Apple are down 26% ytd. It wouldn’t be unheard of in this market. What should hopefully be clear is that stocks such as Tesla are not particularly correlated to the fundamentals of the company, there are whole-economy effects driving price rises and drops.
What I see in Tesla: - extremely profitable car manufacturing. industry beating profits per car driven by cheaper BOM than legacy manufacturers, in large part due to innovation. margin of 30.5%. - Manufacturing limited - huge wait list despite accelerating production (Q1 2022 best quarter ever, 68% increase yoy). - huge investments in manufacturing across the supply chain starting to pay off. - for the first time, manufacturing investments that can rival premium legacies. With the factories in Berlin and Texas coming online, it’s believable that Tesla has capacity to produce in excess of a manufacturer like BMW. - very high purchaser satisfaction (the product is good). - large overall profit - already beating most in the industry.