Tesla (TSLA) named ‘Stock of the Year’ in The Street’s 2020 rankings

Tesla (NASDAQ:TSLA) has gained a lot of praise this year, due in no small part to the milestones it achieved in the midst of a literal pandemic. And with these achievements in mind, TSLA has recently been hailed as the undisputed “Stock of the Year” for 2020 by financial media outlet The Street.

The electric car manufacturer has captured the world’s attention with its crazy growth of over 700 percent year-to-date, as noted by Rob Maurer, YouTube and podcast host of Tesla Daily. But what’s even more amazing is that TSLA stock has actually increased 19-fold if one were to start from June 2019, when the electric car producer experienced fresh lows. The S&P 500 has seen a rise of 15 percent year-to-date in comparison.

With this in mind, it was not so surprising when the electric car manufacturer voted for 12 out of 16 of The Street’s panelists for the 2020 Stock of the Year list. And with its growth only tempered yesterday as a bonafide member of the S&P 500 on its first day, Tesla has taken its proud position by market cap as one of the ten most successful businesses in the world.

(Credit: The Street)

Today, Tesla stands as the world’s most valuable automaker despite the company only generating a fraction of the annual production of legacy automakers such as Toyota and Volkswagen. Yet the Tesla story has always been about the future, and investors seem to be looking at what’s to come for the electric car manufacturer, at least for now. This indicates a great deal of confidence among Tesla bulls, but it is difficult not to be convinced given the company’s background.

Tesla’s revenue has risen at an unprecedented 52 percent compound annual growth rate since reaching $1 billion in revenue in 2013. Maurer noted that Amazon’s compound annual growth rate at this point in its activities was 32 percent in comparison. This meant that in just six years, the development shown by Amazon in ten years was accomplished by Tesla. And it is not at all slowing down.

Tesla is the best it has ever been, with five profitable quarters and a war chest approaching $20 billion. This is one of the reasons why bulls are positive about the coming year. After all, in 2021, Tesla will launch the Made-in-China Model Y ramp, and maybe even begin operations at Giga Berlin and Giga Texas. Tesla’s Full Self-Driving suite would likely be far more refined then as well, allowing the company to take a solid step towards autonomous driving.

Watch The Street feature on Tesla in the video below.

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