Can Tesla Double Its Market Value? Projecting the Future of Electric Vehicles

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Written By Jackson Hartwell

Tesla, founded by visionary entrepreneur Elon Musk in 2003, is a revolutionary American electric vehicle (EV) and clean energy company.

Renowned for its cutting-edge technology, Tesla has redefined the automotive industry with its sleek electric cars, including the popular Model S, Model 3, Model X, and Model Y.

 If you ask about Tesla’s performance in the market, then its stocks have been witnessing fluctuations, giving a red flag to the investors to pause for the time being. 

According to GreenLancer, there might be a significant increase in the growth of electric vehicles in 2024. Tesla’s sales are down at the moment, but there is a prediction of a 20% increase in the graph of EVs from 2023. 

With a market cap of 591.44 billion, some investors anticipate a potential doubling of Tesla’s stock. To understand this prospect, let’s explore the factors that could shape Tesla’s future market value.

Read More: Tesla Predicts Slower Production Growth, Stock Falls

How Is Tesla Standing As A Leader In The Market, and What Competition Is It Giving To Other Cars?


According to CNBC, Tesla was successful in 2022. How? The automobile company claimed to have delivered 1.31 million vehicles to consumers, a stark increase in growth of 40% compared with the previous year’s results. 

Tesla Model S electric car zero emissions — Stock Photo, Image
Credits: DepositPhotos

The year proved to be lucky for Elon Musk in the fourth quarter of 2022. The company distributed its entry-level Model 3 sedan and Model Y to thousands the amount totalled over 388,131.

On the other hand, if we discuss the Model S sedan and Model X SUV, they gave them profits of  17,147. 

Tesla’s expectations increased in the third quarter, looking at the prominent surge in the deliveries of their electric vehicles. On that, he shared that they are hoping for 50% annual growth on average to deliver maximum vehicles as the demand rises.

The percentage will largely depend on how much capacity their equipment can endure, operational efficiency, and how stable the supply chain remains with the passage of time. 

The end of 2022 gave birth to many hurdles for Tesla. It involved the outbreak of the deadly COVID-19 pandemic that had engulfed the entire industry and led to the decision to shut down operations in Shanghai, China, temporarily.

Aside from that, Tesla proposed to offer steep cuts followed by lessening down on promotions in the USA and China to trigger demand.

They were well aware of the fact that this would pressure their profit margins. But did the situation leave them with any other option? Guess not!


Let’s move our EV to 2023 and see whether it gets better or worse for Tesla.  Well, according to the Guardian, Tesla’s demand for its manufactured vehicles grew by 38% despite witnessing a sharp drop in electric vehicles.

The soaring figures were a win for Elon Musk and Tesla, which stood as clear evidence of how strong the company’s deliveries were. They hit a jackpot of selling 1.8 million vehicles this year, and credits went to their out-of-the-box, Electrical Vehicle.


The year 2024 did not start well for Elon Musk and Tesla. Why? Investors Business Daily says that a Reuters report has surfaced in the stock market that there have been manufacturing faults in the electric vehicle.

Unfortunately, the future vehicle has faulty suspension brakes and steering parts in the recent model lineup that date back to seven years.

The company does not acknowledge their responsibility, blaming the car drivers for the EV and failing to give accurate driving results. Are we watching another shaky year for Elon Musk and Tesla? Maybe yes, maybe no. 

If we compare Tesla’s innovative electric vehicle and other electronic vehicles in the market, then says that Tesla’s owners have reported satisfaction in driving the Electric Vehicle.

Just give a rough guess of how many shared the same response. 96 % of them said they were happy with their investment.

They added that Tesla EVs are one of the most reliable cars compared to other EVs in the market. The car offers a premium driving range, covering up to 375 miles on a single charge.

With easy access to the SuperCharger Network, drivers are more relaxed because they can also charge the car while driving. 

Also Read: Musk Rebuffs Allegations of Starlink Sales to Russia Following Kyiv’s Accusations of Their Use in Annexed Regions

Should You Be Investing In a Tesla Stock? 

Tesla, led by Elon Musk, has faced significant stock market fluctuations since 2022. In 2023, it experienced a positive upswing of 50%, as reported by Despite challenges in the electric vehicle sector, Tesla’s potential for growth remains.

Tesla’s stock is influenced by market trends and the global shift towards sustainability. With increasing demand for electric vehicles, Tesla is poised to benefit.

According to Business Insider, as of 01/26/2024, Tesla’s closing stock price was $183.25, showing a slight drop from the opening price of $185.57.

The current market capitalization is $582.00 billion, with 3.18 billion shares outstanding. Analysts project a median target of $250.47, indicating a potential 74.06% difference from the last price of $185.50.

While Tesla faces challenges, its position in the evolving market and the growing demand for electric vehicles make it an intriguing investment option.

The Future of Electric Vehicles 

In 2022, global electric vehicle (EV) sales surpassed 10 million, with the U.S. alone witnessing a remarkable 57% increase, totaling almost 1 million units.

The surge is complemented by a growing network of over 53,000 public charging stations nationwide, signaling continued EV adoption.

Charging an electric car with the power cable supply plugged in — Stock Photo, Image
Credits: DepositPhotos
  • Lower Electric Car Prices: The trend of lower electric car prices is expected to continue in 2024, making EVs more affordable and accessible to a broader range of consumers.
  • Expansion of EV Charging Stations: There will be a significant expansion of EV charging stations, contributing to the growth of charging infrastructure and addressing range anxiety, a common concern for potential EV buyers.
  • Greater EV Charging Plug Compatibility: In 2024, there will be a focus on enhancing the compatibility of EV charging plugs, aiming to improve the accessibility and universal compatibility of EV charging, which is essential for the widespread adoption of EVs.
  • Continued Rise in EV Sales: EV sales are expected to continue rising in 2024, with a significant increase in market share, further solidifying the position of EVs in the automotive market.
  • More EVs Compatible With Tesla Supercharging Network: A growing number of EV models will become compatible with the Tesla Supercharging Network, contributing to the accessibility and convenience of EV charging for a broader range of electric vehicles.


Tesla’s financial landscape displays a stable and upward trend, yet challenges persist on the operational front. Declining product sales, coupled with issues and customer dissatisfaction, have momentarily dimmed Tesla’s innovative shine.

The absence of new models and slowed Research and Development raise concerns, especially with Chinese manufacturer B&D gaining ground.

Despite these challenges, Tesla’s strong brand image endures, thanks in part to the backing of the giant SpaceX and the charismatic Elon Musk.

While 2024 had a rocky start, the support from these entities positions Tesla for potential future market value growth.

As Tesla aims to regain its creative leadership, the backing of influential partners may prove instrumental in steering the company toward a brighter future.

Read Next: Is This Growth Stock on Discount Right Now?



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