesla produced 479,700 vehicles for the second quarter, delivering 466,140 of those cars. Last year, the company reported 254,695 deliveries for the same quarter.
Analysts, according to The Street's Martin Baccardax, are anticipating that Tesla's revenue will jump up around 45% from last year.
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