5 Best Self Driving Car Stocks To Buy Now

4. Tesla, Inc. (NASDAQ:TSLA)

Number of Hedge Fund Holders: 88

Headquartered in Texas, Tesla, Inc. (NASDAQ:TSLA) is an American global automotive and clean energy corporation. Tesla, Inc. (NASDAQ:TSLA) creates, develops, manufactures, sells, and leases high-performance all-electric vehicles, as well as energy-generating and storage systems.

Tesla, Inc. (NASDAQ:TSLA) recently reported Q3 2022 results, reporting a topline of $21.45 billion, missing the market estimate by $428.2 million. The company’s Normalized EPS of $1.05 beat the market consensus by $0.05.

Alger Capital made the following comment about Tesla, Inc. (NASDAQ:TSLA) in its Q3 2022 investor letter:

Tesla, Inc. (NASDAQ:TSLA) is an electric vehicle manufacturer with a significant technological lead in its large and rapidly growing addressable market. Shares outperformed during the quarter despite covid 19 shutdowns at the company’s shanghai production plant early in the period. During this quarter, the company also ramped up production at its newer Germany and Texas plants. While investors were aware of these challenging variables, the company’s quarterly results exceeded expectations thanks to lower-than-expected operating expenses. Investors are aware that ramping up electric vehicle production is challenging and recognize it’s difficult to estimate production rates.