The electric vehicle maker's stock value is up 54% in 2023 so far.
After falling 65% in 2022, Tesla (NASDAQ: TSLA) stock experienced a sharp rebound in the first quarter of 2023, with the company's market capitalization increasing by more than $200 billion.
Shares of the electric vehicle maker are up 54% in 2023 so far.
Tesla's request capitalization has risen from$ 389 billion to$ 593 billion as of this jotting, after a disappointing time for its shares in 2022.
Thanks to headwinds related to Covid in China and Elon Musk's troubled buyout of Twitter, the company's shares lost nearly two-thirds of their value last year.
It was the worst drop for the US company's shares and only the second drop in the entire year since the company went public in 2010.
Provided Tesla maintains its gains, this quarter will be the company's seventh-best and most successful first quarter to date, according to MarketWatch.
The stock's instigation may be attributed to adding sanguinity about the frugality and the request, which has led investors to return to growth-acquainted technology stocks.
Apart from this, Tesla has served from company-specific factors similar to price cuts and a positive demand outlook.
The drama surrounding CEO Elon Musk's purchase of Twitter has also diminished.
In January, The finest week for Tesla stock best week in a decade.
It came as Musk highlighted during the fourth-quarter earnings call that demand for Tesla cars has vastly outpaced production.
Morgan Stanley analysts also noted that Tesla's January price cuts, which enabled more Tesla vehicles to qualify for tax credits, could signal a "significant contraction" that should help the electric vehicle sector, which is led by Tesla.