If you’ve been thinking about adding Tesla stock (TSLA) to your retirement portfolio, but have been holding off over fears and advice from naysayers, now may be the time to act.
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According to experts who talked to Yahoo Finance, the market is valuing the growth potential for Tesla. It comes after some rough times for the company.
Market Growth
When it comes to the market, Tesla’s stock has seen multiple days of gains in early July. In fact, it pretty much erased all of its year-to-date losses, with the stock up around 5% since the start of the year.
Above Expectations
Why the positive moves? Analysts have been encouraged by Tesla’s second-quarter vehicle production and deliveries numbers, both of which beat Wall Street expectations. According to Tesla, it produced more than 400,000 vehicles and delivered about 4440,000 vehicles in the second quarter.
In addition, there has been momentum surrounding the company’s artificial intelligence businesses and its development of more budget-friendly electric vehicles. Investors see Tesla poised for growth.
Rough Start to the Year
All of this comes after a rough first half of the year for Tesla. Its fourth-quarter earnings weren’t great. Also, according to Yahoo Finance, “A 9% year-over-year drop in first-quarter vehicle deliveries sent shares even lower as investors questioned the EV maker’s sky-high valuation and demand still left in the US.”
Investors also have been concerned about competition abroad from Chinese EV makers. That’s led to a price war that’s forced Tesla to cut prices.
Coming Up
If you’re looking to add Tesla to your retirement portfolio, you may want to mark July 23 on your calendar. Tesla is set to report its next quarterly results on that date. Then, in early August, Tesla is expected to unveil the much-anticipated robotaxi. This is seen as yet another growth opportunity for the company.
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This article originally appeared on GOBankingRates.com: Don’t Listen to the Naysayers: Why You Should Add Tesla Stock to Your Retirement Portfolio Now
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
