Tesla Inc has seen a significant surge in its stock price in 2024, with a gain of 62.5% for the year. This increase in value has made Tesla rejoin the $1 trillion market capitalization club and has made its CEO, Elon Musk, the first individual to surpass a net worth of over $400 billion.
What Happened
The majority of the stock gains came after the 2024 presidential election. Tesla stock was nearly flat heading into the U.S. election on November 5, 2024, but then surged, opening at $284.67 and closing at $288.53 the day after the election. The stock hit new all-time highs of $488.54 on December 18, 2024, before ending the year on a streak of several days of price declines.
Annual Performance
Here is a breakdown of Tesla’s annual stock performance since its 2010 IPO:
- 2024: +62.5%
- 2023: +101.7%
- 2022: -65.0%
- 2021: +49.8%
- 2020: +743.4%
- 2019: +25.7%
- 2018: +6.9%
- 2017: +45.7%
- 2016: -11.0%
- 2015: +7.9%
- 2014: +47.8%
- 2013: +344.1%
- 2012: +18.6%
- 2011: +7.3%
The 2024 performance was the fourth best in Tesla’s history since going public, trailing only 2020, 2013, and 2023, which each saw gains of more than 100%. Tesla stock has averaged a gain of 99.0% over the last 14 years.
What’s Next
Since ending the 2024 calendar year, Tesla has faced a challenging start to 2025. The company reported fourth-quarter deliveries that missed Street consensus estimates, leading to a decline in Tesla stock on the first trading day of the year. Attention from investors and analysts now shifts to Tesla’s fourth-quarter earnings results, which will be reported on January 29. Investors and analysts will get a better idea of revenue, margins, and guidance during the report.
One of the most watched items will be company commentary on how many vehicles it expects to produce and deliver in 2025 versus prior years. Tesla previously forecasted that its 2024 growth rate would be lower than past years, but had said that it expected to have higher deliveries than in the previous year. The fourth-quarter deliveries made it official that Tesla saw a year-over-year decline in deliveries for the full 2024 year, its first annual sales decline.